ABN AMRO reported another drop in monthly production.
June production was $4.7 billion, ABN AMRO Mortgage Group Inc. announced, tumbling (again) from the prior month’s $5.9 billion. A year ago, monthly production was $14.8 billion, the Dutch-banking subsidiary reported.
ABN AMRO’s second quarter fundings of $19.4 billion were up from the first quarter, when the company announced production of $13.3 billion.
Referring to the decline as a retreat from “frenzied production levels of the recent past,” an ABN AMRO executive said in the statement that the lender is “aggressively pursuing customer and partner relationship management strategies that strengthen its core business units and business practices.”
The Michigan-headquartered company said June’s production was derived from more than 32,000 units.
The InterFirst Wholesale Lending unit produced 68% of the fundings, according to the announcement.