American Mortgage Network Funds $986 Million in April; New Loan Applications Stand at $2.2 Billion.SAN DIEGO San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. -- American Mortgage Network (AmNet), a wholesale nationwide mortgage bank 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. (Nasdaq:AMNT), reported that it funded $986 million of mortgage loans in April, 2005, compared to $1.2 billion in March. April had 21 working days as compared to 23 working days in March. AmNet's new loan applications in April were $2.2 billion, compared to $1.9 billion in March. Average loan fundings per workday were $47.0 million in April compared to $50.7 million in March. Average daily new loan applications were $103.6 million in April compared to $80.7 million in March. Alt-A loans accounted for 32.0% of total volume in April 2005 as compared to 9.1% in April of 2004. Collectively, typically higher margin products including Alt-A, subprime, home equity and second mortgage offerings totaled 39.5% of total fundings, compared to 10.9% of total fundings in April, 2004. John M. Robbins Rob·bins , Frederick Chapman 1916-2003. American microbiologist. He shared a 1954 Nobel Prize for work on the cultivation of the polio virus. , Chief Executive Officer, said, "We are now entering the traditional peak home buying season. Our broad array of loan products, coupled with exceptional service and a strong local presence, are key differentiators in this purchase market. New Account Executives have continued to help drive sales penetration and market share growth." 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. Through its correspondent channel, the Company purchases loans from small to mid-size mortgage banks, credit unions and community banks. AmNet has loan production offices in Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Kansas, Minnesota, Nevada, 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. , Ohio, 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 50 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. 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 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 higher margin loan products, the peak home buying season and Company differentiators. 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; the stability of the entire mortgage secondary 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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