ABN AMRO's real estate loan fundings sink

ABN AMRO Mortgage Group today reported that its total residential mortgage production for October totaled $3.3 billion, with more than 22,500 loans funded.

That total is down 54 percent from the $7.2 billion the company funded in October 2003.

The company's year-to-date production through the end of October totaled $49.3 billion, a 59 percent drop from the $120 billion it funded during the same time last year.

"To achieve greater market share, AAMG will focus on delivering the highest quality service to its customers as well as expanding its product offerings, including a wide range of second mortgage products, and its customer base, including emerging markets segments," said Mike Maher, group senior vice president.

Maher also said the company also is committed to the aggressive marketing of its recently launched wholesale and retail adjustable-rate mortgage products.

ABN AMRO Mortgage Group is one of the largest loan originators and loan servicers in the country. It employs about 3,000 people throughout the United States.

ABN AMRO Bank is based in Netherlands and is one of the world's largest banks.

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