home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map

twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

Origination News | Lender Ranking | Fundings by Lender | Statistics
Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.

American Home Seeing More Alt-A, ARM Fundings

$5.3 billion 3rd quarter production

October 29, 2004

By MortgageDaily.com staff

A fallout in refinancing contributed to a significant downturn in American Home Mortgage's quarterly volume. But the company has hired additional originators to handle higher production projected during the remainder of the year.

Third quarter mortgage production was $5.3 billion -- down from $6.6 billion in the previous quarter and also from the $7.1 billion achieved a year ago, according to the company's latest earnings announcement.

The New York-based lender's chairman and chief executive, Michael Strauss, noted in the announcement that the company added 372 additional loan officers to its sales staff in the third quarter and that "these additions are expected to increase loan production during the fourth quarter." However, American Home previously announced it expected volume in the second half of this year to be below the level in the first half.

With the additions, the number of mortgage salespersons, which include call center representatives, but excludes sales assistants, totaled 1,738 as of Sept. 30. The "hiring and office openings resulted both from organic growth initiatives and the Company's purchase of loan production offices from Washington Mutual at the end of the second quarter of 2004," the report said.

Purchase originations represented 64% of the latest production, while refinancing dropped to 36% of production -- its lowest level since 2000 and down from 52% reported in the second quarter, according to American Home.

During the third quarter, the real estate investment trust experienced a material product shift toward adjustable-rate mortgage (ARM) loans and a shift toward Alternative-A loans. ARMs reportedly accounted for 56% of originations and 16% of production was Alt-A loans, compared to 49% and 10%, receptively, in the second quarter.

American Home says it favors ARM originations as it securitizes these, unlike fixed-rate originations, which it typically does not securitize and sells. It reportedly sold about $3 billion in non-securitized loans to third parties in the third quarter for a gain of $28.4 million.

Loans serviced, including warehouse loans, reached a principal balance of $13.6 billion at end of the third quarter, up $2 billion from the previous quarter.

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders