ABN AMRO Mortgage Group Inc.’s said it ended the quarter with a big jump in month-to-month production. The company also expects to maintain healthy levels of fundings during the coming months due to the new home buying season.
The group noted its volume “increased markedly” in each successive month during the first quarter.
“Spring marks the start of the home-buying season, therefore [ABN AMRO’s] purchase money mortgage production is poised to remain at increased levels during the coming months,” said the group’s senior vice president Mike Maher in a written statement. However, he said that due to the recent increase in mortgage rates “it is very likely that year-over-year mortgage origination volumes will remain well behind during the remainder of 2004.”
The latest production consisted of more than 35,000 loans funded, ABN AMRO said.
The group reported $4.5 billion in March production at its top origination channel — InterFirst Wholesale Mortgage Lending.