American Mortgage Network Funds $936 Million of Mortgages In August

Business Editors

SAN DIEGO--(BUSINESS WIRE)--Sept. 3, 2003

American Mortgage Network (AmNet), a wholesale mortgage bank serving mortgage brokers and a wholly owned subsidiary of American Residential Investment Trust, Inc. (Amex(R): INV), reported that it funded $936 million in home mortgages in August, compared to $1.4 billion for July. Year-to-date, AmNet has funded $7.6 billion in home mortgages and expects to fund $11-$12 billion in 2003.

Average loan fundings per workday decreased approximately 32% from $65.1 million in July to $44.6 million in August. New loan applications in August were $1.1 billion, compared to $1.5 billion in July 2003. Average daily new loan applications were $52.1 million in August, a 24% decrease from July 2003.

"As anticipated, volumes declined again in August reflecting the rapid transition from a refinance to a purchase market" said John M. Robbins, Chairman and Chief Executive Officer. "While volumes are contracting, we have an incredible opportunity to build market share by adding sales coverage in our existing offices and continuing our expansion program into new geographic markets. During the month of July and August, we hired 15 commissioned account executives with strong broker relationships. Our Phoenix center opened in August and a new office serving Houston, Austin and San Antonio began accepting business this week."

Robbins added, "The market contraction has been more abrupt than industry experts had predicted, and consequently we have accelerated our expansion strategy. Specifically, we plan to increase our current commissioned sales force of 75 account executives to 100 by the end of 2003, and to 160 by the end of 2004. Our goal is to achieve average monthly funded loan volume between $1.0 and $1.5 billion in 2004. AmNet's hybrid mortgage banking model has not only proven to be attractive to mortgage brokers who dominate the loan origination business, but it has appealed to seasoned mortgage banking professionals who have joined the Company. Given our strategic positioning, as a partner to mortgage brokers and as one of the nation's largest correspondent sellers to major mortgage servicers, our market share growth opportunities are significant over the next year and beyond."

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. For more information, please visit www.amerreit.com.

Forward Looking Statements

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 projected loan funding volume for 2003 and average monthly loan funding volume in 2004, projected number of account executives, and market share growth. 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; the size of the residential mortgage market; uncertainty as to the percentage of the pipeline that will result in mortgage loan fundings; the ability to recruit account executives; the ability to recruit other key personnel necessary to establish new branches; the availability of financing for the funding of mortgage loans; the Company's liquidity position; and other risk factors outlined in American Residential's SEC reports.

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