American Mortgage Network (AmNet), a wholesale mortgage bank serving mortgage brokers nationwide and a wholly owned subsidiary of American Residential Investment Trust, Inc., reported that it funded $436 million in mortgages in January, compared to $609 million in December 2003.
New monthly loan applications in January increased 31% to $1.2 billion, compared to $885 million in December 2003. Average loan fundings per workday decreased 21% to $21.8 million in January compared to $27.7 million in December 2003. Average daily new loan applications were $58.1 million in January compared to $40.2 million in December 2003, representing a 44% increase.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
Learn More
“The first quarter of the year is traditionally the slowest period for housing and mortgage banking activity,” said John M. Robbins, Chief Executive Officer in a press release. “While AmNet’s loan volume in January was moderately lower than expected, we anticipate that production will grow from this level. We are very excited about the rollout of our new subprime initiative. It is our goal to provide one source for all brokers’ needs — those in the prime lending arena as well as brokers or referral sources serving the non-prime markets.”
Robbins added, “AmNet’s overall loan volume estimates for 2004 are based on a strong purchase market, underpinning an expected total mortgage market of $2 trillion. Home sales and mortgage debt are expected to remain strong, home equity lending will continue to be brisk and real estate should be an attractive investment vehicle. During the year, we plan to open eleven loan production offices across the nation. Recently, AmNet’s operations in Florida expanded with two new loan production offices in Ft. Lauderdale and Orlando. We are originating and closing loans in New York. We have also entered the Salt Lake City market and we expect to begin operations in Kansas City in March.”
Headquartered in San Diego, California, AmNet originates loans for the national mortgage broker community through its network of branches and business-to-business over the Internet. AmNet has loan production offices in Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Minnesota, New Jersey, New York, North Carolina, Oregon, Rhode Island, Texas, Virginia, and Washington.
