While monthly volume decreased by 25 percent for a Michigan-based banking subsidiary, 2003 loan production will set a new record.
ABN AMRO Mortgage Group Inc. reported November fundings of over 30,600 loans, accounting for $5.1 billion in total production. The figure slipped from October's loan volume of $6.8 billion and plunged 60% from $12.7 billion the prior year.
Without the month of December included, the mortgage group said year-to-date production totals $120.2 billion, which is already more than the company's previous record volume derived from all of 2002.
ABN AMRO, an indirect subsidiary of the Netherlands-based bank, reported that its top origination channel -- InterFirst Wholesale Lending -- contributed $4.1 billion of the total volume. The channel's volume sunk 27% from the prior month and 61% compared to November 2002.