American Mortgage Network Opens Regional Center in Denver, Colorado to Serve Mortgage Brokers; Led by Dana Hall and Catherine Previte

Business Wire, Oct 15, 2002

Business Editors

SAN DIEGO--(BUSINESS WIRE)--Oct. 15, 2002

American Mortgage Network (AmNet), a taxable REIT subsidiary of American Residential Investment Trust, Inc. (NYSE: INV), announced today that it has opened a new regional center in Denver, Colorado to serve the specific needs of mortgage brokers. For the first nine months of 2002, AmNet funded $2.2 billion in home loans, including $1.3 billion in the third quarter and $485 million in the month of September.

The Denver center expects to employ an operations staff of fifteen mortgage banking professionals by the end of the year. It is located at 9635 Maroon Circle, #400, Englewood, Colorado 80112. The telephone number is 303-706-9669 and the fax number is 303-706-9785.

Dana Hall has been appointed Production Manager. With more than ten years of experience in mortgage lending, Ms. Hall was recently Wholesale Manager for Community Mortgage Group. Previously, she worked for Home Mortgage, Inc., FT Mortgage Companies and North American Mortgage Company. She has a BA degree in Business Administration from Colorado State University. Ms. Hall can be contacted at dhall@amnetmortgage.com.

Catherine Previte has been appointed Operations Manager. With more than fifteen years of financial and mortgage banking experience, Ms. Previte served as Operations Manager for Community Mortgage Group/Access Lending Group. Previously, she worked for Cherry Creek Mortgage, Suburban Mortgage, Inc., and Waterfield Financial. Ms. Previte has a BS degree from Colorado State University. She can be contacted at cprevite@amnetmortgage.com.

In commenting on the opening of the new center, Ms. Hall said, "Home prices in the Denver area have appreciated considerably. Consumers in this area use mortgage brokers to get the best loan product at a competitive rate. There has been significant activity in the marketplace, providing an opportunity for AmNet to add value by offering enhanced customer service and turnaround times for the broker community."

AmNet has regional centers in Ontario, California; Sacramento, California; San Diego, California; New Haven, Connecticut; Atlanta, Georgia; Minneapolis, Minnesota; and Portland, Oregon as well as satellite offices in Mission Viejo, California; Tampa, Florida; and Kirkland, Washington. AmNet is currently approved to do business in 36 states either by license or exemption. It expects to be approved to do business in 40 states by license or exemption by the end of 2002.

About American Mortgage Network

Headquartered in San Diego, California, American Mortgage Network is a wholly owned, taxable REIT subsidiary of American Residential Investment Trust, Inc., a real estate investment trust (REIT). AmNet originates loans for the national mortgage broker community through its network of regional centers and over the Internet. For more information, please visit www.amnetmortgage.com.

About American Residential Investment Trust

American Residential Investment Trust, Inc. is a real estate investment trust (REIT) that has traditionally invested in subprime residential mortgage loans. The Company intends to terminate its status as a mortgage REIT in the first quarter of 2003. Prior to that time, the Company intends to move to another national equity market exchange. For more information, please visit www.amerreit.com.

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of federal securities laws. Forward-looking statements include statements regarding number of expected branch employees, the anticipated timing of termination of the Company's status as a REIT, the Company's plans to move to a different exchange and anticipated approval of state licenses. Actual results and the timing of certain events could differ materially from those projected in or contemplated by these forward-looking statements due to a number of factors, including but not limited to: general economic conditions; the availability of qualified personnel; the availability of suitable mortgage assets; the availability of financing for the origination of mortgage loans; the impact of leverage; the Company's liquidity position and other risk factors outlined in American Residential Investment Trust's SEC reports.