|ABN AMRO Sees 45% YTD Production Increases
Activity driven by InterFirst Unit
June 17, 2002
By MortgageDaily.com staff
Mortgage production during May at ABN AMRO Mortgage Group was $7.18 billion, according to an announcement from the company. This was down slightly from April's $7.43 billion production, and up slightly from May 2001 when the company reported $7.02 billion.
"Year-to-date production, totaling $39.23 billion, is up 45 percent from 2001," said ABN AMRO's executive vice president, William A. Newman. "We anticipate continued robust production throughout the summer months in all of our business channels."
While ABN AMRO reports production for five North American units, more than eighty percent of the company's activity -- or $6.09 billion during May -- came from the InterFirst Wholesale Mortgage Lending unit. That unit is up more than five percent from May of last year and down two percent from last month.
While the National Lending Center unit and Apartment Lending Unit both saw significant year-to-date increases over last year (259% and 68%, respectively), both units saw bigger percentage declines from last month than the group as a whole. ABN AMRO says the National Lending Center is the company's retention and e-commerce lending operation.
The Standard Federal Bank Retail Lending unit, which services customers in Michigan, Ohio and Indiana, was the only unit to report an increase over last month. Production was $372 million, a twelve percent increase from April. However, Standard Federal, which has year-to-date production twenty-two percent lower than last year, is the only unit to report a decrease for that period.