ABN AMRO Mortgage Group, Inc. reported a record-breaking year in production, led by its wholesale lending branch.
The Ann Arbor, Mich.-based lender produced $119 billion in mortgages during 2002, a $36 billion increase from 2001. It produced a total of $40.95 billion in mortgages during the fourth quarter, more than a one-quarter increase from the third quarter.
Executive vice president William A. Newman said the company's products and services, as well as a strong refinance market, fueled ABN AMRO's production increases.
The company's top lending division was InterFirst Wholesale Mortgage Lending. It produced $99.5 billion during 2002, a 45% increase over 2001's total. The reported fourth quarter production was $33.4 billion, an increase over third quarter's $27.37 billion in loans.
Shares of ABN AMRO Holding, the parent company of ABN AMRO Mortgage, were trading at $15.02 late morning Monday, down $0.24, according to CBSMarketwatch.com. The parent is based in the Netherlands.