American Mortgage Network Funds $695 Million of Mortgages in October.Business Editors SAN DIEGO--(BUSINESS WIRE)--Nov. 6, 2003 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 $695 million in home mortgages in October, compared to $668 million in September. Year-to-date, AmNet has funded $9 billion in home mortgages and expects to fund approximately $10.5 billion in 2003. New loan applications were essentially unchanged in October at $1.3 billion, compared to $1.3 billion in September. Average loan fundings per workday remained relatively flat with $31.6 million in October compared to $31.8 million in September. Average daily new loan applications were $57.7 million in October, a 10% decrease from September. "We've begun the transition to a more normal market environment and our purchase business has increased," said John M. Robbins, Chief Executive Officer. "During the month, interest rates remained low 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. set a third consecutive monthly record, according to 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. (R). Since the Federal Reserve has shown no signs of changing its monetary policy due to recent accelerated economic growth, experts are indicating that both existing and new home sales New Home Sales An economic indicator that measures sales of newly built homes. Released by the U.S. Department of Commerce's Census Bureau, it includes both quantity and price statistics. will remain strong through 2004 and into 2005." Robbins added, "Our loan production office in Dallas is set to open in Mid-November. The 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 regional center is scheduled to begin operations in late December. We have just hired managers for loan production offices in Orlando and Palm Beach, Florida Palm Beach is an incorporated town in Palm Beach County, Florida. The Intracoastal Waterway separates it from the neighboring cities of West Palm Beach and Lake Worth. As of 2000, Palm Beach had a year-round population of 10,468, with an estimated seasonal population of 30,000. . Given our strategic positioning as a partner to mortgage brokers, our market share growth opportunities are significant. Seasoned mortgage banking professionals continue to join our Company." 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; 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 47 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 close to 4,000 broker customers across the nation. For more information, please visit www.amnetmortgage.com. About American Residential Investment Trust American Residential Investment Trust, Inc. is the parent company of American Mortgage Network. 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 indications that existing and new home sales will remain strong in 2004 and 2005, the timing of branch office openings in Dallas and New York and market share growth opportunities. 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; the size of the residential mortgage market; uncertainty as to the percentage of the pipeline that will result in mortgage loan fundings; the ability to recruit account executives; the ability to recruit other key personnel necessary to establish new branches; the availability of financing for the funding of mortgage loans; the Company's liquidity position; and other risk factors outlined in American Residential's SEC reports. |
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