American Mortgage Network Opens Regional Center to Serve Brokers in Houston, Austin and San Antonio; Led by Damon Leonetti and Lisa Swonke, Mortgage Industry Veterans

Business Wire, Sept 18, 2003

Business Editors

SAN DIEGO--(BUSINESS WIRE)--Sept. 18, 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(R): INV), announced today that it has opened a new South Central regional center in Houston, Texas to serve mortgage brokers in Houston, Austin, San Antonio, Corpus Christi and the Rio Grande Valley. The center will also service mortgage brokers in Louisiana once all licensing is complete.

Damon Leonetti and Lisa Swonke, mortgage banking industry veterans and Houston natives, will lead the new operation which plans to employ a staff of 20-25 professionals, including 7 experienced Account Executives and multiple underwriters. The center is located at 10333 Richmond Avenue, Suite 610, Houston, Texas 77042. The telephone number is 713-972-0200 and the fax number is 713-972-0300.

Commenting on the new Houston center, John M. Robbins, Chief Executive Officer of AmNet, said, "Houston, Austin and San Antonio are vibrant housing markets as we expand across the country and grow market share in key demographic areas. After our Houston opening, we expect to have our operation in Dallas up and running in about thirty days to serve brokers in the Dallas/Fort Worth Metroplex along with East and West Texas, including Tyler, Waco and Lubbock. The Dallas office will also service brokers in Arkansas. We have established a common sense model in Texas. Underwriting and closing will be handled through both the Houston and Dallas offices while account executives will be located throughout the state to serve broker needs in specific geographic areas."

Leonetti added, "In Texas, we are fortunate to be the home of some of the most affordable cities in America. We have very productive, diverse geographic markets. For example, Austin homebuyers have a greater need for conventional and jumbo loan products while the Houston and San Antonio markets provide ample opportunity for government loans. Home sales and price appreciation have been significant, especially in the entry-level segment where first-time buyers have numerous choices. Houston's median home price is still less than the national average, which allows many to trade-up to larger properties. We have a number of flexible programs that open the door to homeownership and help our brokers respond to their customers' unique needs."

With twenty years of mortgage banking experience, Damon Leonetti has been appointed Vice President, Regional Manager for the South Central region in Houston. Before joining AmNet, Leonetti was Regional Manager for AccuBanc Mortgage. Experience with prior companies includes Norwest Wholesale, Independence One Mortgage and Shearson Lehman Mortgage where he was instrumental in establishing them as leaders in the Texas market. Leonetti is a Board Member of the Houston Mortgage Bankers Association as well as a member of the Texas Mortgage Bankers Association and the Texas Association of Mortgage Brokers. He has a BA degree from the University of Houston. Leonetti can be contacted at dleonetti@amnetmortgage.com.

Lisa Swonke has been appointed Assistant Vice President, Operations. She has more than fifteen years of industry experience. Before joining AmNet, Ms. Swonke was Operations Manager for Accubanc Mortgage. Prior to that, she held various management positions with New America, First Town Mortgage and Cage, Hill & Niehaus/Mabry & Gibson. Swonke can be contacted at lswonke@amnetmortgage.com.

About American Mortgage Network

Headquartered in San Diego, California, AmNet is a wholly owned subsidiary of American Residential Investment Trust, Inc. AmNet originates loans for the national mortgage broker community through its network of branches and business-to-business over the Internet. AmNet has loan production offices in Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Minnesota, New Jersey; North Carolina, Oregon, Rhode Island, Texas, Virginia, and Washington.

AmNet has a total of $1.3 billion in warehouse borrowing capacity and is approved to do business in 46 states and the District of Columbia either by license or exemption. AmNet has more than 3,300 broker customers across the nation. 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 Houston branch staff, AmNet's plans to increase its market share and the expected opening of a branch in Dallas. 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.