ANN ARBOR, Mich., April 27 /PRNewswire/ -- ABN AMRO Mortgage Group, Inc.
(AAMG), the nation's sixth largest mortgage lender, today released its first
quarter production figures as well as production for the month ended March 31,
2004, for all of its production divisions.
AAMG reported March 2004 production of $5.9 billion, with more than 35,000
loans funded. AAMG's production for the first quarter (January 1, 2004
through March 31, 2004) totaled $13.3 billion.
"AAMG's production increased markedly in each successive month during the
first quarter of 2004," said Mike Maher, group senior vice president. "AAMG's
production grew by $650 million from January to February and by $1.9 billion
from February to March."
"Spring marks the start of the home-buying season, therefore AAMG's
purchase money mortgage production is poised to remain at increased levels
during the coming months. Yet, the overall U.S. mortgage market remains well
below the all-time record levels set during 2003," Maher continued. "Given
the recent bias towards an increase in the general level of market interest
rates, it is very likely that year-over-year mortgage origination volumes will
remain well behind during the remainder of 2004."
Production derived from each of AAMG's business channels:
MONTH
Channel March 2004 March 2003 % Change
InterFirst Wholesale Lending $4.5 billion $9 billion -50%
National Lending Center $735 million $1.1 billion -33%
Standard Federal Bank $511 million $1.2 billion -57%
& LaSalle Bank Loan
Origination Channels
ABN AMRO Mortgage $88 million $167 million -47%
Financial Institutions $44 million N/A N/A
Group
Bulk Acquisitions $3.5 million N/A N/A
TOTAL $5.9 billion $11.5 billion -49%
QUARTER
Channel Q1 2004 Q1 2003 % Change
InterFirst Wholesale Lending $10.3 billion $27.6 billion -63%
National Lending Center $1.6 billion $2.8 billion -42%
Standard Federal Bank $1.1 billion $3.4 billion -68%
& LaSalle Bank Loan
Origination Channels
ABN AMRO Mortgage $214 million $563 million -62%
Financial Institutions $82 million N/A N/A
Group
Bulk Acquisitions $19 million N/A N/A
TOTAL $13.3 billion $34.4 billion -61%
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
ABN AMRO is a prominent international bank, its origins going back to
1824. ABN AMRO ranks 11th in Europe and 23rd in the world based on tier 1
capital, with over 3,000 branches in more than 60 countries, and a staff of
over 110,000 full-time equivalents and total assets of EUR 560.4 billion (as
of December 31, 2003). ABN AMRO is listed on the Euronext, London and New
York stock exchanges.
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, or Jenn@EilerPR.com , for ABN AMRO Mortgage
Group, Inc.
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