American Mortgage Network Funds $751 Million of Mortgages in May.Business Editors/Real Estate Writers SAN DIEGO--(BUSINESS WIRE)--June 4, 2004 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., (formerly American Residential Investment Trust, Inc.) (Amex(R):INV INV abbr. in vitro fertilization ), reported that it funded $751 million in home loans in May, compared to $1.1 billion in April. New loan applications in May were $1.2 billion, compared to $1.4 billion in April. Average loan fundings per workday were $37.6 million in May, compared to $52.2 million in April. Average daily new loan applications were $57.7 million in May, compared to $65.7 million in April. May had two less funding days than April. "As anticipated, AmNet's mortgage loan fundings declined in May due to rising interest rates and a decrease in refinancing demand," said John M. Robbins, Chief Executive Officer. "Our May new loan applications were comprised of more than 48% purchase transactions, compared to less than 30% in April. We continue to expand our menu of loan products, such as ARMs, interest only, seconds and subprime loans, to meet the needs of this new marketplace. Recent reports on the housing and mortgage industries continue to be bullish. Private residential construction set new records in March. An improving economy should support a robust housing market." Robbins added, "Our branch network is expanding and we have entered new markets, such as Kansas City Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). , Northern Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Southern Los Angeles, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden and Salt Lake City. Seasoned mortgage banking professionals have recently joined us to build these markets. Additionally, in May, we added 18 account executives representing a 16% month-over-month increase." 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, 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, 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., formerly American Residential Investment Trust, Inc., is the parent company of American Mortgage Network. For more information, please visit www.amnetmortgageinc.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 an improving economy and its support of the housing market. 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; home price appreciation nationally; the size of the residential mortgage market; and other risk factors outlined in the Company's SEC reports. |
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