Printer Friendly

AMERICAN RESIDENTIAL MORTGAGE CORP. PURCHASES $500 MILLION IN GNMA SERVICING FROM RTC

AMERICAN RESIDENTIAL MORTGAGE CORP. PURCHASES $500 MILLION IN GNMA
 SERVICING FROM RTC
 Expands Servicing Operations
 LA JOLLA, Calif., Dec. 10 /PRNewswire/ -- American Residential Mortgage Corp. today announced the purchase of $500,000,000 in GNMA loan servicing contracts from the Resolution Trust Corp. John Robbins, president of American Residential, noted that this is the second in a series of purchases designed to expand the company's servicing portfolio. American Residential now services and subservices approximately $9 billion in mortgages. The company serviced approximately $2 billion of Dec. 31, 1990.
 American Residential, one of the nation's top five independent mortgage bankers, has been building its servicing portfolio by acquiring the servicing contracts of Imperial Savings, a large California savings and loan that is now under RTC receivership. The company was a wholly owned subsidiary of Imperial from 1983 to 1987.
 The company is in the process of completing the purchase with the RTC for an additional $800,000,000 in contracts which is expected to close by year-end bringing the total purchased in 1991 to $2.3 billion. A remaining $1.3 billion is expected to close in the first quarter of 1992.
 "In acquiring substantial portions of Imperial's servicing portfolio, American residential is rapidly expanding its revenue base," Robbins said. "The growth of the servicing and the addition of the subservicing unit represent a phrased acquisition strategy designed to add balance to the company's loan origination capabilities." American Residential is forecasting originations of $3 billion for 1991.
 Headquartered in La Jolla, the company operates 36 loan origination offices nationwide. Approximately 395 of its 950 employees work in San Diego County.
 -0- 12/10/91
 /CONTACT: Judith A. Field of American Residential Mortgage Corp., 619-535-4425. CO: American Residential Mortgage Corp. ST: California IN: FIN SU:


EH-SE -- SD001 -- 0864 12/10/91 09:03 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 10, 1991
Words:302
Previous Article:ALL AMERICAN COMMUNICATIONS INC. ANNOUNCES ASSET PURCHASE AGREEMENT WITH LBS COMMUNICATIONS INC.
Next Article:PACIFICARE HEALTH SYSTEMS, HEALTH PLAN OF AMERICA MERGER FINALIZED
Topics:


Related Articles
Boardroom view.
Match game.
AMERICAN RESIDENTIAL POSTS $914 MILLION IN SEPTEMBER LOAN ORIGINATIONS; YEAR-TO-DATE ORIGINATIONS EXCEED CALENDAR 1992 LEVEL
FEBRUARY 1994 LOAN ORIGINATIONS INCREASE 145 PERCENT OVER 1993 AT AMERICAN RESIDENTIAL
A decade of deals.
Guide to Tabular Presentation.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters