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


Mixed Results at Citi

$21.8 billion in Q4 production

Jan. 18, 2011

By MortgageDaily.com staff


Quarterly fundings at Citigroup Inc. more than doubled from a year ago, though production for the full year tumbled. An increase at the consumer banking unit's mortgage assets and servicing portfolio was more than offset by a trimmer balance sheet at its legacy operation. Commercial mortgage assets have fallen considerably.

Mortgage originations were $21.8 billion from the beginning of October through the end of December, better than the $18.6 billion funded in the prior three months, according to earnings data published Tuesday. Production more than doubled from $9.3 billion closed in the fourth-quarter 2009.

Full-year 2010 originations were $61.9 billion -- lower than 2009 when production was $81.2 billion.

Citi's third-party mortgage servicing portfolio at its consumer banking unit grew to $191.9 billion from $191.4 billion on Sept. 30. The servicing portfolio was just $187.0 billion on Dec. 31, 2009.

Real estate lending assets at the consumer banking operation ended last year at $23.5 billion, higher than $22.3 billion at the end of September but below $24.9 billion at the end of the previous year.

Delinquency of at least 30 days on consumer loans that are not agency-guaranteed at the consumer banking unit closed out last month at 1.47 percent, better than the third quarter's 1.62 percent. But defaults on consumer loans have deteriorated substantially from 0.58 percent on Dec. 31, 2009.

At Citi Holdings, the third-party mortgage servicing portfolio fell to $259.9 billion from the end of September, when it stood at $307.7 billion. At the end of the previous year, the third-party portfolio was $364.6 billion.

Real estate assets at Citi holdings closed out last year at $124.6 billion, lower than $131.5 billion on Sept. 30 and $149.5 billion at the end of the fourth-quarter 2009.

Delinquency on Citi Holding's home loans finished 2010 at 10.59 percent, improving from 11.62 percent at the end of September. The rate has improved significantly since the fourth-quarter 2009's 14.14 percent.

Commercial real estate loans at Citi Holdings closed out 2010 at $3.4 billion. The holdings have been slashed from $5.4 billion three months earlier and $10.6 billion a year earlier.

Earnings before taxes at Citigroup were $1.1 billion, less than the $3.3 billion earned in the third quarter. Earnings were way better, however, than the $15.1 billion loss during the final quarter of 2009.

There were 260,000 people employed at Citigroup as of Dec. 31. Headcount grew from 258,000 three months earlier but was well off of the 265,000 employees at the same point in 2009.

Citigroup profile

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