An improved ABN AMRO Mortgage Group Inc. product menu is credited for the first increase in production since last spring. Among the programs currently in demand are home equity loans, interest-only mortgages and ARMs.
The Michigan-based lender announced Wednesday that production totaled $3.6 billion in November, up $0.3 billion from the previous month. The figure, however, is off 29% from the prior year.
More than 23,700 loans made up the latest volume, according to the announcement.
Except for August, when volume neither increased or decreased from the previous month, ABN AMRO's fundings had reportedly fallen every month since April.
Company executive Mike Maher indicated the uptick was due to its actions in recent months that "significantly improved" the variety of products available through each of its lending channels. Such products included home equity lines of credit and adjustable-rate products.
ABN AMRO "is experiencing increased consumer interest in both interest-only and amortizing adjustable-rate mortgages, as well as home equity and second mortgage products," Maher said. "This wide range of consumer needs supports [the company's] focus on diversifying its customer base, including those in emerging markets, in 2005."
InterFirst Wholesale Lending originated $2.5 billion of November's volume, the parent company reported, while nearly $0.9 billion came from National Lending Center and Standard Federal Bank & LaSalle Bank Loan Origination Channels. The Financial Institutions Group aggregated the remaining portion.