AmeriHome (NYSE:AHM)
Historical Stock Chart
From Jul 2019 to Jul 2024
Due to recent events in the market, American Home Mortgage Investment
Corp. (NYSE: AHM) believes confusion may have arisen regarding the types
of loans it holds and originates. In response, American Home is herewith
providing supplemental information by product type regarding the FICO
credit scores, the loan to value ratios and mortgage insurance for both
its holdings and originations. Additionally, we are providing
information regarding our holdings of Pay Option ARM loans including
related delinquency statistics.
American Home Mortgage Investment Corp. is a mortgage real estate
investment trust (REIT) focused on earning net interest income from
self-originated loans and mortgage-backed securities, and, through its
taxable subsidiaries, from originating and selling mortgage loans and
servicing mortgage loans for institutional investors. Mortgages are
originated through a network of loan production offices and mortgage
brokers as well as purchased from correspondent lenders, and are
serviced at the Company’s Irving, Texas
servicing center. For additional information, please visit the Company's
website at www.americanhm.com.
This news release contains “forward-looking
statements” that are based upon expectations,
estimates, forecasts, projections and assumptions. Any statement in this
news release that is not a statement of historical fact, including, but
not limited to, earnings guidance and forecasts, projections of
financial results and loan origination volume, expected future financial
position, dividend plans or business strategy, and any other statements
of plans, expectations, objectives, estimates and beliefs, is a
forward-looking statement. Words such as “look
forward,” “will,”
“anticipate,” “may,”
“expect,” “plan,”
“believe,” “intend,”
“opportunity,” “potential,”
and similar words, or the negatives of those words, are intended to
identify forward-looking statements. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that
are difficult to predict, and are not guarantees of future performance.
As a result, actual future events may differ materially from any future
results, performance or achievements expressed in or implied by this
news release. Specific factors that might cause such a difference
include, but are not limited to: American Home’s
limited operating history with respect to its portfolio strategy; the
potential fluctuations in American Home’s
operating results; American Home’s potential
need for additional capital; the direction of interest rates and their
