A major mortgage company saw originations in its apartment lending shrink again in July.
ABN AMRO/Interfirst Apartment Lending, a division of Dutch banking giant ABN AMRO, reported $130 million in originations for the month, off 13 percent from June's $149 million.
July marks the third month in a row the division has seen originations shrink, according to company data. June's production of $149 million, was a dropoff of $18 million from May's $167 million, which fell $9 million from April's $176 million.
Compared to July 2002, the apartment lender's originations are off 11 percent, the company said.
Year-to-date, ABN AMRO said its apartment lending business is off four percent from last year.
Overall, the company's mortgage lending segment reported $15.5 billion in originations for July.