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ABN AMRO November Production Falls

Year-to-date production at record level

December 27, 2002

By MortgageDaily.com staff


ABN AMRO Mortgage Group, Inc. announced November production figures, which pushed the lending company to its biggest year-to-date (YTD) ever but also included some decreases from October.

ABN AMRO reported originating almost $12.7 billion in loans for the month, bringing its YTD to a record $106.7 billion.

The November total is an almost 18.6% dip from October's nearly $15.6 billion in lending, but a 25% increase from last year at this time.

"Even with a robust production environment, performance has exceeded even the most optimistic expectations," said executive vice president William A. Newman.

ABN AMRO's wholesale lending arm broke its three-month record-breaking streak in November. InterFirst Wholesale Mortgage Lending's production totaled nearly $10.4 billion, an almost 20.4% decrease from October's record $13.0 billion. The wholesale company's YTD production totals $89.5 billion, a 47% increase from the same time last year.

ABN AMRO's retention and e-commerce lending operation also reported a decrease from October. The National Lending Center funded $878 million in loans in November, an almost 3.2% dip from the previous month's $907 million. However, its YTD production totals $6.4 billion, double from 2001's $3.2 billion.

During late morning trading, shares of ABN AMRO were down $0.17 at $15.57, according to CBSMarketwatch.com.



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