subsequent effect on the business of American Home and its subsidiaries;
risks associated with the use of leverage; changes in federal and state
tax laws affecting REITs; federal and state regulation of mortgage
banking; and those risks and uncertainties discussed in filings made by
American Home with the Securities and Exchange Commission. Such
forward-looking statements are inherently uncertain, and stockholders
must recognize that actual results may differ from expectations.
American Home does not assume any responsibility, and expressly
disclaims any responsibility, to issue updates to any forward-looking
statements discussed in this news release, whether as a result of new
information, future events or otherwise.
American Home Mortgage Investment Corp.
Mortgage Holdings Credit Characteristics
As of December 31, 2006
(Dollars in Millions)
FICO Range
WAVG Orig
Origination LTV/CLTV Range (1)
% with
%
%
%
%
LTV % /
%
%
%
%
%
Mortgage
Principal
Outstanding
% of
Total
WAVG
FICO
< 620
620 - 659
660 - 699
700+
CLTV % (1)
< 60
60 -69
70 -80
81 -89
90+
Insurance
Loans Held for Invest-
ment
Pay-option ARMS
$
3,023.0
48.2%
712
0.5%
11.5%
30.1%
57.9%
76
6.3%
10.7%
67.4%
2.3%
13.3%
62.4%
Other Adjust-
able Rate
962.9
15.3%
716
2.5%
6.2%
28.1%
63.2%
74
7.2%
11.3%
74.8%
0.9%
5.8%
11.5%
Conven-
tional Con-
forming Fixed Rate
613.9
9.8%
718
1.9%
5.6%
29.5%
63.0%
73
11.8%
11.2%
64.3%
3.1%
9.6%
12.3%
Alternate A First Lien
541.0
8.6%
677
2.7%
40.0%
28.9%
28.4%
78
3.3%
6.3%
82.8%
1.2%
6.4%
15.0%
Jumbo Fixed Rate
412.6
6.6%
728
0.4%
3.7%
26.9%
69.0%
71
13.8%
18.1%
65.2%
1.2%
1.7%
2.7%
Home equity/ Second Liens
618.4
9.8%
711
0.5%
9.1%
33.7%
56.7%
94
1.5%
1.1%
4.6%
9.2%
83.6%
0.0%
Government Fixed Rate
45.4
0.7%
647
34.6%
26.9%
14.6%
23.9%
95
0.8%
1.1%
3.0%
5.7%
89.4%
100.0%
Constru-
ction
57.6
0.9%
715
5.9%
9.3%
17.7%
67.1%
80
6.2%
7.9%
46.7%
11.4%
27.8%
8.9%
Non-Prime
6.7
0.1%
680
5.8%
24.4%
34.5%
35.3%
58
30.3%
0.0%
63.6%
2.1%
4.0%
0.8%
Total Loans
$
6,281.5
100.0%
710
1.3%
11.9%
29.6%
57.2%
75
6.7%
9.9%
62.6%
2.8%
18.0%
35.3%
Loans Held for Sale
Pay-option ARMS
$
107.7
7.0%
700
0.8%
16.0%
36.5%
46.7%
76
8.6%
14.7%
51.3%
6.1%
19.3%
25.0%
Other Adjust-
able Rate
240.0
15.7%
705
7.1%
7.6%
28.6%
56.7%
76
6.2%
14.1%
63.4%
1.7%
14.6%
14.6%
Conven-
tional Con-
forming Fixed Rate
476.7
31.2%
706
9.1%
15.0%
22.0%
53.9%
76
14.1%
11.4%
48.0%
3.4%
23.1%
22.0%
Alternate A First Lien
152.8
10.0%
681
1.6%
37.6%
29.7%
31.1%
78
3.3%
5.5%
82.3%
2.5%
6.4%
8.3%
Jumbo Fixed Rate
50.7
3.3%
713
0.0%
5.8%
34.1%
60.1%
70
