Industry News

ABN AMRO’s real estate loan production plunges

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ABN AMRO Mortgage Group's 2004 loan production totals plunged 57 percent from the previous year, the company reported Wednesday. The lender's total production for 2004 was $56.5 billion, compared to $131 billion in 2003. December 2004 production was down 36 percent from the previous month, at $3.7 billion compared to $5.8 million in December 2003. Only the company's Financial Institutions Group showed positive growth, pulling in $427 million in production for 2004, a 103 percent increase from 2003's $210 million in production. The group had $34 million in production in December 2004, compared to $23 million in December 2004, a 48 percent gain. Otherwise, the drop in production was across the company's business channels both yearly and monthly. InterFirst Wholesale Lending dropped 41 percent in December 2004 compared to December 2003, and 60 percent in 2004 compared to 2003. The National Lending Center was down 46 percent from the previous December and 54 percent compared to 2003. ...