Low Interest Rates and Consumer Demand for a Simpler Mortgage Process
Position AAMG for Success in 2004
ANN ARBOR, Mich., Feb. 26 /PRNewswire/ -- ABN AMRO Mortgage Group, Inc.
(AAMG), the nation's sixth largest mortgage lender, today released its
production for the month ended January 31, 2004, for all of its production
divisions.
AAMG reported January 2004 production of $3.4 billion, with more than
19,800 loans funded. With January production totaling $2.7 billion,
InterFirst Wholesale Mortgage Lending was by far AAMG's top producing division
for the month.
"This upcoming year will be one of great change, and competition, for the
mortgage industry," said AAMG group senior vice president Mike Maher.
"Although production industry-wide is down dramatically, interest rates today
are still hovering near historical lows. This favorable interest rate
climate, coupled with forecasts for the overall improvement of the U.S.
economy, signal the potential for a very solid year in our industry, primarily
in terms of new construction and existing home sales."
"AAMG is prepared to capitalize on the opportunities this changing market
presents to gain market share by meeting consumer demands. AAMG has been
offering OneFee(SM), its guaranteed mortgage package, for three years -- far
longer than any of its competitors," Maher continued. "AAMG's undisputed
industry expertise and leadership in offering guaranteed mortgage packages
through all of its business channels positions it for success in the coming
year. AAMG is directly meeting consumer demand for a simpler, more cost-
effective mortgage loan process."
Production derived from each of AAMG's five business channels:
Channel January 2004 January 2003 % Change
InterFirst Wholesale Lending $2.7 billion $9.2 billion -71%
National Lending Center $382 million $871 million -56%
Standard Federal Bank $196 million $1 billion -81%
& LaSalle Bank Loan
Origination Channels
LaSalle Home Mortgage $63 million $227 million -72%
& ABN AMRO Mortgage
Financial Institutions $16 million N/A N/A
Group
TOTAL $3.4 billion $11.4 billion -70%
About ABN AMRO Mortgage Group, Inc.
ABN AMRO Mortgage Group is the sixth largest loan originator and loan
servicer in the United States. ABN AMRO Mortgage Group produces mortgage
loans and provides related services through its various divisions. ABN AMRO
Mortgage Group has approximately 3,000 employees located throughout the United
States.
About ABN AMRO
Netherlands-based ABN AMRO is a leading international bank with total
assets of approx. EUR 556 billion. It has over 3,000 branches in 66 countries
and territories, and has a staff of about 105,000 full-time equivalents
worldwide.
SOURCE ABN AMRO Mortgage Group, Inc.
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Related links:
http://www.abnamro.com
CONTACT:
Jennifer Cornell of Eiler Communications,
+1-734-761-3399, Jenn@EilerPR.com , for ABN AMRO Mortgage Group,
Inc.
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