ANN ARBOR, Mich., Sept. 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 August 31, 2004, for all
of its production divisions.
AAMG reported August 2004 production* of $4.1 billion, with more than
28,500 loans funded. AAMG's year-to-date production* (January 1 through
August 31, 2004) totals $42.4 billion.
"Contrary to previous months when overall production declined month-to-
month, AAMG's production from June through August was stable," said Mike
Maher, group senior vice president, ABN AMRO Mortgage Group. "In recent
weeks, however, new applications for mortgage loans have risen, spurred by
lower interest rates and increased refinance activity."
"The combination of increased mortgage applications and AAMG's imminent
roll-out of the LIBOR and Interest-Only mortgage products creates exciting
opportunities," Maher continued. "In fact, it is expected that production in
the coming months will directly reflect reinvigorated mortgage market activity
as well as the success of AAMG's new product initiatives."
Production derived from each of AAMG's business channels:
Channel August 2004 August 2003 %
Change
InterFirst Wholesale Lending $2.9 billion $9.4 billion -69%
National Lending Center $258 million $1.3 billion -80%
Standard Federal Bank* $886 million $2.4 billion -63%
& LaSalle Bank Loan
Origination Channels
Financial Institutions $32 million $51 million -37%
Group
TOTAL $4.1 billion $13 billion -68%
Channel 2004 2003
YTD Total YTD Total %
change
InterFirst Wholesale $29.7 billion $78.1 billion -62%
Lending
National Lending Center $4.2 billion $9.1 billion -54%
Standard Federal Bank* $8.2 billion $16.1 billion -49%
& LaSalle Bank Loan
Origination Channels
Financial Institutions $307 million $82.5 million 272%
Group
TOTAL $42.4 billion $103 billion -59%
* 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.
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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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