American Mortgage Network Funds $2.6 Billion in Second Quarter; June Mortgage Fundings Are $669 Million

Business Wire, July 6, 2004

SAN DIEGO -- American Mortgage Network (AmNet), a wholesale mortgage bank serving mortgage brokers nationwide and a wholly owned subsidiary of AmNet Mortgage, Inc. (Amex:INV), reported that it funded $2.6 billion in home loans for the quarter ending June 30, 2004, compared to $1.9 billion in home loans for the first quarter of 2004. In June, AmNet funded $669 million in mortgages, compared to $751 million in May.

New loan applications were $1.2 billion for June and May. Average loan fundings per workday were $30.4 million in June compared to $37.6 million in May. Average daily new loan applications were $56.4 million in June compared to $57.7 million in May.

"As anticipated, loan volume declined in June due primarily to the significant increase in interest rates that began in April 2004 and a decline in refinancing activity," said John M. Robbins, Chief Executive Officer. "Even with rising rates, however, new loan applications were $1.2 billion, the same as in May. The housing market remains strong. The National Association of Realtors is projecting that existing home sales will hit a record 6.17 million units in 2004, topping 2003's record showing."

Robbins added, "The AmNet management team has managed successfully through this type of rising rate environment before. We have implemented strong cost control measures to insure that we remain as efficient as possible. Our goal is to continually increase productivity within our branch network and at corporate headquarters while delivering the products, services and technology demanded by our broker customers. Our loan mix is changing with more customers than ever selecting ARMs, Alt A and jumbo products. During the second quarter, the number of commissioned account executives grew to 126, compared with 108 at the end of the first quarter."

About American Mortgage Network

Headquartered in San Diego, California, AmNet is a wholly owned subsidiary of AmNet Mortgage, 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, Kansas, Minnesota, New Jersey, New York, North Carolina, Oregon, Rhode Island, Texas, Utah, 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 5,000 approved broker customers across the nation. For more information, please visit www.amnetmortgage.com.

About AmNet Mortgage, Inc.

AmNet Mortgage Inc. is the parent company of American Mortgage Network. For more information, please visit amnetmortgageinc.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 strength of the housing market, the expectation that existing home sales will surpass previous records and the efficiency and productivity of the Company's branch network. 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; home purchase demand generally; the size of the residential mortgage market; and other risk factors outlined in the Company's SEC reports.