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.