|ABN AMRO Mortgage Group Year to Date Production Up $12 billion from 2001's Record Totals
ANN ARBOR, MI (May 20, 2002) -- ABN AMRO Mortgage Group, Inc. (AAMG), a subsidiary of ABN AMRO North America, Inc. and the nation's fifth largest mortgage lender, released production figures for the month ended April 2002 for several of its divisions.
"AAMG's total year-to-date production is $32.05 billion, which is a 60 percent increase from 2001's year-to-date total of $19.98 billion," said William A. Newman, executive vice president. "This compares very favorably to industry wide production trends, which are essentially flat year over year."
"We experienced a slight decrease in monthly production, which is to be expected as the mortgage market normalizes," Newman continued. "We have a number of initiatives in place, most notably our wholesale construction lending expansion and enhanced offerings through our mortgage.com consumer portal, to help us continue to grow market share."
ABN AMRO Mortgage Group reported April 2002 production of $7.43 billion, with 47,781 loans funded. This is a decrease of 15 percent from the prior month's production of $8.74 billion and an increase of 14 percent, or $916 million, from April 2001.
- InterFirst Wholesale Mortgage Lending's April 2002 production totaled $6.24 billion, a decrease of 15 percent from March, but an increase of 14 percent from April 2001. Year-to-date, InterFirst's production totals $26.81 billion, an increase of 60 percent from 2001's year-to-date total of $16.76 billion.
- The National Lending Center, AAMG's retention and e-commerce lending operation, funded $516 million, a 4 percent decrease from the previous month, but an increase of nearly 180 percent from April 2001's production of $185 million. Year-to-date, National Lending Center production totals $2.19 billion, a 400 percent increase from 2001's year-to-date total of $438 million.
- LaSalle Home Mortgage and ABN AMRO Mortgage, both consumer-direct mortgage lending operations, reported production totaling $172 million in April 2002. LaSalle's production for April represents a 28 percent decrease from March totals and a decrease of 14 percent from April 2001. LaSalle's year-to-date total is $924 million, an increase of 49 percent from the previous year's to-date total of $619 million.
- Standard Federal Bank Retail Lending, servicing customers in Michigan, Ohio and Indiana, funded $332 million in April 2002. This represents a decrease of 27 percent from March and a 43 percent decrease from April 2001. SFB's year-to-date production totals $1.48 billion, a decrease of 17 percent from 2001's year-to-date of $1.78 billion.
- ABN AMRO Apartment Lending production totaled $173 million in April 2002, a decrease of 6 percent from March and a 100 percent increase over April 2001. Year-to-date, ABN AMRO Apartment Lending's production totals $644 million, an increase of 66 percent from last year's to-date total of $388 million.
About ABN AMRO Mortgage Group, Inc.:
ABN AMRO Mortgage Group is the fifth largest loan originator and eighth largest loan servicer in the United States. ABN AMRO Mortgage Group produces mortgage loans and provides related services through its various divisions including InterFirst Wholesale Mortgage Lending, LaSalle Home Mortgage, ABN AMRO Mortgage, ABN AMRO National Lending Center, ABN AMRO Apartment Lending and ABN AMRO Mortgage Capital Markets. ABN AMRO Mortgage Group has more than 2,700 employees located throughout the United States.
About ABN AMRO:
ABN AMRO Mortgage Group, Inc. is an indirect subsidiary of Netherlands- based ABN AMRO Bank N.V., one of the world's largest banks with total assets of (EUR) 614.6 billion and a presence in more than 3,500 locations in over 70 countries and territories. ABN AMRO is organized into three autonomous strategic business units responsible for managing wholesale clients, consumer and commercial clients, and private clients and asset management.
In North America, ABN AMRO is headquartered in Chicago and has nearly $90 billion in assets. Subsidiaries include LaSalle Bank in Chicago, and Standard Federal Bank in Michigan.