May marked the first month of decreased production this year at ABN AMRO Mortgage Group Inc.
With over 37,500 loans originated during May, the Michigan group reported its production for the month totaled $5.9 billion -- a 28% downfall from the previous month. Production was almost double this amount a year ago at $11.25 billion.
Despite the lower fundings, ABN AMRO's senior vice president, Mike Maher, said the company is "well-positioned to capitalize on purchase activity and capture new customers," as it is "expanding its products and services to not only attract new customers, but to meet the needs of a diverse marketplace and customer base."
The bulk of originations came from its division InterFirst Wholesale Lending as it contributed $4 billion, which is about 37% below the total in April.