American Mortgage Network Funds $1.1 Billion of Mortgages In April.Business Editors SAN DIEGO--(BUSINESS WIRE)--May 5, 2004 American Mortgage Network (AmNet), a wholesale mortgage bank serving mortgage brokers nationwide and a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of American Residential Investment Trust, Inc. (Amex(R): INV INV abbr. in vitro fertilization ), reported that it funded $1.1 billion in home loans in April, compared to $877 million in mortgages in March, an increase of 31%. New loan applications in April were $1.4 billion, compared to $2.4 billion in March. Average loan fundings per workday were $52.2 million in April, compared to $38.1 million in March. Average daily new loan applications were $65.7 million in April, compared to $104.0 million in March. "AmNet's mortgage loan fundings surged in April," said John M. Robbins, Chief Executive Officer. "Low interest rates, coupled with the arrival of the spring home buying season, drove robust purchase and refinance activity. During April, 30-year fixed mortgage interest rates rose to just over 6%, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Mortgage Bankers Association (MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration ). New refinance applications declined from March levels, while purchases increased. We expect to see a strong purchase market as economic growth and an improving job market emerge. Both new and existing home sales Existing Home Sales An economic indicator of both the number and prices of existing single family houses, condos and co-op sales over a one-month period. Released monthly by the U.S. reached record levels in March." Robbins added, "While new loan applications slowed from March levels because of rising interest rates and a decline in refinancing demand, we believe that, in the second quarter, mortgage funding volume will surpass first quarter levels. Only nine of the 26 branches in our system are considered to be mature, having achieved critical milestones for market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" , efficiency and volume. As more of our branches reach maturity, we expect to see steady gains in market share. We are continuing to aggressively expand our branch network and hire experienced account executives for both new and existing branches. In April, we added 11 account executives representing a 10% month-over-month increase." About American Mortgage Network Headquartered in San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. , AmNet is a wholly owned subsidiary of American Residential Investment Trust, Inc. AmNet originates loans for the national mortgage broker community through its network of branches and business-to-business over the Internet. AmNet has loan production offices in Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Minnesota, New Jersey, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. , Oregon, Rhode Island Rhode Island, island, United States Rhode Island, island, 15 mi (24 km) long and 5 mi (8 km) wide, S R.I., at the entrance to Narragansett Bay. It is the largest island in the state, with steep cliffs and excellent beaches. , Texas, Virginia, and Washington. AmNet has a total of $1.4 billion in warehouse borrowing capacity and is approved to do business in 49 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). either by license or exemption. AmNet has approximately 5,000 approved broker customers across the nation. For more information, please visit www.amnetmortgage.com. About American Residential Investment Trust, Inc. American Residential Investment Trust, Inc., the parent company of American Mortgage Network, will change its corporate name to AmNet Mortgage, Inc. by May 2004. For more information, please visit www.amerreit.com. Forward-Looking Statements Certain matters discussed in this press release may constitute forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements regarding the strength of the purchase market, economic growth, improvements in the job market, AmNet's loan volume increasing in the second quarter, expected market share growth, and AmNet's plan to increase to the number of branches and account executives. Actual results and the timing of certain events could differ materially from those projected in or contemplated by these forward-looking statements due to a number of factors, including but not limited to: the level of interest rates generally; economic conditions generally; home purchase demand generally; home price appreciation nationally; the size of the residential mortgage market; the ability to recruit account executives; the availability of financing for the funding of mortgage loans; the Company's liquidity position; and other risk factors outlined in American Residential Investment Trust's SEC reports. |
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