American Mortgage Network Funds $575 Million of Home Loans in November; Average Daily Fundings Increased From October.

Business Editors & Real Estate Writers

SAN DIEGO--(BUSINESS WIRE)--Dec. 11, 2002

American Mortgage Network (AmNet), a wholly owned subsidiary of American Residential Investment Trust, Inc. (NYSE: INV), reported that it had funded $575 million of home mortgage loans in November. Average loan fundings per work day increased from $29.9 million in October to $30.3 million in November. For the first eleven months of 2002, AmNet funded $3.5 billion of mortgage loans. AmNet has $710 million in warehouse credit capacity.

"Production levels are expected to be $500 to $600 million per month through the beginning of 2003, helping ensure that loan volume, infrastructure and available capital are optimally aligned," said Chairman and Chief Executive Officer John M. Robbins, Jr. "One of our key differentiators in the marketplace is service, often defined by our responsiveness and quick underwriting turnaround time for our broker customers. This becomes critical during periods of record origination and refinancing activity. As we recently announced, our headquarters expansion is part of AmNet's strategy to expand the business in a carefully orchestrated fashion."

The mortgage subsidiary began operations in November 2001 to serve the wholesale lending channel. AmNet is currently approved to do business in 44 states either by license or exemption.

About American Mortgage Network

Headquartered in San Diego, California, American Mortgage Network is a wholly owned subsidiary of American Residential Investment Trust, Inc. AmNet originates mortgage loans for the national mortgage broker community through its network of regional centers and over the Internet. AmNet has regional centers in Ontario, California; Sacramento, California; San Diego, California; New Haven, Connecticut; Denver, Colorado; Atlanta, Georgia; Minneapolis, Minnesota; Cherry Hill, New Jersey; and Portland, Oregon as well as satellite offices in Mission Viejo, California; Tampa, Florida; and Kirkland, Washington. For more information, please visit www.amnetmortgage.com.

About American Residential Investment Trust

American Residential Investment Trust, Inc. is a real estate investment trust (REIT) that has traditionally invested in subprime residential mortgage assets. The Company intends to terminate its status as a mortgage REIT in the first quarter of 2003. Prior to that time, the Company intends to move to another national equity market exchange. For more information, please visit www.amerreit.com.

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 expected monthly loan fundings, the timing of terminating the Company's status as a REIT and plans to move to another national stock exchange. 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: interest rate volatility and the level of interest rates generally; general economic conditions; the availability of suitable mortgage assets; the availability of financing for the origination of mortgage loans; the Company's liquidity position; the effects of terminating the Company's REIT status; the ability of the Company to qualify for listing on another exchange; and other risk factors outlined in American Residential Investment Trust's SEC reports.