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


Citi Reports Strong Performance

Q1 mortgage production jumps 7%

April 15, 2013

By Mortgage Daily staff


Quarterly earnings increased, delinquency declined and mortgage production picked up at Citigroup Inc. In addition, the current quarter's mortgage business might be even better based on rate lock activity.

First-quarter mortgage originations were $18.0 billion, according to earnings data released Monday.

Production ascended from $16.8 billion in the fourth-quarter 2012. Business was also better than in the first-quarter 2012, when volume amounted to $14.3 billion.

Activity could increase based on saleable mortgage rate locks, which increased to $14.3 billion from $12.7 billion as of Dec. 31, 2012.

Citi's third-party mortgage servicing portfolio increased to $175.8 billion from $177.2 billion three months earlier. But mortgage servicing rights have fallen from a year earlier, when MSRs were owned on $196.7 billion in loans.

Another $128.8 billion was serviced for investors by Citi Holdings. The servicing portfolio was cut from $142.9 billion the prior quarter and $182.3 billion in the same quarter during the prior year.

Real estate lending assets at the global consumer banking business inched up to $33.9 billion from $33.7 billion at the end of the fourth quarter and $32.6 billion at the same point last year.

Residential first mortgages on Citi Holding's balance sheet fell to $53.5 billion from $57.7 billion and tumbled from $65.0 billion as of March 31, 2012. Delinquency of at least 30 days on this portion of the investment portfolio was 4.85 percent, sinking from 6.02 percent as of Dec. 31, 2012, and 6.90 percent at the same point in 2012.

Citi Holdings also owned $32.6 billion in home-equity loans, less than the $34.1 billion owned as of the end of the previous quarter and $38.6 billion a year prior. HEL delinquency fell to 1.24 percent from 1.45 percent and was 1.65 percent 12 months prior.

Citi closed out the first quarter with $1.1 billion in whole-loan repurchase claims and $0.7 billion in private-label securitization claims, respectively tumbling from $3.4 billion and $1.5 billion at the end of last year. After realizing $0.1 billion in losses, the repurchase reserve balance was $1.4 billion as of March 31.

Income before taxes at the New York-based financial services giant was $5.6 billion, surging from $1.1 billion in the fourth quarter. Earnings were also better than $4.1 billion in the first-quarter 2012.

While pleased with the company's performance, Citigroup Chief Executive Officer Michael Corbat warned, "the environment remains challenging and we are sure to be tested as we go through the year."

Citi finished March with 257,000 employees, trimming its staff from 259,000 at the end of last year and reducing headcount from 263,000 a year earlier.

As of March 31, there were 3,916 retail banking branches operated within the global consumer banking business, fewer than the 4,008 as of Dec. 31.

Another 1,591 branches were being operated by Citi Holdings in North America, fewer than the 1,654 branches at the end of December.

Citigroup profile

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