ABN AMRO Mortgage Group Inc. (AAMG) has released its second quarter production figures, as well as production for the month ending June 30 for all of its production divisions.
AAMG reported June 2004 production* of $4.7 billion, with more than 32,000 loans funded. AAMG's production* for the second quarter (April 1-June 30) totaled $19.4 billion, an increase of $4.7 million, or 32 percent, over the first quarter of this year. AAMG's year-to-date production* (Jan. 1-June 30) totals $34.1 billion.
“The decline from frenzied production levels of the recent past is enabling AAMG to focus on customer service and product development, which, in turn, will further improve customer satisfaction and loyalty,” said Mike Maher, group senior vice president. “AAMG is aggressively pursuing customer and partner relationship management strategies that strengthen its core business units and business practices.”
Of all of AAMG's business channels, InterFirst Wholesale Lending experienced the greatest reduction, compared to June 2003, decreasing 72 percent from $11.3 billion to $3.2 billion; National Lending Center fell 69 percent from $1.4 billion to $438 million; Standard Federal Bank & LaSalle Bank loan origination channels* produced $899 million in June, falling 51 percent from $899 million in June 2003; ABN AMRO Mortgage dropped 46 percent, producing $114 million from $210 million; and Financial Institutions Group, whose figures from 2003 are non-applicable, produced $63 million. In total, AAMG's business channels experienced a 69 percent decrease, producing $4.7 billion compared to $14.8 billion.
Second quarter production figures, compared to the second quarter of 2003, reflect decreases, as well. InterFirst Wholesale Lending dropped 54 percent from $29 billion to $13.5 billion; National Lending Center produced $2 billion, falling 44 percent from $3.6 billion; Standard Federal Bank & LaSalle Bank loan origination channels* produced $3.3 billion, dropping 38 percent from $5.4 billion; ABN AMRO Mortgage produced $402 million, missing last year's total of $626 million by 36 percent; Financial Institutions Group, whose 2003 production figures are non-applicable, generated $160 million. AAMG's business channels experienced a 50 percent reduction in production totals, producing $19.4 billion from $38.7 billion last year.
For more information, visit www.abnamro.com.
*Includes second mortgage production (both closed-end mortgages and lines of credit), originated through LaSalle Bank and Standard Federal Bank. These loans are closed in the name of the individual bank entity.