American Mortgage Network Opens Regional Center in Phoenix, Arizona; Led by Jerald Hassler and Jeanne Trimmer, Mortgage Industry Veterans.

Business Editors/Real Estate Writers

SAN DIEGO--(BUSINESS WIRE)--Aug. 26, 2003

American Mortgage Network (AmNet), a mortgage bank serving the national mortgage broker channel and a wholly owned subsidiary of American Residential Investment Trust, Inc. (Amex(R): INV), announced today that it has opened a new regional center in Phoenix, Arizona, to serve mortgage brokers throughout Arizona. The new center will be led by Jerald Hassler and Jeanne Trimmer, mortgage banking industry veterans.

The Phoenix center expects to employ an operations staff of eighteen professionals, including four experienced Account Executives and five underwriters. The center is located at 3200 East Camelback Road, Suite 199, Phoenix, Arizona 85018. The telephone number is 602-553-8880 and the fax number is 602-553-8881.

With thirty years of mortgage banking and financial services experience, Jerry Hassler has been appointed Vice President, Regional Manager for the Phoenix regional center. Before joining AmNet, Mr. Hassler was Vice President, Branch Manager for New America Financial. He has worked for a number of other companies, including CTX Mortgage Company, Guild Mortgage Company, Weyerhaeuser Mortgage Company, Ann Arbor Development Corporation, Pool Mortgage Company and First Tier Mortgage Company. Mr. Hassler has a BS degree in Finance from the University of Nebraska. He can be contacted at [e-mail].

Commenting on the opening of the new office, John M. Robbins, Chief Executive Officer of AmNet, said, "In 2002, a record number of homes were bought and built in Arizona. Local housing analysts predict a jump over last year's record. According to the National Realtors Association, existing home prices have climbed 6.4 percent during the past year. Having a loan production office in Arizona is part of our expansion strategy to establish a presence in key geographic areas (the top Metropolitan Statistical Areas) that have both strong housing demographics and the potential for continued growth. In this way, we plan to increase our market share even as the mortgage market returns to a purchase environment."

Mr. Hassler added, "This is the ideal time to open a regional center in Arizona. The state is attracting buyers from other states due to relatively inexpensive prices compared to the rest of the West. The Arizona Real Estate Center at Arizona State University shows that the local market is more segmented, relying on a variety of consumers, including single women and real estate investors. Our team of mortgage banking professionals has strong relationships with the local mortgage broker community and is working closely with them to provide the right home loans for these new market segments."

Jeanne Trimmer has been appointed Assistant Vice President, Operations. She has more than twenty years of industry experience. Before joining AmNet, Ms. Trimmer was Vice President of National Operations for Ryland Home Mortgage where she was responsible for mortgage operations for twenty-one markets in fifteen states. Prior to that, she held various management positions with State Savings Bank and Metropolitan Financial. Ms. Trimmer has a FHA Direct Endorsement and VA Automatic and LAPP designations. She is also a member of the FHA/VA liaison committee for the State of Arizona. She can be contacted at [e-mail].

Year-to-date, AmNet has funded $6.7 billion in home mortgages and expects to fund $11-$12 billion in 2003. AmNet has a total of $1.3 billion in warehouse borrowing capacity and is approved to do business in 47 states either by license or exemption.

About American Mortgage Network

Headquartered in San Diego, California, American Mortgage Network is a wholly owned subsidiary of American Residential Investment Trust, Inc. AmNet originates loans for the national mortgage broker community through its network of regional centers and over the Internet. AmNet has loan production offices in Phoenix, Arizona; Orange County, Ontario, Sacramento, San Diego, California; Denver, Colorado; New Haven, Connecticut; Atlanta, Georgia; Chicago, Illinois; Minneapolis, Minnesota; Cherry Hill, New Jersey; Charlotte, North Carolina; Portland, Oregon; Providence, Rhode Island; Richmond, Virginia; Tampa, Florida; and Bellevue, Washington. 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. The Company trades on the American Stock Exchange (Amex(R): INV). For more information, please visit www.amerreit.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 the expected size of the branch operations staff, AmNet's plans to increase market share in a purchase environment and AmNet's expected home mortgage fundings in 2003. 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; interest rate volatility; 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.