ANN ARBOR, Mich., Aug. 2 /PRNewswire/ -- ABN AMRO Mortgage Group, Inc.
(AAMG), one of the nation's largest mortgage lenders, today released second
quarter (April 1 through June 30, 2005) production figures for all of its
production divisions.
AAMG reported second quarter production totaling $15.4 billion.
InterFirst Wholesale Mortgage Lending was AAMG's top performing division in
the second quarter, with production totaling $11.3 billion. Year-to-date,
AAMG's production totals $25.8 billion, with more than 151,700 loans funded.
"With mortgage interest rates hovering near six percent in the second
quarter, AAMG's production was driven by both purchases and refinances," said
Mike Maher, executive vice president. "AAMG's production in the second
quarter is also reflective of real estate market conditions that are creating
a favorable purchase environment. The current buyer's real estate market is
helping a wide variety of consumers purchase a home that meets their needs and
budget, especially first-time home buyers."
"With the launch of its DreamFirst emerging markets product suite, AAMG is
expecting continued strong performance throughout the remainder of the year,"
Maher added.
Production derived from each of AAMG's business channels:
Channel Q2 2005 Q2 2004 % Change
InterFirst Wholesale
Lending $11.3 billion $13.5 billion -16%
National Lending Center $744 million $2 billion -63%
Standard Federal Bank $3.3 billion $3.7 billion -12%
& LaSalle Bank Loan
Originations*
Financial Institutions $88 million $159.7 million -45%
Group
TOTAL $15.4 billion $19.4 billion -21%
* 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, Jenn@EilerPR.com , for ABN AMRO Mortgage Group,
Inc.
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