ABN AMRO Mortgage Group Inc. reported its third consecutive quarterly decline but sees a brighter horizon.
The Ann Arbor, Mich.-based lender originated $10.4 billion during the first quarter, according to an announcement today, just below the $10.6 billion recorded during the prior quarter and down from the $14.7 billion funded during the same period last year.
"Unlike the first quarter of 2004, in which the mortgage industry enjoyed production levels fueled by second home loans as well as some refinance activity, the first quarter of 2005 was dominated by purchases of new or existing homes," said company executive Michael Maher in the announcement.
Volume hasn't risen since the second quarter of last year, according to MortgageDaily.com data.
Maher sees a turn, however, noting production "will increase as consumers continue to show interest in second home loans, as well as an increase in home purchases throughout the spring and summer months."
The U.S. subsidiary of Amsterdam-based ABN AMRO N.V. said InterFirst Wholesale Lending generated $7.7 billion of the latest production, while origination channels Standard Federal Bank and LaSalle Bank were responsible for $1.8 billion.