ANN ARBOR, Mich., Nov. 22 /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 October 31, 2004, for all
of its production divisions.
AAMG reported October 2004 production* of $3.3 billion, with more than
22,500 loans funded. AAMG's year-to-date production* (January 1 through
October 31, 2004) totals $49.3 billion.
"The Mortgage Bankers Association's 'Long Term Mortgage Finance Forecast'
predicts mortgage originations, industry-wide, will continue to fall through
the end of this year and well into next year," said Mike Maher, group senior
vice president. "With mortgage lenders competing for a smaller pool of
potential customers, those lenders known for quality and customer service will
excel."
"To achieve greater market share, AAMG will focus on delivering the
highest quality service to its customers as well as expanding its product
offerings, including a wide range of second mortgage products, and its
customer-base, including emerging markets segments," Maher added. "AAMG's
winning combination is its commitment to Six Sigma, dedication to customer
service and the aggressive marketing of its recently-launched wholesale and
retail adjustable-rate mortgage products."
Production derived from each of AAMG's business channels:
Channel October 2004 October 2003 % Change
InterFirst Wholesale Lending $2.3 billion $5.6 billion -59%
National Lending Center $294 million $507 million -42%
Standard Federal Bank* $715 million $1.1 billion -36%
& LaSalle Bank Loan
Origination Channels
Financial Institutions $26 million $25 million 5%
Group
TOTAL $3.3 billion $7.2 billion -54%
Channel 2004 2003
YTD Total YTD Total % change
InterFirst Wholesale $34.5 billion $90 billion -62%
Lending
National Lending Center $4.7 billion $10.5 billion -55%
Standard Federal Bank* $9.7 billion $19.2 billion -50%
& LaSalle Bank Loan
Origination Channels
Financial Institutions $356 million $166 million 114%
Group
TOTAL $49.3 billion $120 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 N.V.
Netherlands-based ABN AMRO Bank is one of the world's largest banks,
ranking 11th in Europe and 20th in the world based on tier 1 capital, with
total assets of EUR 632.8 billion and a presence in more than 3,000 locations
in over 60 countries. ABN AMRO is organized into three autonomous strategic
business units responsible for managing wholesale clients; consumer and
commercial clients; and private clients and asset management.
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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