ABN AMRO Mortgage Group Inc. kept up its momentum as it reported increased mortgage volume for the fourth consecutive month.
The Michigan-based mortgage lender announced its April production totaled $8.2 billion, jumping 39% above March's total. Production a year ago stood at $12.0 billion.
In line with his previous comments that spring marked the start of the homebuying season, the group's senior vice president Mike Maher said in a written statement that ABN AMRO's 2004 production is supported by purchase mortgage lending activity, which remains strong due to record-level sales of existing homes, consumer acceptance of its products and increased home equity activity.
Production has increased every month since January, but as expected, the year-to-date total of $21.5 billion is below 2003's level due to the anticipated sharp drop in refinancing activity, he added.
The latest volume was reportedly derived from over 45,000 loans.
The bulk of its originations came from its wholesale division -- InterFirst Wholesale lending -- which had April production of $6.3 billion, up 40% from the previous month, according to ABN AMRO.