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

Citi Originations Shoot Up

$18.6 billion Q3 production

Oct. 18, 2010

By staff

Mortgage loan fundings jumped two-thirds at Citigroup Inc., though consumer delinquency inched higher. At Citi Holdings, delinquency dropped as the unit successfully cut its mortgage holdings.

Mortgage originations were $18.6 billion, based on third-quarter earnings data released Monday. Business at the New York-based company shot up from $11.2 billion during the prior period and from $11.9 billion a year ago (Citi previously reported to Mortgage Daily that third-quarter 2009 production was $14.26 billion).

From Jan. 1 through Sept. 30, production at the New York-based institution totaled $40.1 billion.

Citi Holdings had a third-party servicing portfolio of $307.7 billion at the end of the third quarter, lower than $327.6 billion at the end of the prior period. The portfolio was $385.0 billion at the same time last year.

The consumer bank operation's third-party mortgage servicing portfolio finished last month at $191.4 billion, rising from $190.8 billion three months prior. The servicing portfolio was also higher than $186.2 billion around this time last year.

Real estate assets at Citi Holdings were $131.5 billion at the close of last month, falling from $138.5 billion on June 30 and $155.7 billion a year ago. The consumer bank operation owned another $22.3 billion in real estate loans, lower than 23.1 billion at the end of June and $26.7 billion on Sep. 30, 2009.

Loan delinquency of at least 30 days at the consumer banking unit, excluding government-insured loans, was 1.62 percent as of Sept. 30, edging up from 1.61 percent at the end of June. At the same time last year, the rate was 0.51 percent.

But delinquency was much worse at Citi Holdings. The 30-day rate on residential real estate loans, excluding government mortgages, ended the latest period at 11.62 percent, though that was better than 11.85 percent at the end of June. A year ago, the rate was worse at 13.46 percent.

Commercial real estate assets at Citi Holdings closed out September at $5.4 billion, tumbling from $9.9 billion on June 30 and $10.8 billion a year earlier.

Commercial mortgage delinquency of at least 30 days was 3.50 percent on Sept. 30, much better than the 4.18 percent in the second quarter and the third-quarter 2009.

For all of Citigroup Inc., income before taxes fell to $3.3 billion from $3.5 billion three months earlier. But the company managed a big improvement from an $0.5 billion loss in the third-quarter 2009.

Company-wide headcount eased to 258,000 from 259,000 on June 30. Citigroup employed 309,000 people on Sept. 30, 2009.

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