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Quarterly residential mortgage production by lender. Subprime, Alt-A, home equity and conforming originations. Volume by quarter since 2003.

Citi Fundings Down by Half from 2009

Q2 production $11.2 billion

July 16, 2010

By staff

Over the past year, home-loan production at Citigroup Inc. has plummeted by more than half. But originations improved on a quarter-over-quarter basis.

In its earnings report released today, the company said second-quarter originations rose to $11.2 billion from $10.3 billion in the prior period. However, a spokesman previously clarified that first-quarter fundings actually totaled $11.6 billion, and the discrepancy might be the result of missing numbers for Citi Holdings.

Regardless, fundings were a far cry from $28.8 billion a year earlier.

The third-party servicing portfolio at the regional consumer banking unit finished the second quarter at $190.8 billion, down from $191.2 billion three months before but higher than $176.8 billion in the same quarter last year.

At Citi Holdings, the servicing portfolio ended last month at $327.6 billion, easing from $341.4 billion three months earlier and falling from $404.4 billion a year earlier.

In the regional consumer banking division, real estate lending holdings were $23.1 billion, easing from $24.4 billion the prior quarter and $26.3 billion the prior year.

Residential loans owned by Citi Holdings were $138.5 billion on June 30, lower than $146.6 billion on March 31 and $162.2 billion on June 30, 2009.

Delinquency of at least 30 days for the regional consumer group was 1.61 percent at the end of last month, leaping from 1.20 percent at the end of March and 0.55 percent a year prior.

At Citi Holdings, late payments of at least 30 days -- excluding loans guaranteed by government-sponsored agencies -- fell to 11.85 percent from 12.75 percent on March 31 and 11.34 percent on June 30, 2009.

Citi Holdings owned $9.9 billion in commercial mortgages as of June 30, lower than $10.3 billion three months prior and $11.1 billion a year prior.

Commercial real estate delinquency of at least 30 days finished last month at 4.18 percent, lower than 4.29 percent on March 31 and higher than 2.95 percent on June 30, 2009.

Net income before taxes fell to $3.5 billion from $5.3 billion and the second-quarter 2009's $5.3 billion.

There were 259,000 people employed at Citigroup as of the end of last month, jumping from 263,000 at the end of March. The staff size was also higher than 279,000 at the end of June 2009.

Citigroup profile

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