American Mortgage Network Plans to Open Four Offices Nationwide; Appoints New Production Executives in the Eastern and Western United States.

Business Editors

DEL MAR, Calif.--(BUSINESS WIRE)--Oct. 31, 2001

American Mortgage Network (AmNet), a newly formed, taxable REIT subsidiary of American Residential Investment Trust, Inc. (NYSE: INV), announced today that it will open regional offices in California, Connecticut and Oregon to begin broker originations. The Company has also appointed David Striplin to lead its loan origination business in the Western United States and Dennis Walls to head up originations in the Eastern United States.

American Mortgage Network plans to open four regional wholesale centers by January 2002. These centers will be located in Roseville (Sacramento), California; Shelton (New Haven), Connecticut; Atlanta, Georgia; and Lake Oswego (Portland), Oregon. Another eight regional centers are planned to open by the end of 2002. AmNet's closed loan volume goals are $500 million per month by the end of 2002 and $1 billion per month by the end of 2003 with profitability expected by the end of 2002.

David Striplin, Senior Vice President and Western Divisional Production Manager, has more than thirteen years experience in the industry. Previously, Mr. Striplin was Western Regional Wholesale Vice President at Fleet Mortgage. He has also worked for Plaza Home Mortgage as a Branch Manager and Wholesale Account Executive. Mr. Striplin is a graduate of California State University at Chico, California.

Dennis Walls, Senior Vice President and Eastern Divisional Production Manager, has more than nineteen years experience in wholesale and retail mortgage lending. Most recently, Mr. Walls was Vice President/Area Manager, Northeastern United States at Homecomings Financial Network (GMAC Mortgage). He has held production management positions for CTX Mortgage Company, Chase Manhattan Bank and American Residential Mortgage Corporation. Mr. Walls is a graduate of Housatonic College in Bridgeport, Connecticut.

John M. Robbins, Jr., Chief Executive Officer of American Residential Investment Trust, commented, "The Company's plan is solid with very definable metrics. American Mortgage Network is being built on the collective mortgage banking experience of our executive team and the industry relationships we have formed over several decades. David and Dennis have proven track records of creating profitable, high-volume regional offices and a loyal base of employees."

"I am excited about joining an entrepreneurial company that holds such great potential," said David Striplin. "The timing to market couldn't be better. With the lowest interest rates in nine years, the industry is experiencing record levels of origination (according to the Mortgage Bankers' Association). Most lenders are beyond sustainable capacity levels. Clearly, there is room for qualified wholesale originators like us."

Dennis Walls added, "Our focus is built around servicing the brokers' needs quickly and efficiently. AmNet offers a unique combination of a broad product menu and Internet-enabled software. Because we are not retaining the servicing rights on the loans, we can find the best price in the market for any major residential mortgage product."

About American Mortgage Network

Headquartered in Del Mar, California, American Mortgage Network is a taxable REIT subsidiary of American Residential Investment Trust, Inc., a real estate investment trust (REIT). AmNet will originate loans for the national mortgage broker community through its network of branch offices and over the Internet.

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 Company's plans to open regional offices, projected loan volumes and timing of profitability and ability to find the best market price for mortgage products. 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: lack of Company experience in opening regional offices and generating mortgage loans; general economic conditions; mortgage loan prepayment rates; credit losses; overall interest rates; the shape of the yield curve; the availability of suitable mortgage assets; the availability of financing for the origination, acquisition or securitization of mortgage assets; the impact of leverage; the Company's liquidity position and other risk factors outlined in American Residential Investment Trust's SEC reports.