The U.S. subsidiary of a Dutch banking giant reported quarterly and monthly mortgage production fell.
September fundings were $3.6 billion, according to an announcement from ABN AMRO Mortgage Group Inc., down 12% from the prior month. Monthly activity was reportedly derived from nearly 25,000 loans.
For the third quarter, the Ann Arbor, Mich.-based company reported $11.9 production -- down from $19.4 billion in the second quarter and $36.1 billion a year ago.
The mortgage unit, a subsidiary of Amsterdam-based ABN AMRO, said it saw an increase in LIBOR-indexed ARMs and interest-only products.
About 70% of the company's production was originated by InterFirst Wholesale Lending.