American Mortgage Network, a wholesale mortgage bank serving mortgage brokers, reported that it funded $751 million in home loans in May, down from $1.1 billion in April.

Average loan fundings per workday were $37.6 million in May, compared with $52.2 million in April.

“As anticipated, AmNet’s mortgage loan fundings declined in May due to rising interest rates and a decrease in refinancing demand,” said CEO John Robbins. “Our May new loan applications were comprised of more than 48 percent purchase transactions, compared to less than 30 percent in April.”

San Diego-based AmNet is a wholly subsidiary of AmNet Mortgage Inc., formerly American Residential Investment Trust Inc.

AmNet originates loans for the national mortgage brokerage community through its network of branches and 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.

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