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Record American Home Activity

$15.3 billion 3rd quarter production

October 26, 2006

By MortgageDaily.com staff

Fundings increased to a new record at American Home Mortgage Investment Corp.

Third quarter originations of $15.3 billion edged up about $0.4 billion from the previous record set in the second quarter, according to the company's earnings announcement today. A year ago, volume was $13.7 billion.

Production has reportedly increased each quarter this year.

Of the latest quarter's originations, 54 percent were refinance transactions and 53 percent were adjustable-rate mortgages, the Melville, N.Y.-based lender reported.

American Home said its $12.3 billion application pipeline at quarter end was $0.2 billion higher than as of June 30.

The servicing portfolio ended the quarter at $43 billion and had a weighted average note rate of 6.77 percent, according to the announcement.

As of Sept. 30, the lender employed approximately 2,640 loan officers and account executives, 28 more than at the end of the second quarter. The staff number includes call center representatives, but excludes sales assistants, the announcement said.

Third quarter earnings of $72 million for American Home, which recently completed its purchase of Flower Bank, reportedly jumped about $19 billion from the previous quarter.

Despite a "difficult" mortgage market environment, American Home said it was able to reach record portfolio net interest income, record loan production, record servicing and ancillary fee income, lower expenses in loan production business, as well as defy losses it had experienced in its mortgage-backed securities portfolio in several of the previous quarters by posting a net portfolio gain of $3.4 million.

Based on third quarter results and its outlook for this quarter, including that net interest margins and expenses as a percentage of loan production will remain constant, the company reaffirmed its 2006 earnings guidance of $4.85 to $5.15 per share, as well as its guidance for annual loan originations of $55 billion to $60 billion, according to the announcement.

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