|ABN AMRO Mortgage Group Reports Record-Breaking 2001 Production of $83 Billion
Year-End Total Represents 239% Growth over 2000
ANN ARBOR, Mich., Jan 15, 2002 /PRNewswire via COMTEX/ -- ABN AMRO Mortgage Group, Inc., a subsidiary of ABN AMRO North America, Inc. and the nation's fifth largest mortgage lender, reported record-breaking 2001 production of $83.015 billion, with 539,879 loans funded. Fourth quarter 2001 production was also at record levels with $28.777 billion funded.
"Our record fourth quarter was a fitting finale to an outstanding 2001. Every one of our divisions achieved records in production," said William A. Newman, executive vice president. "InterFirst Wholesale Mortgage Lending was the company's top producing division, reporting $68.841 billion for the year. ABN AMRO Mortgage Group's National Lending Center had the largest production increase, reporting a jump of 831 percent year over year. A significant part of the increase in activity at the National Lending Center was due to tremendous growth in originations through our mortgage.com consumer e-commerce portal."
"While there is no question that some of ABN AMRO Mortgage Group's record- breaking 2001 can be attributed to low interest rates, our production growth far exceeded the industry average. A large part of our ability to increase production and, more importantly, market share is due to our commitment to customer convenience and satisfaction," Newman continued. "Throughout 2001, ABN AMRO Mortgage Group implemented a variety of technologically advanced customer services in all of our channels of business including 'One Click Refinancing' through mortgage.com, 'Fast Answer' through LaSalle Home Mortgage, as well as 'MOAI RULES' and 'All in One' through InterFirst Wholesale Mortgage Lending. We give our customers and business partners choices, which makes the entire mortgage lending process more simple, convenient and efficient for them than ever before."
"The strategy of diversifying ABN AMRO Mortgage Group's operations and services to include multi-channel delivery capabilities, using the Internet and self-service telephone speech applications, worked tremendously well in 2001. We will continue to pursue this technology-driven strategy in 2002 to further bolster our efficiency and improve customer service capabilities," Newman added. "While technology has been a tremendous lever for ABN AMRO Mortgage Group, by far the most credit for our tremendous activity, growth and success has to be attributed to our over 2600 professionals across the United States. There is no question that our greatest resource is the people that come in every day working to make ABN AMRO Mortgage Group a leader in the mortgage services world."
InterFirst Wholesale Mortgage Lending reported 2001 production of $68.841 billion, with 445,114 units funded. This figure represents a 199 percent increase over 2000 totals. InterFirst reported fourth quarter 2001 production of $23.711 billion.
AAMG National Lending Center, a retention and e-commerce lending operation, reported 2001 production totaling $3.902 billion, with 28,699 units funded. AAMG National Lending Center's fourth quarter production totaled $1.69 billion, with 11,306 units funded.
LaSalle Home Mortgage and its Minnesota based operation, ABN AMRO Mortgage, both consumer-direct mortgage lending operations, reported 2001 production totaling $2.413 billion, with 13,989 units funded. This total represents an increase of 151 percent from 2000 year-end figures. LaSalle Home Mortgage and ABN AMRO Mortgage reported fourth quarter production of $660 million, with 3,752 units funded.
Standard Federal Bank Retail Lending, servicing customers in Michigan, Ohio and Indiana, reported 2001 production of $6.47 billion, with 50,054 units funded. Standard Federal's 2001 production represents an increase of 156 percent from 2000 totals. Standard Federal's fourth quarter production totaled $2.303 billion, with 17,162 units funded.
ABN AMRO Apartment Lending (AAAL) reported production in 2001 totaling $1.388 billion, with 2,023 units funded. 2001 marked the first year in its history that AAAL's production surpassed $1 billion. This represented an increase of 161 percent from 2000 totals. For the fourth quarter, AAAL reported production of $411 million, with 500 units funded.
The final December 2001 funding information for ABN AMRO Mortgage Group, Inc. is as follows:
- InterFirst Wholesale Mortgage Lending production totaled $7.775 billion, a 252 percent increase from December 2000 totals. InterFirst was ABN AMRO Mortgage Group's top producer for the month of December.
- AAMG National Lending Center funded $699 million, up 1345 percent over December 2000.
- LaSalle Home Mortgage and ABN AMRO Mortgage funded $250 million, an increase of 147 percent from December 2000.
- Standard Federal Bank Retail Lending reported production totaling $840 million, an increase of 319 percent from December 2000.
- ABN AMRO Apartment Lending production totaled $131 million, an increase of 74 percent from December 2000.
|About ABN AMRO Mortgage Group, Inc.
ABN AMRO Mortgage Group is the fifth largest loan originator and eighth largest loan servicer in the United States. ABN AMRO Mortgage Group produces mortgage loans and provides related services through its various divisions including InterFirst Wholesale Mortgage Lending, LaSalle Home Mortgage, ABN AMRO Mortgage, ABN AMRO National Lending Center, ABN AMRO Apartment Lending and ABN AMRO Mortgage Capital Markets. ABN AMRO Mortgage Group has more than 2,600 employees located throughout the United States.
About ABN AMRO
ABN AMRO Mortgage Group, Inc. is an indirect subsidiary of Netherlands- based ABN AMRO Bank N.V., one of the world's largest banks with total assets of (EUR) 614.6 billion and a presence in more than 3,500 locations in over 70 countries and territories. 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.
In North America, ABN AMRO is headquartered in Chicago and has nearly $90 billion in assets. Subsidiaries include LaSalle Bank in Chicago, and Standard Federal Bank in Michigan.
ABN AMRO Mortgage Group, Inc.
Jenn Cornell of Eiler Communications
for ABN AMRO Mortgage Group, Inc.