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ABN AMRO Mortgage Group Record-Breaking 2002 Production Totals Over $119 Billion; Jumps 44 Percent from 2001 January 23, 2002 - Ann Arbor, Mich. - ABN AMRO Mortgage Group, Inc. (AAMG), the nation's fifth largest lender, reported its 2002 production totaled a record-breaking $119 billion. This represents a 44 percent increase, or $36 billion, from 2001's total. AAMG fourth quarter production totaled $40.95 billion. "Innovative and industry-leading products and services as well as a strong refinance market contributed to AAMG's tremendous production gains this past year," said William A. Newman, executive vice president and chief administrative officer. "AAMG's OneFeeSM offering generated significant consumer interest, driving its consumer-lending divisions to unprecedented production gains. However, as in any successful endeavor, it is actually the people that make the difference, and AAMG is certainly a shining example of that principle." "AAMG's National Lending Center, including its mortgage.com lending portal, closed 2002 with production at $7.4 billion, making this unit the fastest growing channel for AAMG," Newman added. " Since OneFee was introduced through mortgage.com, production through the site has increased more than 7000 percent. mortgage.com has become a very significant source of business for AAMG." "InterFirst Wholesale Mortgage Lending, with production totaling $99.5 billion, was AAMG's top producing division in 2002. InterFirst's record-breaking 2002 serves to affirm the strength of mortgage brokers as well as AAMG's ongoing commitment to the wholesale lending channel," Newman continued. "Additionally, in 2002, InterFirst launched interfirstlink.com, a free, Internet-powered product that enables financial institutions to offer mortgage loans to customers with minimal overhead." "At AAMG, the strategy in 2003 is to continue to focus on unique value propositions for both consumers and business partners," Newman explained. "AAMG will continue to pursue technological innovations, such as interfirstlink.com and voice recognition-powered customer service. However, the plan is not to succeed through technology alone. Deploying advanced technologies gives AAMG the ability to enhance the 'human touch' elements of its various businesses and further leverage the tremendous talents of its work force." "In 2003, particular emphasis will be given to AAMG's new OneFee Services (OFS) division, charged with supporting OneFee's viability through the management of vendor services," Newman added. "OFS is yet another step in AAMG's mission to improve the lending process for both business partners and consumers." InterFirst Wholesale Mortgage Lending reported 2002 production of $99.5 billion, with 623,045 units funded. This figure represents a 45 percent increase over 2001 totals. InterFirst reported fourth quarter 2002 production of $ 33.4 billion. AAMG National Lending Center, a retention and e-commerce lending operation, reported 2002 production totaling $7.4 billion, with 48,222 units funded. AAMG National Lender Center's 2002 production topped 2001's total by 90 percent, or $3.5 billion. AAMG National Lending Center's fourth quarter production totaled $ 2.8 billion. LaSalle Home Mortgage and its Minnesota based operation, ABN AMRO Mortgage, both consumer-direct mortgage lending operations, reported 2002 production totaling $2.5 billion, with 14,402 units funded. This total represents an increase of 5 percent from 2001 year-end figures. LaSalle Home Mortgage and ABN AMRO Mortgage reported fourth quarter production of $883 million. Standard Federal Bank Retail Lending, servicing customers in Michigan, Ohio and Indiana, reported 2002 production of $8.3 billion, with 60,278 units funded. Standard Federal's 2002 production represents an increase of 28 percent from 2001 totals. Standard Federal's fourth quarter production totaled $3.5 billion. ABN AMRO Apartment Lending (AAAL) reported production in 2002 totaling $1.8 billion, with 2,118 units funded. This represented an increase of 26 percent from 2001 totals. For the fourth quarter, AAAL reported production of $402 million. The final December 2002 funding information for ABN AMRO Mortgage Group, Inc. is as follows: . InterFirst Wholesale Mortgage Lending production totaled $9.99 billion, a 28 percent increase from December 2001 totals. . AAMG National Lending Center funded $1 billion, up 43 percent from December 2001. . LaSalle Home Mortgage and ABN AMRO Mortgage funded $303 million, an increase of 21 percent from December 2001. . Standard Federal Bank Retail Lending reported production totaling $1.25 billion, an increase of 49 percent from December 2001. . ABN AMRO Apartment Lending production totaled $159 million, an increase of 21 percent from December 2001. About ABN AMRO Mortgage Group, Inc. ABN AMRO Mortgage Group is the fifth largest loan originator and seventh largest loan servicer in the United States. ABN AMRO Mortgage Group produces mortgage loans and provides related services through its various divisions including InterFirst Wholesale Mortgage Lending, LaSalle Home Mortgage, ABN AMRO Mortgage, ABN AMRO National Lending Center, ABN AMRO Apartment Lending and ABN AMRO Mortgage Capital Markets. ABN AMRO Mortgage Group has more than 2,800 employees located throughout the United States. About ABN AMRO ABN AMRO Mortgage Group, Inc. is an indirect subsidiary of Netherlands-based ABN AMRO Bank N.V., one of the world's largest banks with total assets of (EUR) 614.6 billion and a presence in more than 3,500 locations in over 70 countries and territories. ABN AMRO is organized into three autonomous strategic business units responsible for managing wholesale clients, consumer and commercial clients, and private clients and asset management. Source: 01/23/2003 MMAg 301_020 Company: ABN AMRO Mortgage Group, Inc. Contact: Jennifer Cornell , Jenn@EilerPR.com , Phone: (734) 761-3399 , Fax: (734) 761-3724 |
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