Monthly volume tumbled by 38% for ABN AMRO Mortgage Group Inc.
The Michigan-based mortgage lender reported its January production totaled $3.4 billion, which is down from $5.5 billion in the previous month. Compared to January 2003, volume plummeted 70% from $11.4 billion.
Noting that production is down "dramatically" industrywide and that the year will reflect much change and competition, the group said it is positioned for success because it is three years ahead of any competitor in offering a more cost-effective mortgage loan process with its One Fee guaranteed mortgage package.
More than 19,800 loans made up the latest volume, said the company.
Fundings at its top originating channel, InterFirst Wholesale Mortgage Lending, totaled $2.7 billion, said the Michigan group, off 39% from December.