Magazine article Mortgage Banking

American Home Mortgage Reports Q1 Results. (Business Alert)

Magazine article Mortgage Banking

American Home Mortgage Reports Q1 Results. (Business Alert)

Article excerpt

NEW YORK--BASED AMERICAN HOME Mortgage Holdings Inc. reported financial results for the first quarter ended March 31, 2002. According to American Home Mortgage, the improvement in first-quarter results compared to the year-ago period was primarily driven by strong loan production volumes, continued organic growth from existing branches and increased loan origination volume from MortgageSelect, the company's online mortgage channel. Financial highlights include the following:

* EPS on a fully diluted basis for the first quarter was $0.54, an increase of 92.9 percent over $0.28 for the same period in 2001, before cumulative effect of change in accounting principle.

* Total revenue rose to $33.9 million, an increase of 53.9 percent over $22.1 million for the same period in 2001.

* Total loan originations rose to $1.9 billion, an increase of 47.9 percent over $1.3 billion during the same period in 2001.

* Total e-commerce loan originations rose to $448.1 million, an increase of 122.7 percent over $201 million for the same period in 2001.

* Net income for the first quarter was $6.7 million, an increase of 164. …

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