American Mortgage Network Funds $1.5 Billion of Mortgages in October

SAN DIEGO--American Mortgage Network (AmNet), a nationwide mortgage bank and a wholly owned subsidiary of AmNet Mortgage, Inc. (NASDAQ:AMNT), reported that it funded $1.5 billion of mortgage loans in October, compared to $764 million in October 2004, a year-over-year increase of 95%. September and October had 21 working days.

AmNet's new loan applications in October were $2.2 billion, compared to $2.7 billion in September. Average loan fundings per workday were $70.9 million in October, compared to $67.5 million in September. Average daily new loan applications were $104.1 million in October, compared to $127.6 million in September.

Alt-A loans accounted for 35.5% of total volume in October 2005 as compared to 28.6% in October of 2004. Collectively, typically higher margin products, including Alt-A, subprime, home equity and second mortgage offerings, totaled 45.0% of total fundings, compared to 33.3% of total fundings in October 2004.

On September 13, 2005, Wachovia Corporation (NYSE:WB) and AmNet Mortgage, Inc. announced that a definitive agreement had been signed under which Wachovia will acquire AmNet Mortgage, Inc. for a purchase price of $10.30 per share in cash. The approximate total value of the transaction (on a fully diluted basis) is $83 million. AmNet, which will remain headquartered in San Diego, will operate as a wholly owned subsidiary of Wachovia Bank, N.A. following the merger. The proposed merger is subject to customary conditions, including approval by AmNet Mortgage, Inc. stockholders.

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, Nevada, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Rhode Island, Utah, Virginia and Washington. AmNet has a total of $2.2 billion in warehouse borrowing capacity and is approved to do business in 50 states and the District of Columbia either by license or exemption. For more information, please visit www.amnetmortgage.com.

About AmNet Mortgage, Inc.

AmNet Mortgage, Inc. is the parent company of American Mortgage Network. For more information, please visit www.amnetmortgageinc.com.

Forward-Looking Statement

This press release includes "forward-looking statements". The forward-looking statements contained herein include statements about the consummation of the proposed acquisition of AmNet Mortgage, Inc. by Wachovia and the benefits of the proposed acquisition. These statements are subject to inherent risks with regard to the satisfaction of the conditions to the closing of the acquisition. Additional information relating to the uncertainty affecting AmNet Mortgage, Inc.'s business is contained in its filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which such statement was made, and AmNet Mortgage, Inc. does not undertake any obligation to (and expressly disclaims any such obligation to) update any forward-looking statement to reflect events or circumstances after the date on which such statement was made, or to reflect the occurrence of unanticipated events.

Caution Required by Certain Securities and Exchange Commission Rules

In connection with the proposed merger, AmNet Mortgage, Inc. has filed a preliminary proxy statement and other relevant documents concerning the transaction with the Securities and Exchange Commission. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PRELIMINARY PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION BECAUSE THEY CONTAIN AND WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. Investors and security holders can obtain a free copy of the preliminary proxy statement and other documents filed by AmNet Mortgage, Inc. with the Securities and Exchange Commission at the Securities and Exchange Commission's web site at http://www.sec.gov. Free copies of the preliminary proxy statement and other documents filed by AmNet Mortgage, Inc. with the Securities and Exchange Commission may also be obtained from AmNet Mortgage, Inc. by directing a request to Investor Relations, AmNet Mortgage, 10421 Wateridge Circle, Suite 250, San Diego, CA 92121.

AmNet Mortgage, Inc. and its directors and its executive officers may be deemed, under Securities and Exchange Commission rules, to be soliciting proxies from AmNet Mortgage, Inc.'s stockholders in favor of the proposed merger. Information regarding the identity of these persons is set forth in a Schedule 14A filed by AmNet Mortgage with the Securities and Exchange Commission on July 6, 2005, relating to AmNet Mortgage, Inc.'s 2005 annual meeting of stockholders and a Form 10-K/A filed by AmNet Mortgage, Inc. with the Securities and Exchange Commission on July 6, 2005, both of which are available free of charge from the Securities and Exchange Commission or from AmNet Mortgage, Inc. as indicated above. Information regarding the interests of these persons in the solicitation will be more specifically set forth in the proxy statement concerning the proposed merger that will be filed by AmNet Mortgage, Inc. with the Securities and Exchange Commission, which will be available free of charge from the Securities and Exchange Commission or from AmNet Mortgage, Inc. as indicated above.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.