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AMERICAN RESIDENTIAL MORTGAGE CORP. ADDS NEW LOAN DIVISION

 LA JOLLA, Calif., Nov. 23 ~PRNewswire~ -- American Residential Mortgage Corp., one of the nation's leading residential lenders, has formed a National Accounts Division to buy closed loans from financial institutions. The new division, headed by Frank Martorano, a vice president with the company, intends to purchase mortgages from other mortgage bankers, savings & loans, commercial banks and credit unions across the country. The company also plans to expand correspondent purchase activity in its nationwide branching system.
 "Closed or correspondent loans represent an exciting growth opportunity for American Residential," John Robbins, president, said. "We have a strong servicing capability in place that currently manages in excess of $9.5 billion, and we can easily accommodate growth."
 He also pointed out that new government regulations are spurring widespread sales of loan portfolios by smaller financial institutions. "New laws mandating higher loan-reserve ratios for banks and savings and loans are making it practical for them to earn fees through origination, and then sell the loans to reliable servicers," Robbins said. "This change in the market dovetails with our own plans for growth, which focus on the acquisition of quality loan-servicing contracts."
 Robbins said that correspondent loans now comprise 2 percent of the company's annual origination volume. Retail loans account for 53 percent and loans referred to the company from mortgage brokers (wholesale), 45 percent. "Increased purchased loan activity should accelerate market share growth for the company without adding substantial committed overhead," he said.
 Martorano is also responsible for developing builder takeout business for American Residential. An experienced mortgage banker, he has been with the company for seven years.
 American Residential Mortgage Corp., headquartered in La Jolla, operates 49 offices nationwide. The company originated $3.7 billion in home loans for the first nine months of the year, and serviced and subserviced $9.5 billion in residential loans as of Sept. 30, 1992. American Residential Mortgage is a subsidiary of American Residential Holding Corp. (NASDAQ: AMRS).
 -0- 11~23~92
 ~CONTACT: Frank Martorano, VP, 619-535-4311, or Kasey Emmel, 619-535-4310, both of American Residential Mortgage~
 (AMRS)


CO: American Residential Mortgage Corp.; American Residential
 Holding Corp. ST: California IN: FIN SU:


BP-EH -- SD001 -- 0637 11~23~92 14:33 EST
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Publication:PR Newswire
Date:Nov 23, 1992
Words:363
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