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CitiMortgage Production Jumps

$30.8 billion 2nd quarter production

July 18, 2005

By MortgageDaily.com staff


Volume jumped at the prime-lending arm of Citigroup Inc., but company earnings painted a different picture.

CitiMortgage boosted its originations, funding $30.8 billion loans during the second quarter, up from $24.0 billion in the previous quarter, according to the parent company's financial data supplement to its earnings announcement Monday, and slightly better than $29.2 billion a year earlier.

The $287.2 billion third party servicing portfolio was off $1.6 billion from the first quarter, the New York-based lender reported.

Citigroup reported second quarter net income of $5.1 billion -- down from $5.4 billion in the previous three-month period. Net income from the consumer finance unit, which includes mortgage lending, was $646 million.

"Our businesses faced challenging conditions during the quarter," commented Citigroup CEO Charles Prince in the earnings announcement. "The capital markets environment was one of the worst we have seen in years, and combined with a flattening yield curve, led to a significant decline in our fixed income markets revenues. Rising short-term interest rates and a flattening yield curve resulted in spread compression across several businesses."

Additionally, the company incurred $175 million costs for new bankruptcy legislation.



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