Industry News

ABN AMRO production falls

January loan fundings plummet to $3.4 billion

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ABN AMRO Mortgage Group Inc., the nation's sixth-largest mortgage lender, today announced a dramatic decline in its production for the month ended Jan. 31, 2004, for all of its production divisions. AAMG reported total January production of $3.4 billion, with more than 19,800 loans funded, down 70 percent from the year-ago total of $11.4 billion. With January production totaling $2.7 billion, InterFirst Wholesale Mortgage Lending was by far AAMG's top-producing division for the month, although that division's production fell 71 percent from last January's $9.2 billion. AAMG's National Lending Center division reported $382 million in January production, a decline of 56 percent from $871 million a year earlier. The Standard Federal Bank and LaSalle Bank Loan division took an 81 percent hit last month, with production falling to $196 million from $1 billion a year earlier. The LaSalle Home Mortgage and ABN AMRO Mortgage origination businesses reported January production at $63 mil...