William Schellhase Joins American Mortgage Network as Vice President, National Subprime Sales Manager

Business Wire, Oct 12, 2004

SAN DIEGO -- American Mortgage Network (AmNet), a wholesale mortgage bank serving mortgage brokers nationwide and a wholly owned subsidiary of AmNet Mortgage, Inc. (NASDAQ:AMNT), announced that William Schellhase has joined the Company as Vice President, National Subprime Sales Manager. He will partner with AmNet's regional managers to build subprime sales through focused recruiting, training and marketing, reporting to Laura Swartz, Senior Vice President, who leads the Company's subprime division.

Schellhase has more than 25 years of mortgage banking experience. Before joining AmNet, he was Senior Vice President, National Wholesale Manager of Chase Manhattan Funding's subprime business, where he created a nationwide subprime sales organization and increased monthly loan production to $275 million. Prior to growing Chase's subprime division, Schellhase's executive responsibilities included sales, operations, credit and marketing for Chase Manhattan Mortgage, a top ten mortgage originator and servicer. He also held a number of management positions with Globe Mortgage. He can be reached at bschellhase@amnetmortgage.com.

John M. Robbins, Chief Executive Officer of American Mortgage Network said, "Bill's depth of knowledge in subprime brings significant opportunity to AmNet. His expertise will provide a strong level of focus, communications and partnership with sales and operations, helping to drive our national rollout of subprime. Bill was instrumental in changing Chase's image with its broker clientele from a conservative A-paper lender to a leader in the subprime industry. He also implemented a number of sales and marketing strategies that helped Chase improve market penetration and increase profitability. At AmNet, he will work with Laura Swartz to implement a comprehensive subprime sales model as part of our plan to become a single resource for our mortgage broker customers."

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, Ohio, 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., formerly American Residential Investment Trust, Inc., is the parent company of American Mortgage Network. For more information, please visit www.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 AmNet's national subprime rollout; its ability to build sales, improve market penetration and increase profitability; and become a single resource for mortgage brokers. 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 ability of Company personnel and systems to integrate subprime products into the current infrastructure; home purchase demand; the size of the residential mortgage market; the Company's ability to recruit key personnel necessary to establish the subprime program; the availability of financing for the funding of mortgage loans; the ability of the Company to add and maintain investor relationships for subprime loans; the Company's liquidity position; and other risk factors outlined in AmNet Mortgage, Inc.'s SEC reports.