Resource Bancshares Mortgage Group Inc. said it produced $800 million of loans in May, down 34% from the year-earlier figure.

The company said its subprime mortgage loan production was up 17.9%, to $61.4 million.

For the first five months of the year production was off 23%, to $5.2 billion, but subprime production rose 50%, to $313.1 billion.

The company's agency-eligible mortgage loan pipeline was $1.3 billion on May 31, down 23.5% from a year earlier.

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