7.7%
24.6%
62.6%
0.0%
5.1%
4.0%
Home equity/ Second Liens
236.1
15.4%
705
0.4%
12.7%
36.9%
50.0%
96
0.6%
0.1%
2.6%
7.8%
88.9%
0.0%
Government Fixed Rate
125.4
8.2%
633
43.3%
26.7%
14.8%
15.2%
95
0.5%
1.0%
3.5%
7.8%
87.2%
100.0%
Con-
struction
139.1
9.1%
729
0.5%
4.3%
22.6%
72.6%
73
11.3%
20.3%
55.8%
5.2%
7.4%
0.4%
Non-Prime
1.2
0.1%
643
0.0%
87.0%
13.0%
0.0%
80
0.0%
0.0%
100.0%
0.0%
0.0%
0.0%
Total Loans
$
1,529.7
100.0%
700
7.3%
15.4%
27.2%
50.1%
78
7.7%
10.1%
44.7%
4.3%
33.2%
20.1%
Off-Balance Sheet Secur-
itized Loans
Pay-option ARMS
$
1,222.0
11.4%
704
2.2%
15.9%
30.6%
51.3%
74
9.5%
14.8%
66.4%
1.5%
7.8%
19.8%
Other Adjust-
able Rate
5,848.1
54.5%
722
0.5%
6.2%
25.3%
68.0%
74
6.3%
9.2%
82.7%
0.4%
1.4%
1.8%
Conven-
tional Con-
forming Fixed Rate
508.8
4.7%
724
0.0%
1.9%
31.1%
67.0%
69
13.0%
15.1%
70.2%
0.6%
1.1%
1.8%
Alternate A First Lien
2,672.2
24.9%
686
2.3%
29.0%
32.9%
35.8%
78
4.6%
6.0%
76.0%
1.8%
11.6%
17.7%
Jumbo Fixed Rate
189.0
1.8%
727
0.0%
2.7%
27.4%
69.9%
70
8.9%
26.9%
63.5%
0.0%
0.7%
0.6%
Home equity/ Second Liens
235.7
2.2%
724
0.3%
5.3%
23.1%
71.3%
93
2.1%
2.0%
5.6%
9.6%
80.7%
0.0%
Government Fixed Rate
2.5
0.0%
631
53.5%
27.9%
0.0%
18.6%
96
0.0%
0.0%
0.0%
14.3%
85.7%
100.0%
Con-
struction
-
0.0%
-
0.0%
0.0%
0.0%
0.0%
-
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Non-Prime
54.5
0.5%
683
9.0%
29.2%
26.8%
35.0%
72
6.0%
10.9%
80.8%
0.5%
1.8%
2.2%
Total Loans
$
10,732.8
100.0%
711
1.1%
12.8%
28.1%
58.0%
75
6.5%
9.5%
76.5%
1.1%
6.4%
7.8%
Total Portfolio
Pay-option ARMS
$
4,352.7
23.5%
709
1.0%
12.8%
30.4%
55.8%
75
7.3%
12.0%
66.7%
2.2%
11.8%
49.5%
Other Adjust-
able Rate
7,051.0
38.0%
721
1.0%
6.2%
25.8%
67.0%
74
6.4%
9.7%
81.0%
0.5%
2.4%
3.6%
Conven-
tional Con-
forming Fixed Rate
1,599.4
8.6%
716
3.4%
7.2%
27.8%
61.6%
73
12.9%
12.5%
61.3%
2.4%
10.9%
11.9%
Alternate A First Lien
3,366.0
18.2%
684
2.3%
31.2%
32.1%
34.4%
78
4.3%
6.0%
77.4%
1.7%
10.6%
16.8%
Jumbo Fixed Rate
652.3
3.5%
727
0.3%
3.6%
27.6%
68.5%
71
11.9%
21.2%
64.5%
0.8%
1.6%
2.2%
Home equity/ Second Liens
1,090.2
5.9%
713
0.4%
9.1%
32.1%
58.4%
94
1.4%
1.1%
4.4%
9.0%
84.1%
0.0%
Govern-
ment Fixed Rate
173.3
0.9%
637
41.2%
26.8%
14.5%
17.5%
95
0.6%
1.0%
3.3%
7.3%
87.8%
100.0%
Con-
struction
196.7
1.1%
725
2.1%
5.8%
21.2%
70.9%
75
9.8%
16.7%
53.1%
7.0%
13.4%
2.9%
Non-Prime
62.4
0.3%
682
8.5%
29.8%
27.4%
34.3%
71
8.5%
9.5%
79.3%
0.7%
2.0%
2.0%
Total Loans
$
18,544.0
100.0%
710
1.7%
12.7%
28.5%
57.1%
75
6.7%
9.7%
69.2%
1.9%
12.5%
18.1%
(1) LTV for first liens, CLTV for home-equity/second liens
American Home Mortgage Investment Corp.
