Industry News

Real estate loan production sinks at ABN AMRO

July fundings down 74%

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ABN AMRO Mortgage Group today reported that its total residential production for July was $4.1 billion, a drop of 74 percent from a year ago. In July 2003, the lender had $16 billion in total residential mortgage production. Year-to-date production (through the end of July) totaled $38.2 billion. That's a 58 percent drop for the same time frame in 2003 when the company had $90.3 billion in production totals. The lender's July figure represents more than 28,500 loans funded. "By the end of the year, AAMG will supplement its product offerings through its wholesale, retail and online loan origination channels to reflect the needs of emerging markets, including first-time home buyers," said Mike Maher, AAMG group SVP. "AAMG's various strategic initiatives, including product development, are indicative of its commitment to customer satisfaction and retention." *** Send tips or a Letter to the Editor to samantha@inman.com or call (510) 658-9252, ext. 140....