Resource Bancshares Mortgage Group said it produced $1.1 billion of loans in February, 26% less than a year earlier. Mortgage lenders' production has declined this year as interest rates have increased and refinancing volume has gone down.
The volume of loans in Resource's agency pipeline decreased 27% from February 1998, to $1.6 billion. Resource has been increasing nonagency lending, though. Its subprime mortgage loan production jumped by half, to $53.2 million.