|ABN AMRO Mortgage Group August Production Over $7 billion
Record-breaking month for InterFirst; Apartment Lending Nears $1 billion
FOR IMMEDIATE RELEASE -- Ann Arbor, Mich. - September 21, 2001 -- ABN AMRO Mortgage Group, Inc. (AAMG), a subsidiary of ABN AMRO North
America, Inc. and the nation's sixth largest mortgage lender, released production figures for the month ended August 31, 2001 for several of its divisions.
"Despite talk of a weakening financial climate, AAMG continues to produce at record levels. This is testament to our ability to gain market share," said William A. Newman, executive vice president. "Both our wholesale and consumer direct divisions continue to perform at levels higher than our most optimistic projections. Our technological expertise, innovative spirit and superior staff continue to be the primary drivers behind AAMG's success."
ABN AMRO Mortgage Group reported August 2001 production of $7.284 billion, with 47,014 loans funded, an increase of 5 percent from the previous month and a 194 percent increase from August 2000. To date, ABN AMRO Mortgage Group's combined production totals $48.329 billion with 319,517 loans funded, an increase of 233 percent from August 2000 year-to-date totals.
- InterFirst Wholesale Mortgage Lending's August 2001 production totaled a record $6.070 billion, an increase of nearly 7 percent from the previous month and 194 percent more than August 2000 totals. To date, InterFirst's production for 2001 totals a record-breaking $40.3 billion.
- AAMG National Lending Center, a retention and e-commerce lending operation, funded $395 million, an increase of 905 percent over August 2000. AAMG National Lending Center's year-to-date production is in excess of $1.8 billion.
- LaSalle Home Mortgage and its Minnesota based operation, ABN AMRO Mortgage, both consumer-direct mortgage lending operations, reported production totaling $222 million in August 2001. LaSalle's production for August represents a 118 percent increase over August 2000 totals and brings the company's year-to-date production to nearly $1.6 billion.
- Standard Federal Bank Retail Lending, servicing customers in Michigan, Ohio and Indiana, funded $424 million in August 2001. This represents an increase of 4 percent from July 2001, an 84 percent increase above August 2000 totals, with 2001 year-to-date totals of over $3.70 billion.
- ABN AMRO Apartment Lending production totaled $171 million for August 2001, an increase of 32 percent from July 2001 and nearly 300 percent over production totals for the same period last year. With year-to-date production totaling $885 million, it is expected that 2001 will mark the first year that ABN AMRO Apartment Lending will cross the $1 billion mark.
|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.