ABN Amro Mortgage Group, one of the largest mortgage lenders in the US, has reported that production totals for 2004 were reduced by more than half reflecting a difficult year in the US mortgage industry.
2004 production totaled $56.5 billion compared to £131 million in 2003, representing a 57% reduction on the previous year’s figures. ABN Amro Mortgage Group (AAMG)’s December 2004 production totaled $3.7 billion compared to $5.8 billion in the previous year, representing a 36% reduction.
Commenting on ways to ensure stronger business in 2005 Mike Maher, group senior vice president said, In 2005, AAMG will continue to put clients first by focusing on meeting the needs of emerging customer segments as well as by enhancing and improving the mortgage loan process from application throughout the life of the loan.
Mortgage servicing, especially loss mitigation and helping customers avoid foreclosure, will also be a company-wide focus in the coming year.
AAMG is one of the largest loan originators and loan servicers in the United States. AAMG is a subsidiary of Dutch based diversified financial group ABN Amro.