Stated income, adjustable rate and home equity programs helped ABN AMRO Mortgage Group Inc. increase its mortgage production.
Third quarter fundings were $16.6 billion, up from $15.4 billion in the prior quarter, according to an announcement from the Dutch banking subsidiary. The latest figures were 40% better than a year ago.
The bulk of ABN AMRO's business was generated by InterFirst Wholesale Lending, with third quarter originations of $13 billion, the report said. LaSalle Bank production was $2.7 billion during the period.
The Ann Arbor, Mich.-based company reported it has funded 245,000 loans year-to-date for $42.4 billion.
"One year ago, conforming fixed-rate products accounted for 80 percent of the number of products offered," said executive Mike Maher. ABN AMRO "has meaningfully diversified its product line over the past year."
The mortgage banker's rollout "of stated income, stated asset, adjustable-rate and home equity products, have boosted the company's market share and production," Maher added.