American Mortgage Network Funds $742 Million in August.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 AMEX See: American Stock Exchange :INV INV abbr. in vitro fertilization ), reported that it funded $742 million in mortgages in August, compared to $623 million in July. New loan applications were $1.6 billion in August, compared to $1.4 billion for July. Average loan fundings per workday were $33.7 million in August compared to $29.7 million in July. Average daily new loan applications were $71.4 million in August compared to $65.6 million in July. "Daily loan funding volume rose in August driven primarily by a healthy purchase market and lower interest rates," said John M. Robbins, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "While there was a month-over-month decline in both existing and new homes sales, home purchases remain at high levels. Our goal going forward is to increase sales penetration and market share growth throughout our existing branching system. At the same time, we continue to focus on efficiencies so that loans are produced at a low cost." About American Mortgage Network Headquartered in San Diego, 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 www.amnetmortgageinc.com. Forward-Looking Statement 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 increasing sales penetration, market share growth and producing loans at a low cost. 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, AmNet's ability to recruit and retain qualified sales personnel and other risk factors outlined in the company's SEC reports. |
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