American Mortgage Network Opens Regional Center for Mortgage Brokers in San Diego, California

Business Editors

SAN DIEGO--(BUSINESS WIRE)--April 4, 2002

-- Appoints Gary Scarsella as Vice President and Branch Manager.

-- Opens Satellite Office in Mission Viejo, California.

-- Funds $368.9 million of mortgage loans in first quarter.

American Mortgage Network (AmNet), a taxable REIT subsidiary of American Residential Investment Trust, Inc. (NYSE: INV), announced today that it has opened a regional center in San Diego, California and a satellite office in Mission Viejo, California to begin broker originations.

AmNet has appointed Gary Scarsella as Vice President/Branch Manager and Christine Rembao as Assistant Vice President/Branch Operations Manager to oversee an operations and sales staff of twenty-six mortgage banking professionals. The San Diego center is located at 9665 Granite Ridge Drive, #230, San Diego, California 92123. The telephone number is 800-255-3406 and the fax number is 858-499-1453. The Mission Viejo office is located at 26440 La Alameda Road, #370, Mission Viejo, California 92691. The telephone number is 949-367-9988 and the fax number is 949-367-9918.

Mr. Scarsella has more than twenty years experience in mortgage lending. Most recently, he was Branch Manager for Fleet Mortgage/Washington Mutual. Mr. Scarsella has also worked for Plaza Funding and Midwest Pacific. He can be contacted at gscarsella@amnetmortgage.com.

David Striplin, Senior Vice President and Western Divisional Production Manager of AmNet, said, "Gary has an impressive record of managing operations as well as setting new records of loan closings. He built two wholesale offices from the ground up to achieve top originations and profitability. Gary has lived in the San Diego area for more than twenty years and his local experience will be a valuable asset to us."

Gary Scarsella added, "There is enormous opportunity to quickly establish a presence in the Southern California marketplace. AmNet provides a consistent, competitively priced product menu and excellent service for the broker community. Our goal is to provide our customers with more control over a streamlined lending process."

AmNet also has regional centers in Sacramento, California; New Haven, Connecticut; Tampa, Florida; Atlanta, Georgia; and Portland, Oregon. An additional satellite office is located in Kirkland, Washington. In the first quarter of this year, AmNet funded $368.9 million in home mortgage loans compared to $43.3 million in the fourth quarter of 2001. By the end of 2002, AmNet's closed loan volumes are anticipated to be $500 million per month. AmNet is currently approved to do business in 25 states by license or exemption. It expects to be approved to do business in 40 states by license or exemption by the end of 2002.

About American Mortgage Network

Headquartered in San Diego, California, American Mortgage Network is a taxable REIT subsidiary of American Residential Investment Trust, Inc., a real estate investment trust (REIT). AmNet will originate loans for the national mortgage broker community through its network of regional centers and over the Internet. For more information, please visit AmNet's web site at www.amnetmortgage.com.

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 product pricing consistency, projected loan volumes and anticipated approval of state licenses. 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: lack of Company experience in opening regional offices and generating mortgage loans; general economic conditions; mortgage loan prepayment rates; credit losses; overall interest rates; the shape of the yield curve; the availability of suitable mortgage assets; the availability of financing for the origination, acquisition or securitization of mortgage assets; the impact of leverage; the Company's liquidity position and other risk factors outlined in American Residential Investment Trust's SEC reports.

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