AAMG Second Quarter Total Tops $19 billion;
Year-to-date Totals $34 billion
ANN ARBOR, Mich., July 26 /PRNewswire/ -- ABN AMRO Mortgage Group, Inc.
(AAMG), one of the nation's largest mortgage lenders, today released its
second quarter production figures as well as production for the month ended
June 30, 2004, for all of its production divisions.
AAMG reported June 2004 production* of $4.7 billion, with more than 32,000
loans funded. AAMG's production* for the second quarter (April 1, 2004
through June 30, 2004) totaled $19.4 billion, an increase of $4.7 million, or
32 percent, over the first quarter of this year. AAMG's year-to-date
production* (January 1 through June 30, 2004) totals $34.1 billion.
"The decline from frenzied production levels of the recent past is
enabling AAMG to focus on customer service and product development, which in
turn will further improve customer satisfaction and loyalty," said Mike Maher,
group senior vice president. "AAMG is aggressively pursuing customer and
partner relationship management strategies that strengthen its core business
units and business practices."
"InterFirst recently launched 'SatisfactionFirst,' a method that allows
the company to collect, and react to, broker satisfaction levels in real-
time," Maher continued. "Similarly, on the consumer side, AAMG's mortgage.com
business channel continues to conduct consumer and realtor surveys as well as
focus groups that provide valuable feedback on AAMG's products and services."
Production derived from each of AAMG's business channels:
MONTH
Channel June 2004 June 2003 % Change
InterFirst Wholesale Lending $3.2 billion $11.3 billion -72%
National Lending Center $438 million $1.4 billion -69%
Standard Federal Bank* $899 million $1.8 billion -51%
& LaSalle Bank Loan
Origination Channels
ABN AMRO Mortgage $114 million $210 million -46%
Financial Institutions $63 million N/A N/A
Group
TOTAL $4.7 billion $14.8 billion -69%
QUARTER
Channel Q2 2004 Q2 2003 % Change
InterFirst Wholesale Lending $13.5 billion $29 billion -54%
National Lending Center $2 billion $3.6 billion -44%
Standard Federal Bank* $3.3 billion $5.4 billion -38%
& LaSalle Bank Loan
Origination Channels
ABN AMRO Mortgage $402 million $626 million -36%
Financial Institutions $160 million N/A N/A
Group
TOTAL $19.4 billion $38.7 billion -50%
* 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
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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