Commercial Mortgage Insight
AmNet reports March figuresmortgagepress.comproduction numbers, loan fundings American Mortgage Network (AmNet) funded $1.2 billion of mortgage loans in March compared to $817 million in February. In March 2004, the company funded $877 million in mortgages, a year-over-year increase of 33 percent. For the first quarter of 2005, the company funded $2.7 billion in mortgages, compared to $1.9 billion in the first quarter of 2004, a year-over-year increase of 45 percent. AmNet's new loan applications in March were $1.9 billion, compared to $1.8 billion in February. Average loan fundings per workday were $50.7 million in March, compared to $43 million in February. Average daily new loan applications were $80.7 million in March, compared to $94.2 million in February. March had 23 working days while February had 19. Alt-A loans accounted for 28.5 percent of total volume in March, compared to 4.5 percent in March 2004. Collectively, higher margin products, including alt-A, sub-prime, home equity and second mortgage offerings, totaled 34.9 percent of total fundings, compared to 6.1 percent of total fundings in March 2004. These products accounted for 33 percent of total fundings in the first quarter of 2005, an increase of 5.6 percent for the same period in 2004. Headquartered in San Diego, American Mortgage Network originates loans for the national mortgage broker community. For more information, call (888) 373-3974 or visit www.amnetmortgage.com.