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

Mortgage Originations Up at Citi

Q4 production rises 16%

Jan. 17, 2013

By Mortgage Daily staff

Citigroup Inc. managed to lift mortgage originations from the third quarter but fell short on annual production. Earnings tumbled at the company. The Citi Holdings unit closed nearly three-quarters of its branches during the period.

In its fourth-quarter earnings report released Thursday, Citi said mortgage originations were $16.8 billion during the final three months of last year.

Business improved from $14.5 billion in the third quarter but was lower than the $21.1 billion in production during the fourth-quarter 2011.

Full-year 2012 production totaled $58.5 billion, less than $63.2 billion originated in 2011.

The New York-based firm's third-party mortgage servicing portfolio finished 2012 at $177.2 billion, down from $184.9 billion at the end of the third quarter and $197.9 billion at the end of 2011.

The third-party mortgage servicing portfolio at Citi Holdings was $142.9 billion, slashed from $155.1 billion three months earlier and $195.1 billion a year earlier.

Residential first mortgage assets at Citi Holdings were cut to $57.7 billion from $59.9 billion at the end of the third quarter. The portfolio has been reduced from $67.5 billion a year prior.

First mortgage delinquency of at least 30 days at Citi Holdings improved to 6.03 percent from 6.77 percent in the third quarter and 7.32 percent in the fourth-quarter 2011.

Citi Holding's home-equity investments have been whittled down to $34.1 billion from $35.4 billion at the end of September and $40.0 billion at the end of 2011. Home-equity delinquency fell to 1.45 percent from 1.52 percent and was 1.86 percent a year prior.

The repurchase reserve balance increased to $1.6 billion from $1.5 billion at the end of the third quarter. During the latest period, $131 million in repurchase losses were recognized.

Income before taxes at the parent level fell to $2.6 billion from the third quarter's $4.5 billion. Citi earned $1.6 billion in the same period during 2011.

Headcount across the entire company grew to 266,000 from 263,000 as of Oct. 31. Headcount was 259,000 at the end of 2011.

Citi's global consumer banking business operated 4,008 branches as of the end of last year, down from 4,069 as of Sept. 30. At Citi Holdings, branch count was slashed to 95 from 357.

Citigroup profile

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