American Mortgage Network Funds $2.6 Billion in Second Quarter; June Mortgage Fundings Are $669 Million.SAN DIEGO -- 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 AmNet Mortgage, Inc. (Amex:INV INV abbr. in vitro fertilization ), reported that it funded $2.6 billion in home loans for the quarter ending June 30, 2004, compared to $1.9 billion in home loans for the first quarter of 2004. In June, AmNet funded $669 million in mortgages, compared to $751 million in May. New loan applications were $1.2 billion for June and May. Average loan fundings per workday were $30.4 million in June compared to $37.6 million in May. Average daily new loan applications were $56.4 million in June compared to $57.7 million in May. "As anticipated, loan volume declined in June due primarily to the significant increase in interest rates that began in April 2004 and a decline in refinancing activity," said John M. Robbins, Chief Executive Officer. "Even with rising rates, however, new loan applications were $1.2 billion, the same as in May. The housing market remains strong. The National Association of Realtors The National Association of Realtors (NAR) is made up of residential and commercial realtors who are brokers, salespeople, property managers, appraisers, and counselors, and others working in the real estate industry. is projecting that 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. will hit a record 6.17 million units in 2004, topping 2003's record showing." Robbins added, "The AmNet management team has managed successfully through this type of rising rate environment before. We have implemented strong cost control measures to insure that we remain as efficient as possible. Our goal is to continually increase productivity within our branch network and at corporate headquarters while delivering the products, services and technology demanded by our broker customers. Our loan mix is changing with more customers than ever selecting ARMs, Alt A and jumbo products. During the second quarter, the number of commissioned account executives grew to 126, compared with 108 at the end of the first quarter." 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 AmNet Mortgage, 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, Kansas, 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, Utah, 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 5,000 approved broker customers across the nation. For more information, please visit www.amnetmortgage.com. About AmNet Mortgage, Inc. AmNet Mortgage Inc. is the parent company of American Mortgage Network. For more information, please visit amnetmortgageinc.com. Forward-Looking Statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 housing market, the expectation that existing home sales will surpass previous records and the efficiency and productivity of the Company's branch network. 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; the size of the residential mortgage market; and other risk factors outlined in the Company's SEC reports. |
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