Alabama broker license mortgage

Business Editors

SAN DIEGO--(BUSINESS WIRE)--May 22, 2002

Appoints Mike DiCarlo Vice President and Regional Manager and David

Houghtlin Regional Operations Manager

American Mortgage Network (AmNet), a taxable REIT subsidiary of American Residential Investment Trust, Inc. (NYSE: INV), announced today that it has opened a Southeast regional center in Atlanta, Georgia to begin broker originations. The office services brokers in seven states, which include Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina and Tennessee.

The Atlanta center expects to employ an operations and sales staff of twenty-five mortgage banking professionals. It is located at 11625 Rainwater Drive, Suite 650, Alpharetta, Georgia 92123. The telephone number is 678-893-0545 and the fax number is 678-893-0522.

Mike DiCarlo has been appointed Vice President/Regional Manager. Mr. DiCarlo has more than twenty-eight years experience in mortgage lending. Most recently, he was Southeast Account Manager for Homeside Lending/Washington Mutual. Mr. DiCarlo has also served in loan management positions for PNC Bank/Washington Mutual. Previously, he was Vice President/Regional Manager at North American/Dime and American Residential Mortgage/Chase Manhattan Mortgage. He can be contacted at mdicarlo@amnetmortgage.com.

David Houghtlin has been appointed Regional Operations Manager. He is responsible for operations in all seven states served out of Atlanta. Mr. Houghtlin has more than thirty-one years experience in mortgage banking. Previously, he was Group Vice President, Secondary Marketing and Administration for Riggs Bank, N.A. where he helped transform a traditional portfolio lender into a mortgage banking entity. Mr. Houghtlin has also worked for Liberty Mortgage Corporation/Branch Banking & Trust, Citizens Mortgage Corporation, ABQ Mortgage, Ohio Savings Bank and Inter-County Mortgage Company. He can be contacted at dhoughtlin@amnetmortgage.com.

In commenting on AmNet's expansion, Mike DiCarlo said, "Many consider Atlanta to be the center of business activity in the Southeast. A number of major lenders in this area have consolidated, opening the door for small and mid-size mortgage bankers who can provide specialized lending products and high levels of service. In addition, there is a tremendous talent base in Atlanta to service mortgage broker clients across seven states. Our goal is to be a leading wholesale lender by providing consistently competitive pricing, a wide array of products and customized proprietary technology. We are excited about creating an entrepreneurial, growing regional center for AmNet."

AmNet also has regional centers in Ontario, California; San Diego, California; Sacramento, California; New Haven, Connecticut; and Portland, Oregon. Satellite offices are located in Mission Viejo, California and Kirkland, Washington. In the first quarter of 2002, AmNet funded $368.9 million in home loans. 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 originates 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.

About American Residential Investment Trust

American Residential Investment Trust, Inc. is a real estate investment trust (REIT) that has traditionally invested in subprime residential mortgage assets. For more information on American Residential, please visit the Company's web site at www.amerreit.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 the growth of AmNet's Atlanta regional center, 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.