AMERICAN RESIDENTIAL MORTGAGE CORP.
LA JOLLA, Calif., May 6 /PRNewswire/ -- American Residential Mortgage Corp., one of the country's leading mortgage bankers, will be adding $1-2 billion to its servicing portfolio over the next 12 months through the purchase of the servicing rights to Fannie Mae and Freddie Mac loans. The seller of the contracts is not being disclosed. "This acquisition is particularly important because of the geographic dispersion of the loans," said John Robbins, chairman and chief executive officer of the company, in announcing the purchase. "They significantly advance our goal of creating a balanced portfolio. "These high-quality residential loans will be an excellent complement to our existing portfolio and will be integrated into our present operation with no additions to our loan servicing staff," Robbins noted. "We'll continue to look for opportunities to increase both the size and productivity of our servicing portfolio because of the importance of this core business in generating recurring revenues." American Residential Mortgage Corp., headquartered in La Jolla, has 54 branches throughout the United States. The company originated $5.5 billion in home loans in 1992 and serviced a loan portfolio of $9.7 billion at Dec. 31, 1992. American Residential Mortgage is a subsidiary of American Residential Holding Corp. (NASDAQ: AMRS). -0- 5/6/93 /CONTACT: Judith A. Berry, CFO, 619-535-4425, or Clay Strittmatter, investor relations, 619-535-4433, or Kasey Emmel, media relations, 619-535-4310, all of American Residential Mortgage/ (AMRS)
CO: American Residential Mortgage Corp. ST: California IN: FIN SU:
MS-EH -- SD004 -- 5487 05/06/93 13:05 EDT
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|Date:||May 6, 1993|
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