AAMG Year-to-Date Production Total Tops $38 Billion
ANN ARBOR, Mich., Aug. 31 /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 July 31, 2004, for all of
its production divisions.
AAMG reported July 2004 production* of $4.1 billion, with more than 28,500
loans funded. AAMG's year-to-date production* (January 1 through July 31,
2004) totals $38.2 billion.
"By the end of the year, AAMG will supplement its product offerings
through its wholesale, retail and online loan origination channels to reflect
the needs of emerging markets, including first time home buyers," said Mike
Maher, AAMG group senior vice president. "AAMG's various strategic
initiatives, including product development, are indicative of its commitment
to customer satisfaction and retention."
"July marks one year since AAMG began reporting production for the
Financial Institutions Group of InterFirst Wholesale Mortgage Lending," Maher
continued. "By partnering with community banks, the Financial Institutions
Group enables AAMG to build valuable business relationships. As market
acceptance and awareness of the Financial Institutions Group grows, so will
its value proposition within AAMG."
Production derived from each of AAMG's business channels:
Channel July 2004 July 2003 % Change
InterFirst Wholesale Lending $2.9 billion $11.9 billion -75%
National Lending Center $263 million $1.5 billion -82%
Standard Federal Bank* $854 million $2.4 billion -55%
& LaSalle Bank Loan
Origination Channels
Financial Institutions $33 million $31.6 million 4%
Group
TOTAL $4.1 billion $16 billion -74%
Channel 2004 2003
YTD Total YTD Total % change
InterFirst Wholesale $26.7 billion $68.7 billion -61%
Lending
National Lending Center $3.9 billion $7.8 billion -50%
Standard Federal Bank* $7.3 billion $13.7 billion -47%
& LaSalle Bank Loan
Origination Channels
Financial Institutions $274 million $31.6 million 767%
Group
TOTAL $38.2 billion $90.3 billion -58%
* 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 20th in the world based on tier 1
capital, with over 3,000 branches in more than 60 countries, a staff of about
107,000 full-time equivalents and total assets of EUR 632.8 billion (as of
June 30, 2004). ABN AMRO is listed on the Euronext, London and New York stock
exchanges.
SOURCE ABN AMRO Mortgage Group, Inc.
 back to top
Related links:
http://www.abnamro.com
CONTACT:
Jennifer Cornell of Eiler Communications,
+1-734-761-3399, or Jenn@EilerPR.com , for AAMG
|