Loan Originations Credit Characteristics
(Dollars in Millions)
FICO Range
Origination LTV/CLTV Range (1)
Principal
% of
%
%
%
%
WAVG Orig
%
%
%
%
%
Orig-inated
Total
WAVG
FICO
< 620
620 - 659
660 - 699
700+
LTV %/CLTV % (1)
< 60
60 -69
70 -80
81 -89
90+
Loan Orig-inations Q4 2006
Pay-optionARMS
$
4,843.0
31.2%
717
1.3%
9.9%
25.5%
63.3%
78
5.9%
9.8%
55.6%
5.2%
23.5%
Other Adjustable Rate
2,433.2
15.7%
720
4.3%
5.7%
22.9%
67.1%
75
6.4%
11.1%
75.1%
1.4%
6.0%
Conven-
tional Conforming Fixed Rate
3,942.7
25.4%
726
4.8%
8.3%
18.3%
68.6%
73
16.8%
13.3%
55.3%
2.7%
11.9%
Alternate A First Lien
1,830.9
11.8%
689
4.5%
25.9%
31.6%
38.0%
78
3.8%
4.6%
85.5%
1.4%
4.7%
Jumbo Fixed Rate
1,014.1
6.5%
740
0.2%
3.4%
15.9%
80.5%
71
14.8%
18.5%
64.7%
0.4%
1.6%
Home equity/ Second Liens
813.6
5.2%
715
1.8%
8.7%
28.8%
60.7%
94
2.1%
1.5%
4.9%
9.2%
82.3%
Government Fixed Rate
575.5
3.7%
654
32.1%
22.6%
19.9%
25.4%
94
1.2%
1.3%
3.3%
9.1%
85.1%
Con-
struction
76.5
0.5%
739
2.9%
4.6%
14.7%
77.8%
74
13.0%
17.6%
43.9%
7.5%
18.0%
Non-Prime
0.9
0.0%
597
65.2%
0.0%
0.0%
34.8%
76
0.0%
12.6%
73.2%
14.2%
0.0%
Total Loan Orig-inations
$
15,530.4
100.0%
716
4.1%
10.7%
23.3%
61.9%
77
8.7%
10.1%
58.0%
3.6%
19.6%
Loan Orig-inations Full Year 2006
Pay-optionARMS
$
19,017.0
32.3%
719
1.1%
9.6%
25.1%
64.2%
77
7.3%
11.1%
61.6%
3.5%
16.5%
Other Adjustable Rate
10,219.1
17.4%
720
4.3%
5.9%
22.6%
67.2%
75
6.5%
9.3%
77.7%
1.2%
5.3%
Conven-
tional Conforming Fixed Rate
14,031.0
23.8%
723
4.7%
8.4%
19.7%
67.2%
73
15.6%
12.3%
57.6%
2.4%
12.1%
Alternate A First Lien
5,240.3
8.9%
686
5.1%
28.4%
30.2%
36.3%
77
4.2%
5.7%
83.5%
1.2%
5.4%
Jumbo Fixed Rate
4,041.1
6.9%
738
0.4%
4.2%
17.8%
77.6%
71
14.2%
18.5%
64.9%
0.5%
1.9%
Home equity/ Second Liens
3,610.2
6.1%
717
1.6%
8.5%
27.7%
62.2%
93
2.7%
1.5%
4.9%
9.3%
81.6%
Government Fixed Rate
2,439.9
4.1%
656
31.8%
22.4%
19.1%
26.7%
95
1.2%
1.3%
3.7%
7.0%
86.8%
Con-
struction
272.0
0.5%
737
2.8%
5.8%
16.4%
75.0%
75
9.8%
18.5%
47.4%
8.0%
16.3%
Non-Prime
28.8
0.0%
678
17.6%
23.9%
19.7%
38.8%
73
8.3%
4.6%
78.2%
1.1%
7.8%
Total Loan Orig-inations
$
58,899.4
100.0%
716
4.1%
10.4%
23.2%
62.3%
77
8.8%
10.1%
59.7%
2.9%
18.5%
(1) LTV for first liens, CLTV for home-equity/second liens
American Home Mortgage Investment Corp.
Pay-Option ARM Loan Holdings
As of December 31, 2006
(Dollars in Millions)
Non-Performing
Total Principal
Principal
NPL
Outstanding
Outstanding (1)
%
Loans Held for Investment
$
3,023.0
$
15.1
0.5%
Loans Held for Sale
107.7
4.2
3.9%
Off-Balance Sheet Securitized Loans
1,222.0
11.1
0.9%
Total Pay-Option ARM Portfolio
$
4,352.7
$
30.4
0.7%
(1) 90+ days delinquent