American Home Mortgage Announces New Executive Appointments; Announces Continued Growth of Loan Production Franchise.Business Editors NEW YORK--(BUSINESS WIRE)--March 21, 2002 American Home For the American mortgage lender, see . The American Home is a center of intercultural exchange located in Vladimir, Russia. The home is designed to model a typical American suburban home and its main focus is the ESL school that provides lessons for Russian students. Mortgage Holdings, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AHMH AHMH American Home Mortgage Holdings, Inc. ), a leading online and offline retail mortgage banker Mortgage Banker A company, individual or institution that originates, sells and services mortgage loans. Notes: Don't confuse a mortgage banker with a mortgage broker. , today announced three additions to its senior management team. Stephen A. Hozie will assume the position of Chief Financial Officer. Mr. Hozie recently served as acting CFO See Chief Financial Officer. of Fleet Mortgage Corp. He has over fifteen years of financial management experience at mortgage companies and thrifts as well as four years experience in Public Accounting at Touche Ross. Michael Strauss, President of American Home Mortgage commented, "Steve is an important addition to our management team. His proven track record of providing financial management to larger mortgage businesses and financial institutions is a perfect fit for us, specifically given the growth in both our size and scale over the last year as a result of acquisitions." Mr. Hozie replaces Robert Burke Robert Burke may refer to:
American Home Mortgage is also pleased to announce the appointment of Wade Hotsenpiller to the position of Chief Compliance Officer and General Auditor. Mr. Hotsenpiller recently served as President of Dominion Bank of Virginia. He has over twenty years TWENTY YEARS. The lapse of twenty years raises a presumption of certain facts, and after such a time, the party against whom the presumption has been raised, will be required to prove a negative to establish his rights. 2. of thrift management experience as well as seven years of public accounting at Arthur Anderson Arthur Anderson may refer to:
Finally, American Home Mortgage is pleased to announce the appointment of Lisa Schreiber as Senior Vice President of Eastern Sales for the company's American Brokers Conduit wholesale unit. Ms. Schreiber recently was head of Southeastern Wholesale Sales for Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. . "I believe Lisa will be able to rapidly expand our originations in her area. Like Steve and Wade, she has a strong history of success," commented Mr. Strauss. Ms. Schreiber's position has been newly created. Commenting on the state of business at mid-month, Mr. Strauss continued, "As American Home Mortgage has indicated on previous releases and conference calls, future loan production can be estimated by current application flow. As interest rates rise, and the market changes, the Company has been focused on the reaction of daily application volume to the shifting market. During the first thirteen business days of March, daily application volume has averaged $46.08 million. This equates to an ongoing quarterly run rate of approximately $2.9 billion of raw applications which, based on typical and projected closing rates, would produce $1.8 billion of loan production per quarter." The Company announced that it continues to grow its loan production franchise. Most recently the Company established an Atlanta region consisting of a hub branch and three satellite offices. First year loan production from Atlanta is projected to exceed $200 million. In addition, the Company announced plans to open a branch in Phoenix, Arizona that is expected to produce $45 million during its first year of operation. The addition of Atlanta brings the total number of company locations to 72. About American Home Mortgage American Home Mortgage Holdings (Nasdaq "AHMH") is a leading independent retail originator of residential mortgage loans both online and offline. Its online operation, MortgageSelect.com is a leader in online closed loan volume, and has outperformed its online competitors in terms of profitability. Offline, the Company has grown organically and by acquisition and now has 72 community loan offices across the country. For additional information, please visit the Company's Website at www.mortgageselect.com. |
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