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

Citi Delinquency & Earnings Worse, Production Up

$21.1 billion in Q4 production

Jan. 17, 2012

By staff

Home loans funded by Citigroup Inc. grew in the final quarter of last year. Past-due payments, however, were worse, as were earnings.

Mortgage originations were $21.1 billion during the final three months of 2011, earnings data from the New York-based firm indicated.

Volume climbed from $17.0 billion in the third-quarter. Production was just shy of the $21.8 billion funded in the fourth-quarter 2010.

Full-year production was $63.2 billion, better than $61.9 billion closed during 2010.

Citi noted that it has cut its FHA market share from 7 percent during the period 2005 to 2008 to less than 1 percent in 2010 and 2011.

Citicorp's third-party mortgage servicing portfolio closed out December at $197.9 billion, more than $196.6 billion on Sept. 30 and the $191.9 billion as of the end of 2010.

In addition, Citi Holdings also had a third-party servicing portfolio of $195.1 billion, lower than $207.2 billion on Sept. 30 and way down from $259.9 billion at the end of 2010.

Citigroup said its total third-party servicing portfolio finished last year at $396 billion.

The banking unit owned $31.4 billion in real estate loans, more than $29.0 billion in the third quarter and $23.4 billion on the books in the same quarter a year prior.

Citi Holdings owned $107.5 billion in residential loans, trimming its holdings from $110.9 billion at the end of the third quarter and cutting the asset class from $125.6 billion a year previous.

The 30-day mortgage delinquency rate was 9.51 percent at Citi Holdings, climbing from 9.10 percent at the end of September but retreating from 10.59 percent at the end of 2010.

An additional $0.5 billion in commercial real estate loans was owned by Citi Holdings, slashed from $1.1 billion three months earlier and $3.4 billion a year earlier.

Repurchase expense fell to $200 million from the third quarter's $226 million. Citi repurchased 6,800 loans last year, growing from 3,700 mortgage repurchases in 2010.

Consumer real estate lending had a $1.4 billion fourth-quarter loss, the same as the third quarter but worse than the $1.1 billion loss in the last three months of 2010.

Commercial real estate losses climbed to $60 billion from $25 billion but plummeted from a $157 million loss in the fourth-quarter 2010.

Earnings before taxes at Citigroup sank to $1.4 billion from $5.0 billion three months earlier. Income exceeded, however, $1.1 billion earned in the fourth-quarter 2010.

Staffing at Citigroup was 266,000. The company trimmed its workforce from 267,000 people as of the end of September. Citi has grown headcount, however, from 260,000 as of the end of 2010.

Citicorp operated 4,200 branches as of Dec. 31, 2011, the same as a year earlier.

Citigroup profile

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