American Mortgage Network Expands Operations in Florida; Opens Loan Production Centers in Ft. Lauderdale and Orlando

Business Wire, Feb 26, 2004

Business Editors/Real Estate Writers

SAN DIEGO--(BUSINESS WIRE)--Feb. 26, 2004

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 expanded operations in Florida. Along with a regional center in Tampa, two new offices are originating mortgage loans in Ft. Lauderdale and Orlando.

Janice Papa-Minchenberg has been appointed Vice President, Regional Manager of the Ft. Lauderdale operation, which employs a staff of 12 professionals, including experienced Account Executives and multiple underwriters. The center is located at 150 S. Pine Island Road, #210, Plantation, Florida 33324. The telephone number is 954-370-3373 and the fax number is 954-370-3303.

David Hennon has been appointed Vice President, Northeast Florida Area Manager for the Orlando office which employs a staff of 16 professionals, including experienced Account Executives and multiple underwriters. The center is located at 485 North Keller Road, #450, Maitland, Florida 32751. The telephone number is 407-660-2939 and the fax number is 407-660-2420.

John M. Robbins, Chief Executive Officer of AmNet, said, "The Florida marketplace offers us enormous opportunity for growth. The Florida Association of Realtors reported that sales of existing homes as well as median home prices have risen steadily and are expected to increase in 2004. Since 1998, the statewide median home price has increased by nearly 56 percent. With our expansion into Orlando and Ft. Lauderdale, we now have the platforms in place to substantially increase our market share in Florida.

"Both Janice and David are true mortgage professionals who have significant industry experience and an in-depth knowledge of their local markets," Robbins added. "They have long-established relationships with mortgage brokers and will help us ramp up quickly in each area. We are absolutely delighted that they have joined the AmNet team."

An industry veteran with nineteen years experience, Janice Papa-Minchenberg previously was a Loan Fulfillment Center Manager at Wholesale Florida for Washington Mutual where she managed a staff of 127 employees. She has managed wholesale for Fleet Mortgage, Suntrust Bank, American Savings of Florida and Jefferson National Bank. She can be contacted at jminchenberg@amnetmortgage.com.

David Hennon has fifteen years of experience in the mortgage industry and was Southeast Regional Sales Manager for Mid-America Mortgage where he was responsible for set-up and management of wholesale operations in eight southeastern states. He has held management and sales positions for Flick Mortgage Investors, Gracewood Mortgage Corporation, Olympia Mortgage Corporation, Molton, Allen & Williams, and Flagstar Bank. He has a BS degree in Education from Indiana State University. As a licensed Florida Mortgage Broker, Hennon has written, published and taught courses in loan origination, technology-driven origination delivery systems, and RESPA compliance. He can be contacted at dhennon@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, New York, North Carolina, Oregon, Rhode Island, Texas, Virginia and Washington.

AmNet has a total of $1.4 billion in warehouse borrowing capacity and is approved to do business in 49 states and the District of Columbia either by license or exemption. AmNet has nearly 5,000 approved 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. 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 AmNet's growth potential in Florida, the expectation that Florida housing prices will appreciate in 2004 and AmNet's ability to substantially increase its market share in Florida. 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; the size of the national mortgage market; the future correlation of volatility in forward mortgage sale instruments to the Company's loan lock commitments; interest rate volatility; the availability of financing for the funding of mortgage loans; the Company's liquidity position; the Company's ability to recruit and the availability of qualified mortgage professionals and other risk factors outlined in American Residential's SEC reports.