|ABN AMRO Mortgage Group Second Quarter 2001 Production Up 366 Percent from 2000
ANN ARBOR, Mich., July 19 /PRNewswire/ -- ABN AMRO Mortgage Group, Inc., a subsidiary of ABN AMRO North America, Inc. and the nation's sixth largest mortgage lender, reported production for the second quarter of 2001 of $20.695 billion. ``With a very strong June adding to already robust prior months' totals, ABN AMRO Mortgage Group's production increased over 366 percent from the same quarter last year. Our total production for 2001 has already eclipsed our best prior year ever,'' said William A. Newman, executive vice president.
``ABN AMRO National Lending Center (NLC) saw the largest production increase from the second quarter of 2000 to the same time period this year, with production of more than $796 million. This represents a 974 percent increase over the second quarter of 2000,'' Newman continued. ``The NLC provides our customer base with a quick, convenient and low cost method of refinancing their current mortgage or financing the acquisition of a new home. In addition, the NLC processes the loans originated through our mortgage.com consumer e-commerce portal, which continues to show impressive growth. ''
``ABN AMRO Mortgage Group's largest producer throughout the entire second quarter was InterFirst Wholesale Mortgage Lending, with $17.23 billion in fundings,'' Newman noted. ``This figure is an astounding 385 percent greater than InterFirst's production in the second quarter of 2000.''
``Our other ABN AMRO Mortgage Group retail divisions, including LaSalle Home Mortgage and its Minnesota-based operation, ABN AMRO Mortgage, as well as Standard Federal Bank Retail Lending, saw dramatic production increases from the second quarter of 2000 to this past quarter,'' he continued. LaSalle Home Mortgage and ABN AMRO Mortgage reported second quarter production totaling $699 million, an increase of 272 percent from the same period last year. For the second quarter of 2001, Standard Federal Bank Retail Lending, servicing customers in Michigan, Ohio and Indiana, reported production totaling $1.687 billion, up more than 235 percent from the second quarter of 2000.
ABN AMRO Apartment Lending reported second quarter 2001 production totaling $283 million. This represents a 258 percent increase over June 2000 production of $110 million.
The final June 2001 funding information for ABN AMRO Mortgage is as follows:
- InterFirst Wholesale Mortgage Lending production totaled $6.006 billion, a 366 percent increase from June 2000 totals. June 2001 is the sixth consecutive month InterFirst has achieved an all-time production high.
- AAMG National Lending Center funded $327 million, up an amazing 1027 percent over June 2000. This too, represents the sixth consecutive month of all-time high production for the National Lending Center.
- LaSalle Home Mortgage and ABN AMRO Mortgage funded $238 million, an increase of 225 percent from June 2000.
- Standard Federal Bank Retail Lending reported production totaling $487 million, an increase of 185 percent from June 2000.
- ABN AMRO Apartment Lending production totaled $101 million, an increase of 191 percent from June 2000.
|About ABN AMRO Mortgage Group, Inc.
ABN AMRO Mortgage Group is the sixth largest loan originator and ninth 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 2,400 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 543 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 $76 billion in assets. Subsidiaries include LaSalle Bank in Chicago, and Michigan National Bank and Standard Federal Bank in Michigan.
ABN AMRO Mortgage Group, Inc.