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ABN AMRO Growth Outpaces General Marketplace, Says Exec

$10+ billion production still driven by InterFirst

September 30, 2002

By MortgageDaily.com staff

ABN AMRO Mortgage Group, Inc. reported finishing the month ending Aug. 31, 2002, with gains over its July production, again primarily a result of its wholesale mortgage division. Slight year-to-date (YTD) dips within some of its subsidiaries were also reported.

ABN AMRO reported August 2002 production of $10.75 billion with 67,327 loans funded. This represents a $1.94 billion increase from July, or 22%. 

The August 2002 report also represents a 47.6% jump from August 2001's production announcement of $7.284 billion, with 20,313 more loans funded.

"Production growth in August outpaced even the robust growth in the general marketplace," at ABN AMRO, said executive vice president William A. Newman.

For YTD from Jan. 1, 2002 to Aug. 31, 2002, the company reported a production total of $65.74 billion, a 36 percent increase from YTD August 2001's $48.33 billion.

InterFirst Wholesale Mortgage Lending led the way in ABM AMRO production with a reported August 2002 total of $9.06 billion, a 19% increase from July. This figure is up almost 50 percent from InterFirst's $6.07 billion in August 2001 lending. To date, InterFirst's production increased from $40.3 billion last year to $55.45 billion in 2002, a rise of 38 percent.

While the numbers for The National Lending Center aren't as noteworthy, its reported YTD gain is. The company announced $3.94 billion in production YTD for 2002, an 111 percent leap from 2001's YTD of $1.87 billion. It also reported $564 million in lending for the month of August 2002, a 43% jump from July's $394 million.

Slight production dips for ABN AMRO also were announced. While combined production increased 24 percent from July to August 2002 for LaSalle Home Mortgage and ABN AMRO Mortgage, both consumer-direct mortgage lending operations, LaSalle's YTD is down more than 8% from 2001.

Standard Federal Bank Retail Lending took a half-step down in its 2002 YTD of $3.64 billion, a 1.6 percent decrease from last year's YTD. However, it showed a 58% gain from its July to August 2002 production.

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