ABN AMRO Mortgage Group, Inc. reported a significant year-to-year increase in January production, led by its wholesale lending arm. The company's production dipped a bit since December, however.
The Ann Arbor, Mich.-based lender originated $11.4 billion in mortgage loans during January, up almost 44% from the $7.9 billion produced the same time last year but down a tenth from December.
InterFirst Wholesale Mortgage Lending led ABN AMRO's divisions in originations, with $9.2 billion in production. That represents a 43% increase from January 2002 but a slight decrease from December's almost $10 billion.
"[ABN AMRO's] production continues to create a lending environment where servicing and customer retention take priority," CEO William A. Newman said.
ABN AMRO Mortgage Group is an indirect subsidiary of Netherlands-based ABN AMRO Bank N.V. The parent's shares fell $0.31 to $15.31 during midday trading, according to CBSMarketwatch.com.