AAMG Production Climbs as Home Buying Season Heats Up
ANN ARBOR, Mich., May 28 /PRNewswire/ -- ABN AMRO Mortgage Group, Inc.
(AAMG), one of the nation's largest mortgage lenders, today released its total
residential mortgage production for the month ended April 30, 2004, for all of
its production divisions.
AAMG reported April 2004 production of $8.2 billion, with more than 45,500
loans funded. AAMG's year-to-date production (January 1 through April 30,
2004) totals $21.5 billion.
"AAMG's production grew in each successive month of the first quarter of
2004 and continued to climb through April," said Mike Maher, group senior vice
president. "In fact, AAMG's production in April represents a $2 billion
increase from March production totals."
"AAMG's year-to-date production is, as expected, lower than 2003's total;
mortgage market volume forecasts for 2004 remain below 2003 levels due to the
sharp drop in refinance activity," Maher continued. "AAMG's 2004 production
is supported by purchase mortgage lending activity, which remains strong due
to record-level sales of existing homes, consumer acceptance of OneFee(SM) as
well as increased home equity activity."
Production derived from each of AAMG's business channels:
Channel April 2004 April 2003 % Change
InterFirst Wholesale Lending $6.3 billion $9.2 billion -31%
National Lending Center $923 million $1.2 billion -23%
Standard Federal Bank $816 million $1.4 billion -41%
& LaSalle Bank Loan
Origination Channels
ABN AMRO Mortgage $138 million $210 million -34%
Financial Institutions $47 million N/A N/A
Group
TOTAL $8.2 billion $12.0 billion -32%
Channel 2004 2003
YTD Total YTD Total % change
InterFirst Wholesale $16.6 billion $37 billion -55%
Lending
National Lending Center $2.5 billion $4 billion -37%
Standard Federal Bank $1.9 billion $4.8 billion -60%
& LaSalle Bank Loan
Origination Channels
ABN AMRO Mortgage $351 million $773 million -55%
Financial Institutions $129 million N/A N/A
Group
TOTAL $21.5 billion $46.6 billion -53%
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
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, 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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