|ABN AMRO Mortgage Group October Production Up 51 Percent from September, Year-to-date Total at $63 billion
FOR IMMEDIATE RELEASE -- Ann Arbor, Mich. - November 20, 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 October 31, 2001 for several of its divisions.
"ABN AMRO Mortgage Group saw production rise in October, with every unit experiencing significant gains from the previous month," said William A. Newman, executive vice president. "ABN AMRO Apartment Lending had the biggest production increase, gaining 66 percent from September. InterFirst Wholesale Mortgage Lending's October production increased nearly $3 billion from September and is up more than $36 billion from October 2000 year-to-date totals. In addition, refinancing through our mortgage.com consumer lending e-commerce portal has fueled the spectacular growth of our National Lending Center."
ABN AMRO Mortgage Group reported October 2001 production of $8.891 billion, with 56,785 loans funded, an increase of 51 percent from the previous month and a 253 percent increase from October 2000. To date, ABN AMRO Mortgage Group's combined production totals $63.13 billion with 414,625 loans funded, an increase of 227 percent from October 2000 year-to-date totals.
InterFirst Wholesale Mortgage Lending's October 2001 production totaled a record $7.493 billion, an increase of 54 percent from the previous month and 261 percent more than October 2000 totals. To date, InterFirst's production for 2001 totals a record-breaking $52.623 billion, which represents an increase of nearly 235 percent
from its October 2000 year-to-date total.
AAMG National Lending Center, a retention and e-commerce lending operation, funded $502 million, an increase of 46 percent from September 2001. AAMG National Lending Center's year-to-date production is $2.713 billion.
LaSalle Home Mortgage and its Minnesota based operation, ABN AMRO Mortgage, both consumer-direct mortgage lending operations, reported production totaling $177.982 million in October 2001. LaSalle's production for October represents a 6 percent increase over September 2001 totals and an increase of 79.8 percent from October 2000. The addition of October's fundings brings the division's year-to-date production to $1.93 billion.
Standard Federal Bank Retail Lending, servicing customers in Michigan, Ohio and Indiana, funded $565 million in October 2001. This represents an increase of 23 percent from September 2001, and a 148 percent increase above October 2000 totals, with 2001 year-to-date total in excess of $4.732 billion.
ABN AMRO Apartment Lending production totaled $152.39 million for October 2001, an increase of 66 percent from September 2001 and 147 percent more than production totals for the same period last year. Year-to-date, ABN AMRO Apartment Lending production totals $1.129 billion. 2001 marks the first year in its history that ABN AMRO Apartment Lending has exceeded $1 billion in production.
|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 2,600 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) 614.6 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 $90 billion in assets. Subsidiaries include LaSalle Bank in Chicago, and Standard Federal Bank in Michigan.
900 Victor's Way, Suite 180
Ann Arbor, Michigan 48108