ANN ARBOR, Mich., Oct. 26 /PRNewswire/ -- ABN AMRO Mortgage Group, Inc.
(AAMG), one of the nation's largest mortgage lenders, today released its third
quarter production figures as well as production for the month ended
September 30, 2004, for all of its production divisions.
AAMG reported September 2004 production* of $3.6 billion, with more than
24,800 loans funded. AAMG's production* for the third quarter (July 1 through
September 30, 2004) totaled $11.9 billion. AAMG's year-to-date production*
(January 1 through September 30, 2004) totals $45.9 billion.
"The LIBOR and interest-only mortgages are now available through all of
AAMG's lending channels, wholesale and retail, representing a viable
opportunity to meaningfully increase production in the coming months," said
Mike Maher, group senior vice president, ABN AMRO Mortgage Group. "These new
adjustable-rate mortgage products, steadily growing in popularity as interest
rates remain at historically low levels, enable AAMG to meet the needs of a
wide range of consumers."
"Combined with customer relationship management initiatives, including
customer experience surveys through mortgage.com and InterFirst's
SatisfactionFirst, AAMG is delivering on customer expectations through
enhanced product and service offerings," Maher added.
Production derived from each of AAMG's business channels:
MONTH
Channel September 2004 September 2003 % Change
InterFirst Wholesale Lending $2.5 billion $6.3 billion -60%
National Lending Center $265 million $883 million -70%
Standard Federal Bank* $787 million $1.9 billion -59%
& LaSalle Bank Loan
Origination Channels
Financial Institutions $22.7 million $58.7 million -61%
Group
TOTAL $3.6 billion $9.1 billion -60%
QUARTER
Channel Q3 2004 Q3 2003 % Change
InterFirst Wholesale Lending $8.5 billion $27.7 billion -69%
National Lending Center $786 million $3.6 billion -78%
Standard Federal Bank* $2.5 billion $6.8 billion -63%
& LaSalle Bank Loan
Origination Channels
Financial Institutions $87.8 million $141 million -38%
Group
TOTAL $11.9 billion $38.2 billion -69%
* 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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