American Mortgage Network Opens Regional Center in Charlotte, North Carolina; Led by Martin Stinson and Rodney Eason, Jr

Business Wire, July 23, 2003

Business Editors/Real Estate Writers

SAN DIEGO--(BUSINESS WIRE)--July 23, 2003

American Mortgage Network (AmNet), a mortgage bank serving the national mortgage broker channel and a wholly owned subsidiary of American Residential Investment Trust, Inc. (AMEX:INV), announced today that it has opened a new regional center in Charlotte, North Carolina to serve mortgage brokers in North and South Carolina. The new center will be led by Martin Stinson and Rodney Eason, Jr..

AmNet will employ a full service staff including sales, underwriters and closers at its Charlotte center which is located at, 13777 Ballantyne Corporate Place, Suite 325, Charlotte, North Carolina 28277. The telephone number is 704-752-6110 and the fax number is 704-752-7110.

With more than fifteen years of mortgage banking experience, Martin Stinson has been hired as Assistant Vice President, Branch Manager. Before joining AmNet, Stinson was Vice President/Area Product Manager for Homecomings Financial where he was responsible for all sales and operations in a nine-state Southeastern territory. Previously, Mr. Stinson worked with NationsCredit Financial, Weyerhaeuser Mortgage and Countrywide. He has received a number of awards in his professional career and is a member of NCAMP and previous member of NAMB, SCMBA, LAMB and Charlotte MBA. He can be contacted at mstinson@amnetmortgage.com.

Commenting on the opening of the new center, John M. Robbins, Chief Executive Officer of American Mortgage Network and American Residential, said, "Charlotte has grown substantially in the last ten years and is now the twenty-first largest city and the second largest financial center in the U.S., according to 2002 Census figures. It is a key part of our national expansion program which is targeted at growing market share in the top MSAs (metropolitan statistical areas) in the country. We are pleased that both Martin and Rodney have joined the AmNet team. They are mortgage banking professionals who have deep knowledge of the mortgage banking business and who have established relationships with local mortgage brokers."

Stinson added, "Buoyed by low mortgage interest rates, relatively low and stable unemployment rates and new housing permits, the Charlotte housing market remains robust. Another of Charlotte's strengths is offering a broad price range for homebuyers. It is ranked fourth among major cities on the Index of Housing Affordability. Mid-range and entry-level housing units have been selling at record numbers. Mortgage brokers want a broad range of loan products, competitive rates and quick turnaround to serve the diverse needs of potential buyers and current homeowners."

Rodney Eason, Jr. has been appointed Operations Manager. Eason has more than fourteen years of industry experience. Before joining AmNet, he was a Senior Underwriter for Homecomings Financial. Prior to that, Eason was a Sales Manager for Paramount Mortgage. His other experience includes District Manager for Household International. Eason is a licensed Real Estate Broker in North Carolina. He received the Broker of the Month award eleven times for various lenders at Paramount Mortgage. Mr. Eason is a member of the Johnson City Area Homebuilders Association and the Carmel Baptist Church. He has a BS degree in Business from the University of Maryland. He can be contacted at reason@amnetmortgage.com.

For the second quarter of 2003, AmNet reported that it funded $3.2 billion in home mortgages compared to $2.1 billion for the first quarter of the year, an increase of 55%. Year-to-date, AmNet funded $5.3 billion in home mortgages compared to $954 million for the same period in 2002. AmNet funded $1.3 billion of mortgages in June, compared to $878 million in May. AmNet now has a total of $1.3 billion in warehouse borrowing capacity and is licensed to do business in 46 states.

About American Mortgage Network

Headquartered in San Diego, California, American Mortgage Network is a wholly owned subsidiary of American Residential Investment Trust, Inc. AmNet originates loans for the national mortgage broker community through its network of regional centers and over the Internet. AmNet has loan production offices in Orange County, Ontario, Sacramento, and San Diego, California; Denver, Colorado; New Haven, Connecticut; Atlanta, Georgia; Chicago, Illinois; Minneapolis, Minnesota; Cherry Hill, New Jersey; Charlotte, North Carolina; Portland, Oregon; Providence, Rhode Island; Richmond, Virginia; Tampa, Florida; and Bellevue, Washington. For more information, please visit www.amnetmortgage.com.

About American Residential Investment Trust

American Residential Investment Trust, Inc. is the parent company of American Mortgage Network. The Company trades on the American Stock Exchange (AMEX:INV). For more information, please visit www.amerreit.com.

Forward Looking Statement

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 size and composition of the branch operations staff. 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: 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.