American Mortgage Network Secures $250 Million of Loan Funding Facility From Countrywide Warehouse Lending.

Business Editors

SAN DIEGO--(BUSINESS WIRE)--Oct. 31, 2002

Capitalizes on Robust Market with Total Warehouse Capacity of $660

Million

American Mortgage Network (AmNet), a mortgage banking subsidiary of American Residential Investment Trust, Inc. (NYSE: INV), announced today that it has secured a $250 million mortgage loan funding facility from Countrywide Warehouse Lending. Countrywide Warehouse Lending, a subsidiary of Countrywide Home Loans, provides revolving lines of credit financing to mortgage banking companies. Along with commitments from other leading financial institutions, AmNet now has a total of $660 million in loan funding capacity.

"Building a relationship with Countrywide enhances our ability to benefit from a robust housing and mortgage market," said John M. Robbins, Jr., Chief Executive Officer of the Company and AmNet. "The additional loan funding capacity, coupled with a significant amount of loan sales to Countrywide, enhances our strategic partnership with a financially strong company. This facility will allow us to continue to increase production with the national broker community."

AmNet also announced that it has surpassed its goal of being licensed in 40 states by the end of 2002 and is now approved to do business in 43 states either by license or exemption.

Year-to-date, AmNet has funded $2.2 billion in mortgages, including $1.3 billion in the third quarter and $485 million in the month of September. AmNet began originating mortgages in November 2001 and currently operates wholesale origination centers in key metropolitan markets.

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 regional centers in Ontario, California; Sacramento, California; San Diego, California; New Haven, Connecticut; Denver, Colorado; Atlanta, Georgia; Minneapolis, Minnesota; and Portland, Oregon as well as satellite offices in Mission Viejo, California; Tampa, Florida; and Kirkland, Washington. For more information, please visit www.amnetmortgage.com.

About American Residential Investment Trust

American Residential Investment Trust, Inc. is a real estate investment trust (REIT) that has traditionally invested in subprime residential mortgage loans. The Company intends to terminate its status as a mortgage REIT in the first quarter of 2003. Prior to that time, the Company intends to move to another national equity market exchange. For more information, please visit www.amerreit.com.

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 ability to fund mortgages and anticipated production volumes. 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 availability of financing for the origination; acquisition or securitization of mortgage assets; 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 impact of leverage; the Company's liquidity position; and other risk factors outlined in American Residential Investment Trust's SEC reports.