ABN AMRO Mortgage Group Inc.'s said it ended the quarter with a big jump in month-to-month production. The company also expects to maintain healthy levels of fundings during the coming months due to the new home buying season.
The Michigan-based mortgage lender reported March production of $5.9 billion, up 46% from the previous month. The figure is about half the $11.5 billion reported in March 2003.
The group noted its volume "increased markedly" in each successive month during the first quarter.
"Spring marks the start of the home-buying season, therefore [ABN AMRO's] purchase money mortgage production is poised to remain at increased levels during the coming months," said the group's senior vice president Mike Maher in a written statement. However, he said that due to the recent increase in mortgage rates "it is very likely that year-over-year mortgage origination volumes will remain well behind during the remainder of 2004."
The latest production consisted of more than 35,000 loans funded, ABN AMRO said.
The group reported $4.5 billion in March production at its top origination channel -- InterFirst Wholesale Mortgage Lending.