ANN ARBOR, MICHIGAN--BASED ABN AMRO Mortgage Group Inc. (AAMG) 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, according to the company.
"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," said William Newman, executive vice president and chief administrative officer. "Since OneFee[R] 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 reported 2002 production of $99.5 billion, with 623,045 units funded. This represents a 45 percent increase over 2001 totals. InterFirst Wholesale Mortgage Lending was AAMG's top-producing division in 2002, according to Newman. InterFirst reported fourth-quarter 2002 production of $33.4 billion.
AAMG National Lending Center reported 2002 production of $7.4 billion, with 48,222 units funded. AAMG national Lending Center's 2002...