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Solid CitiMortgage 3rd Quarter

$33.5 billion 3rd quarter production

October 19, 2005

By MortgageDaily.com staff

Mortgage volume ascended to the highest level in two years at Citigroup Inc.

CitiMortgage's third quarter originations of $33.5 billion rose about 9% from the prior quarter and a whopping 46% above the total a year earlier, according to the parent company's latest financial data supplement report.

The latest numbers represent the second consecutive quarterly increase and the highest production since the third quarter 2003.

The lender's third-party servicing portfolio was reported at $293.5 billion.

Citigroup reported slowed growth of 4% in North America consumer finance receivables "reflected an ongoing decision to avoid offering aggressively priced teaser rate and interest-only mortgage products to this customer segment."

However, the New York-based financial services firm reported net income jumped 41% during the third quarter to $7.1 billion.

"The strength of our business franchises continued to generate strong underlying financial results, despite a number of unusual charges this quarter," such as continued spread compression, the impact of an increase in bankruptcy filings due to new legislation, costs associated with Hurricane Katrina, as well as a year-over-year swing in credit costs of more than $1.6 billion, said Charles Prince, Citigroup chief executive, in the announcement.

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