Industry News

ABN AMRO real estate loan production slows

August fundings down 68% from a year ago

ABN AMRO Mortgage Group, one of the nation's top mortgage lenders, today reported that its total residential production for August was $4.1 billion, down 68 percent from a year ago but unchanged from the previous month. In August 2003, the lender had $13 billion in total residential mortgage production. AAMG's year-to-date production (Jan. 1 through Aug. 31, 2004) totaled $42.4 billion, down 59 percent from the same period last year when the company had $103 billion in production totals. AAMG reported more than 28,500 loans funded last month. "Contrary to previous months when overall production declined month-to-month, AAMG's production from June through August was stable," said Mike Maher, group senior vice president, ABN AMRO Mortgage Group. "In recent weeks, however, new applications for mortgage loans have risen, spurred by lower interest rates and increased refinance activity." *** What's your opinion? Send your Letter to the Editor to [email protected]...

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