ABN AMRO Mortgage Group, Inc. announced production increases for the month of October, led by the year-to-date (YTD) totals of its wholesale lending operation and its retention and e-commerce lending division.
ABN AMRO reported $15.56 billion in lending for the month, a 22% increase from September's production of $12.76 billion. YTD, the company reported $94.1 billion, an almost 49% jump from last year.
"The diversification of [the company's] product offerings has significantly contributed to gains in market share and production," said William A. Newman, executive vice president and CEO of ABN AMRO Mortgage.
InterFirst's YTD total for the month ending Oct. 31 boasts a 50% increase from the same time last year -- $79.15 billion from $52.62 billion. The month of October's production totaled a record $13.02 billion, a 22% increase from September's $10.69 billion.
October marked the third month in a row that InterFirst Wholesale Mortgage Lending broke its all-time production record.
Stealing the increase spotlight is The National Lending Center, ABN AMRO Mortgage's retention and e-commerce lending operation. YTD, the subsidiary's production totaled $5.52 billion, a 104% vault from last year's YTD of $2.71 billion. It funded $907 million in loans during October, 36% rise from September's $668 million, the announcement said.
LaSalle Home Mortgage and ABN AMRO Mortgage, both consumer-direct mortgage lending subsidiaries, reported production totaling $285 million for October. LaSalle's production grew 50% from September's $190 million. LaSalle's YTD totaled $1.93 billion, which matches the YTD total during the same time last year, the announcement said.
On the commercial side, ABN AMRO Apartment Lending produced $119 million in loans during October, an increase of 24% from the previous month. Its YTD production totaled $1.46 billion, a 29% increase from the $1.13 billion during the same time last year.
Standard Federal Bank Retail Lending funded $1.23 billion during October, representing an 11% increase from September. The bank's YTD production totaled almost $6 billion, a 27% increase from last year's $4.73 billion. Standard Federal Bank services borrowers in Michigan, Ohio, and Indiana, the announcement said.
During morning trading, ABN AMRO Mortgage Group, Inc. was down $0.13 at $15.27, according to CBS.MarketWatch.com.