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REIT's Production Off

$13.2 billion 4th quarter production at American Home

April 27, 2006

By MortgageDaily.com staff

Quarterly production nudged down at American Home Mortgage Investment Corp., but its pipeline of loans suggests an increase may ensue.

First quarter volume of $13.2 billion slipped $0.4 billion from the fourth quarter, although it was a whopping $5.9 billion higher than in the comparable period a year earlier, according to the real estate investment trust's earnings announcement Wednesday.

However, American Home said its market share increased to a record 2.55% from the previous quarter's 2.02%.

Refinanced loans and adjustable-rate mortgages each represented half of the first quarter's originations, the Melville, N.Y.-based company said.

The reported $11.8 billion pipeline of applications was 28 percent higher than it was at the fourth quarter's end.

The size of the servicing portfolio grew to $34.8 billion for the period ending March 31, 2006.

The REIT announced net earnings of $54.5 million jumped from the prior quarter's $16.7 million.

American Home noted its "first quarter gain on sale margin from loans sold to third parties returned to a more typical rate of 1.27%, resulting in revenue from loans sold to third parties of $171.9 million," compared to 96% and $105.4 million, respectively, in the fourth quarter.

Also during the first quarter, the company completed its acquisition of Waterfield Financial in the latest period and gained a closed loan inventory of $559 million in residential mortgage loans.

Nearly 2,700 loan officers and account executives were employed at American Home at quarter's end, about 300 more people than 90 days prior, according to the announcement.

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