ANN ARBOR, Mich., April 28 /PRNewswire/ -- ABN AMRO Mortgage Group, Inc.
(AAMG), one of the nation's largest mortgage lenders, today released its first
quarter production figures for all of its production divisions.
"AAMG's first quarter 2005 production is reflective of higher interest
rates and relatively modest real estate activity," said Michael Maher, AAMG
group senior vice president. "Unlike the first quarter of 2004, in which the
mortgage industry enjoyed production levels fueled by second home loans as
well as some refinance activity, the first quarter of 2005 was dominated by
purchases of new or existing homes. It is expected that AAMG's production
levels will increase as consumers continue to show interest in second home
loans, as well as an increase in home purchases throughout the spring and
summer months."
"With a large amount of houses currently for sale, the current real estate
market is favorable for buyers," Maher continued. "AAMG's ever-expanding
suite of mortgage lending products, including interest-only and zero-down
mortgage loans, positions AAMG to ably meet the needs of this growing pool of
potential home buyers."
Production derived from each of AAMG's business channels:
Channel Q1 2005 Q1 2004 % Change
InterFirst Wholesale Lending $7.7 billion $10.3 billion -25%
National Lending Center $830 million $1.6 billion -48%
Standard Federal Bank* $1.8 billion $2.7 billion -35%
& LaSalle Bank Loan
Origination Channels
Financial Institutions $83 million $82 million 1.7%
Group
TOTAL $10.4 billion $14.7 billion -29%
* Includes second mortgage production (both closed-end mortgages and lines
of credit) originated through LaSalle Bank and Standard Federal Bank. These
loans are closed in the name of the individual bank entity.
About ABN AMRO Mortgage Group, Inc.
ABN AMRO Mortgage Group is one of the largest loan originators and loan
servicers 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 N.V.
Netherlands-based ABN AMRO is a leading international bank with total
assets of EUR 608.6 bln (as of December 31, 2004). It has over 3,000 branches
in more than 60 countries and territories, and has a staff of about 100,000
full-time equivalents worldwide. ABN AMRO is listed on the Euronext 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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