Monthly production eased at American Mortgage Network, and its pipeline does not indicate an increase in the year's final month is likely.
AmNet's November volume of $1.2 billion was off 20% from the previous month but was 39% better than a year ago, the San Diego, Calif.-based company announced Tuesday.
Alt-A loans represented 41% of the latest fundings, according to the announcement. Total Alt-A, subprime, home equity and second mortgage offerings were 51% of the volume.
The AmNet Mortgage Inc. subsidiary reported its $2.2 billion pipeline in November was unchanged from October.
AmNet Mortgage will be bought by Wachovia Corp. in a deal valued at $83 million and will operate as a subsidiary of Wachovia Bank, the company noted.