AMERICAN HOME MORTGAGE

American Home Mortgage is a leading independent retail mortgage banking company that began operations in 1988. They focus on expanding their business of originating residential mortgage loans by increasing their Internet presence and through other more traditional channels. They sell the loans they originate and the related servicing rights to institutional buyers, rather than hold the loans for investment. In 1998, they originated approximately $1.2 billion in loans largely through their networ... k of retail branches in the New York metropolitan area and 5 other eastern states. They primarily lend to home buyers rather than to home owners seeking to refinance their mortgage loans. In 1998, approximately 64.7% of their mortgage loans were made to home buyers. For the first six months of 1999, that percentage was 61.4%.More