American Mortgage Network Funds $877 Million of Mortgages in March and $1.9 Billion in First Quarter; New Loan Applications Increase to $2.4 Billion.Business Editors SAN DIEGO--(BUSINESS WIRE)--April 2, 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 American Residential Investment Trust, Inc. (AMEX AMEX See: American Stock Exchange :INV INV abbr. in vitro fertilization ), reported that it funded $1.9 billion in home loans for the quarter ending March 31, 2004. In March, AmNet funded $877 million in mortgages, compared to $558 million in February, an increase of 57%. New loan applications in March were $2.4 billion, compared to $1.3 billion in February. Average loan fundings per workday were $38.1 million in March compared to $29.4 million in February. Average daily new loan applications were $104.0 million in March compared to $68.0 million in February. "AmNet's loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. volume increased significantly in March," said John M. Robbins, Chief Executive Officer. "Fueled by increased home price appreciation, a healthy housing market and low interest rates, national home sales remained very strong. The refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. share of mortgage activity also increased during March, indicating that more homeowners are taking advantage of continued low interest rates. Homeownership is becoming a reality for those segments of the market that previously may not have qualified." Robbins added, "AmNet's loan volume is set to rise during the second quarter as we enter the spring and summer seasons, two prime periods where home sales typically rise across the nation. We expect our market share to grow as some of our newer branches further mature and we offer a wider range of products -- some 80 choices -- to our broker customers. In addition, we are now active in key demographic areas where the housing market is robust, such as 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 and San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. . Our plan is to have 32 branches and 200 nationwide account executives by the end of 2004. Currently AmNet has 26 operating branches and 120 account executives." In February, AmNet announced that it had launched a subprime initiative as part of its strategy to grow market share. Entering the subprime market is a natural extension of the Company's "one-source" philosophy and is an excellent way to help balance the more cyclical nature of the prime lending business. The program is being piloted in four regional centers and is expected to rollout across the country in the summer of 2004. 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, New York, 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 approximately 5,000 approved 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 AmNet's loan volume increasing in the second quarter, expected market share growth, AmNet's planned increase to the number of branches and account executives by the end of 2004 and the timing of a nationwide subprime rollout. 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; the ability to recruit account executives; the availability of financing for the funding of mortgage loans; the Company's liquidity position; and other risk factors outlined in American Residential Investment Trust's SEC reports. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion