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AMERICAN RESIDENTIAL EXPANDS INTO SOUTHEAST; COMPANY MOVES TO TAKE ADVANTAGE OF STRONG SOUTHERN ECONOMY

 LA JOLLA, Calif., Dec. 2 /PRNewswire/ -- American Residential Mortgage Corp., one of the country's leading residential lenders, has opened four regional offices in Orlando, Fla., Atlanta, Charlotte, N.C., and Memphis, Tenn. The expansion is designed to take advantage of the strong housing market in these regions. The offices will serve both the wholesale and retail markets.
 "The outlook on the housing market in the Southeast is very positive," said James Gilcrest, executive vice president, National Production, in making the announcement. "As the country recovers economically, we believe the Southeast mortgage market will grow faster than other areas of the country due to the combination of affordable interest rates and home appreciation. Buyers, especially people purchasing their first homes, are entering the market in record numbers."
 The branch openings are part of the company's ongoing strategy to expand into new geographic areas where home-buying trends are positive. The company now has over 80 branches nationwide. This larger branch system contributed to the company's record pipeline of $3.2 billion at the end of October 1993, up 72 percent from the same time last year.
 In Orlando, Timothy J. Larson, previously vice president of Mortgage Production with First Federal Savings La Crosse - Madison, has been named manager. Bill Reid, formerly vice president and wholesale lending manager with Diamond Mortgage Corp., will manage the Charlotte regional office. The regional office in Atlanta will be managed by Vice President Mike DiCarlo, formerly branch manager of American Residential, Warwick, R.I. Mary Currie, formerly with First National Mortgage Corp. of Tennessee, will manage the Memphis branch. All are experienced mortgage banking professionals and high-volume producers.
 American Residential Mortgage Corp., headquartered in San Diego, originated $7.2 billion in home loans and serviced a loan portfolio of $13.5 billion as of Oct. 31, 1993. American Residential Mortgage is a subsidiary of American Residential Holding Corp. (NASDAQ: AMRS).
 -0- 12/2/93
 /CONTACT: Kasey Emmel, media relations, 619-535-4310/
 (AMRS)


CO: American Residential Mortgage Corp. ST: California, Florida, Georgia, North Carolina, Tennessee IN: FIN SU: PER PDT

MF-LS -- SD001 -- 9688 12/02/93 10:00 EST
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Publication:PR Newswire
Date:Dec 2, 1993
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