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Production Surge Not Expected to Last at American Home

$6.6 billion 2nd quarter production

July 29, 2004

By MortgageDaily.com staff

While quarterly loan volume surged for American Home Mortgage Investment Corp., the company projects lower production in the remaining half of the year.

The Melville, N.Y.-based company announced second quarter loan originations of $6.6 billion -- a 50% jump from its production in the previous quarter. The total is also above the $6.2 billion in the second quarter last year.

Refinances accounted for 52% of the latest volume, while ARM production accounted for 49%, the report said.

American Home's outlook for the year is that "mortgage originations will fall throughout the second half with a consequent reduction in loan production income," according to the announcement.

The real estate investment trust reported its loan servicing portfolio, including warehouse, totaled $11.6 billion at the second quarter's end, increasing 30% over the last 12 months.

Loans securitized and held reportedly totaled $1.5 billion and loans sold to third parties amounted to $4.2 billion. The loan servicing portfolio for loans sold or securitized was reported at $10.2 billion.

The weighted average note rate on the portfolios was 5.39%, compared to 6.46% a year ago, the New York company said.

American Home announced Wednesday it will acquire certain home lending subsidiaries of Washington Mutual Inc. in August.

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