ANN ARBOR, Mich., March 28 /PRNewswire/ -- ABN AMRO Mortgage Group, Inc.
(AAMG), the nation's fifth largest mortgage lender, released production
figures for the month ended February 28, 2003 for several of its divisions.
"Lending through both AAMG's bank lending affiliates and consumer direct
lending channels have shown strong increases compared with the same time
period in 2002," said William A. Newman, executive vice president. "This
continued production level reflects increased consumer awareness in all of
AAMG's direct to consumer channels. The InterFirst Wholesale Lending division
continues to post strong monthly performances as well, which speaks volumes
about the strength of the broker and correspondent community."
"Spring traditionally brings increasing interest in home purchases, and if
all goes well, a spike in lending levels," Newman continued. "While there may
be some issues in the overall economy, real estate looks very strong."
ABN AMRO Mortgage Group reported February 2003 production of $11.72
billion, with 69,266 loans funded. Year-to-date (January 1, 2003 to February
28, 2003), AAMG's production totals $23.12 billion, an increase of 46 percent
from February 2002's year-to-date total. The production derived from each of
AAMG's five business channels is described below.
... InterFirst Wholesale Mortgage Lending's February 2003 production
totaled $9.4 billion, a 38 percent increase from February 2002. Year-to-date,
InterFirst's production totals $18.57 billion.
... The National Lending Center, AAMG's retention and e-commerce lending
operation, funded $820 million in February 2003, an increase of 99 percent
from February 2002. The National Lending Center's year-to-date production
totals $1.68 billion.
... LaSalle Home Mortgage and ABN AMRO Mortgage, both consumer-direct
mortgage lending operations, reported production totaling $162 million in
February 2003. Year-to-date, production at LaSalle Home Mortgage and ABN AMRO
Mortgage totals $379 million.
... AAMG's Bank Retail Lending affiliates funded $1.21 billion in February
2003, an increase of 20 percent from January's total and an increase of 276
percent from February 2002. Year-to-date, AAMG's Bank Retail Lending
production totals $2.21 billion. This production is generated by Standard
Federal Bank serving customers in Michigan, Ohio and Indiana; and LaSalle Bank
serving customers throughout its Illinois bank branches.
... ABN AMRO Apartment Lending February 2003 production totaled $145
million, while year-to-date, ABN AMRO Apartment Lending production totals $284
million.
About ABN AMRO Mortgage Group, Inc.
ABN AMRO Mortgage Group is the fifth largest loan originator and seventh
largest loan servicer in the United States. ABN AMRO Mortgage Group produces
mortgage loans and provides related services through its various divisions
including InterFirst Wholesale Mortgage Lending, LaSalle Home Mortgage, ABN
AMRO Mortgage, ABN AMRO Mortgage National Lending Center, ABN AMRO Apartment
Lending and ABN AMRO Mortgage Capital Markets. ABN AMRO Mortgage Group has
more than 3000 employees located throughout the United States.
About ABN AMRO
ABN AMRO Mortgage Group, Inc. is an indirect subsidiary of Netherlands-
based ABN AMRO Bank N.V., one of the world's largest banks with total assets
of (EUR) 614.6 billion and a presence in more than 3,500 locations in over 70
countries and territories. ABN AMRO is organized into three autonomous
strategic business units responsible for managing wholesale clients, consumer
and commercial clients, and private clients and asset management.
SOURCE ABN AMRO Mortgage Group, Inc.
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Related links:
http://www.abnamro.com
CONTACT:
Jenn Cornell of Eiler Communications,
+1-734-761-3399, or Jenn@EilerPR.com , for ABN AMRO Mortgage
Group, Inc.
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