American Mortgage Network Opens Regional Center in Chicago, Illinois; Led by Joe Fanella, Mortgage Industry Veteran

Business Wire, May 22, 2003

Business Editors

SAN DIEGO--(BUSINESS WIRE)--May 22, 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 Chicago, Illinois to serve mortgage brokers in Illinois, Indiana, Michigan and Missouri. The new center will be led by Joe Fanella, a real estate and mortgage banking industry veteran.

The Chicago center expects to employ an operations staff of 20 professionals, including four Chicago area Account Executives as well as several others located in the Detroit, Indianapolis and St. Louis metropolitan areas. The center is located at 377 Butterfield Road, Suite 300, Lombard, Illinois 60148. The telephone number is 630-241-1400.

With more than twenty years of experience, Joe Fanella has been appointed Vice President, Regional Manager for the Chicago regional center. He was most recently a First Vice President/Western Regional Production Manager for HomeSide Lending, responsible for mortgage production in twenty-two states. Previously, he was Vice President/Branch Manager for Loan America. Mr. Fanella consistently has won top production awards for regions and branches while working with HomeSide Lending and Loan America. He has also been an instructor in the Real Estate Department at the College of DuPage and was a licensed Real Estate broker. Mr. Fanella is a member of the National Association of Mortgage Brokers and has current and past memberships with several state mortgage broker associations, including IAMB, MMBA, and CAMB. He attended Northern Illinois University. He can be contacted at jfanella@amnetmortgage.com.

Commenting on the opening of the new center, Fanella said, "The local housing and mortgage market is dynamic and has undergone changes during my thirty years in the Chicago area. Right now, housing remains strong and is dominated by first-timer home purchasers and people buying second properties, such as a condo or townhouse for investment purposes. Potential home buyers continue to head farther and farther into the northwest and southwest suburbs of Chicago in search of affordability. People are taking advantage of low interest rates and increased inventory of homes. There is lots of activity out there. Our job is to help our broker partners deal with the demand by closing mortgage loans quickly and efficiently for their clients."

Jim Alfred has been appointed Regional Operations Manager. He has more than twenty-five years of industry experience. Before joining AmNet, Mr. Alfred was a Contract Underwriter for PMI Mortgage Insurance. Prior to that, Mr. Alfred worked as a Senior Underwriter for a number of companies, including RBMG, Loan America, and First Nationwide. His other experience includes Lending Center Manager for Citibank where he oversaw the daily operations of its Illinois processing center. He can be contacted at jalfred@amnetmortgage.com.

In 2002, AmNet funded a total of $4.2 billion in mortgages. AmNet has a total of $960 million in warehouse borrowing capacity and is currently approved to do business in 45 states either by license or exemption.

About American Mortgage Network

Headquartered in San Diego, California, American Mortgage Network is a wholly owned subsidiary of American Residential Investment Trust, Inc. AmNet underwrites and funds loans for the mortgage broker community through its national network of regional centers. AmNet has regional centers in Mission Viejo, California; Ontario, California; Sacramento, California; San Diego, California; Denver, Colorado; New Haven, Connecticut; Atlanta, Georgia; Minneapolis, Minnesota; Cherry Hill, New Jersey; Portland, Oregon; Providence, Rhode Island and Richmond, Virginia as well as offices in Tampa, Florida; Philadelphia, Pennsylvania and Kirkland, 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(R): 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 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.