American Mortgage Network Opens Regional Center in Providence, Rhode Island to Expand East Coast Operations; Led by Jon Lucas and Christine Meyers

Business Wire, Feb 5, 2003

Business Editors & Real Estate Writers

SAN DIEGO--(BUSINESS WIRE)--Feb. 5, 2003

American Mortgage Network (AmNet), the mortgage banking subsidiary of American Residential Investment Trust, Inc. (Amex(R): INV), announced today that it has opened a new regional center in Providence, Rhode Island to serve the mortgage broker community.

The Providence center expects to employ an operations staff of ten mortgage banking professionals. The center is located at 2350 Post Road, #202, Warwick, Rhode Island 02886. The telephone number is 401-737-9530 and fax number is 401-737-9804.

Jon Lucas has been appointed Production Manager for the Providence center. With more than nine years of experience in wholesale mortgage lending, he was most recently Wholesale Account Executive for North American Mortgage Company/Washington Mutual. Mr. Lucas has been recognized for his achievements in mortgage production, which included Washington Mutual's President's Club and North American Mortgage Company's Million Dollar Club, Top Producer Award, Elite Producer Award, and Producer's Council. He can be contacted at jlucas@amnetmortgage.com.

Christine Meyers has been appointed Operations Manager for the Providence center. Ms. Meyers has an extensive underwriting, operations and credit background. Previously, she was an underwriter at North American Mortgage Company/Washington Mutual. She can be contacted at cmeyers@amnetmotgage.com.

In commenting on the opening of the new center, Mr. Lucas said, "Providence has been cited in national magazines as one of the best U.S. cities in which to live and retire. As a result, population has grown and demand for housing has increased rapidly. Housing permits nearly doubled at the end of 2002. The National Association of Realtors(R) reported that, compared to December 2001, existing-home sales in the Northeast rose over 6 percent. We have built a number of solid relationships with local mortgage brokers by delivering a combination of competitive pricing, advanced technology and sophisticated marketing support."

In 2002, AmNet funded a total of $4.2 billion in mortgages. AmNet has a total of $710 million in warehouse borrowing capacity and is currently approved to do business in 45 states either by license or exemption. AmNet has regional centers in Ontario, California; Sacramento, California; San Diego, California; Mission Viejo, California; Denver, Colorado; New Haven, Connecticut; Atlanta, Georgia; Minneapolis, Minnesota; Cherry Hill, New Jersey; and Portland, Oregon as well as offices in Tampa, Florida and Kirkland, Washington.

On January 31st, American Residential Investment Trust began trading on the American Stock Exchange (Amex(R): INV). The Company expects to terminate its status as a mortgage REIT in the first quarter of 2003.

About American Mortgage Network

Headquartered in San Diego, California, American Mortgage Network is a wholly owned, taxable 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, in the past, invested in subprime residential mortgage loans.

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 the expected number of operations staff in the Providence branch and the timing of terminating the Company's status as a REIT. 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: management's ability to recruit and hire mortgage banking professionals in Providence; the housing market generally; the level of interest rates generally, economic conditions generally, interest rate volatility; the availability of financing for the funding of mortgage loans; the Company's liquidity position; and other risk factors outlined in American Residential Investment Trust's SEC reports.