In Brief: Resource's Production Declined 9% in April

Resource Bancshares Mortgage Group said its April 1997 mortgage production was $918.9 million, down 9% from the previous year.

Subprime mortgage production was $22.9 million. Resource started a subprime unit last summer.

The company is rapidly increasing its presence in the lucrative subprime mortgage market. This year, it acquired Meritage Mortgage Corp., a wholesale originator of B and C loans.

And last month, Resource said that it would merge with Walsh Holding Co., a Parsippany, N.J., subprime lender. Walsh originated $660 million of subprime loans last year.

Resource's subprime mortgage loan production for the first four months of 1997, including Meritage, was $69.6 million.

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