American Mortgage Network Funds $598 Million of Mortgage Loans in January.Business Editors SAN DIEGO--(BUSINESS WIRE)--Feb. 18, 2003 American Mortgage Network (AmNet), 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 had funded $598 million of home mortgage loans in January 2003, compared to $68 million in January 2002. AmNet funded a total of $4.2 billion in mortgages in 2002. Average loan fundings per workday declined from $32.4 million in December to $28.5 million in January. New loan applications for the month of January were $1.2 billion, an 8% increase over December 2002. "The mortgage industry normally experiences a seasonal drop-off in loan production between December and January, but, this year, the drop-off was not as pronounced due to continued refinance demand and a strong housing market. AmNet's January key operating metrics, such as loan fundings, average loan fundings per day, and new loan applications are on target and align well with 2003 goals," said Chief Executive Officer John M. Robbins, Jr. "Despite the winter months usually being the slowest in terms of home purchases, the mortgage market has remained strong. Home ownership rates are high, as Americans continue to build equity in their homes as a primary investment strategy." Recently, AmNet announced the opening of its regional center in Providence, Rhode Island  “Providence” redirects here. For other uses, see Providence (disambiguation). Providence is the capital and the most populous city of the U.S. . 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 mortgages for the national mortgage broker community through its network of regional centers and over the Internet. AmNet has regional centers in Mission Viejo, California “Mission Viejo” redirects here. For other uses, see Mission Viejo (disambiguation). Mission Viejo (anglicized pronunciation IPA: /ˈmɪʃənviːˈeɪhoʊ/ ; Ontario, California Ontario is a city located in San Bernardino County, California, United States. As of the 2000 Census, the city had a total population of 170,373. It is the home of LA/Ontario International Airport and the huge Ontario Mills shopping mall (the largest in Southern California and one ; Sacramento, California “Sacramento” redirects here. For other uses, see Sacramento (disambiguation). Sacramento is the capital of the State of California and the county seat of Sacramento County. ; San Diego, California; New Haven, Connecticut; Denver, Colorado; Atlanta, Georgia; Minneapolis, Minnesota; Cherry Hill, New Jersey; Portland, Oregon; and Providence, Rhode Island as well as offices in 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 REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) that has traditionally invested in subprime residential mortgage assets. American Residential is now in the process of terminating its status as a mortgage REIT Mortgage REIT An REIT that invests in loans secured by real estate which derive income from mortgage interest and fees. mortgage REIT . 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 the anticipated timing of terminating American Residential's status as a REIT. 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 effects of terminating the Company's REIT status and other risk factors outlined in American Residential Investment Trust's SEC reports. |
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