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

Citi Originations Sink

$14.3 billion in Q1 production

April 16, 2012

By staff

Citigroup Inc., which disclosed plans to stop taking business from mortgage brokers, saw quarterly loan fundings tumble by nearly a third. But delinquency improved from the final quarter of last year.

North American mortgage originations were $14.3 billion, the financial services provider reported in its first-quarter earnings data.

Business sank from $21.1 billion in fourth-quarter production.

The report of the slowdown followed Citi's Feb. 1 disclosure that it would exit wholesale lending.

Mortgage production, however, nudged up from $14.1 billion in the first-quarter 2011.

The third-party servicing portfolio ended last month at $382 billion. That included $196.7 billion in Citicorp's North American business, slightly less than $197.9 billion at the end of last year. It also included $182.3 billion in servicing at Citi Holdings, reduced from $195.1 billion at the end of the fourth quarter.

Citigroup's residential first mortgage holdings totaled $94.3 billion in the first quarter, lower than $95.4 billion in the fourth quarter and $98.1 billion a year prior.

Home-equity loan holdings were trimmed to $42.0 billion from $43.5 billion and the year earlier period's $48.2 billion.

Delinquency of at least 30 days at Citicorp's North America unit finished last month at 1.13 percent, lower than 1.20 percent at the end of December and 1.33 percent at the end of March 2011.

Citi Holdings' mortgage holdings were trimmed to $103.6 billion from $107.5 billion and have been reduced from $120.4 billion compared to a year prior. The most recent total reflected $65 billion in residential first mortgages and $38.6 billion in HELs.

Residential delinquency of at least 30 days at Citi Holdings was 9.23 percent, improving from 9.51 percent three months earlier but deteriorating from 9.02 percent at the same point last year.

Repurchase losses were cut to $153 million from $200 million in the prior three-month period. Repurchase claims totaled 6,500 during the first three months of this year, on track to exceed the 16,000 claims for all of last year.

Net losses before taxes at Citi Holdings were $1.674 billion, not as bad as $1.804 in fourth-quarter 2012 losses but worse than the $1.479 billion loss in the comparable period a year earlier.

Company-wide income from continuing operations before income taxes came in at $4.068 billion, lurching from Citigroup's fourth-quarter profit of $1.089 billion but slipping from $4.216 billion in the first quarter of last year.

Across all of Citigroup, staffing was 263,000, fewer people than the 266,000 who worked for the company as of the end of last year but more than 260,000 employed as of a year earlier.

Total branch count at Citicorp global consumer banking was 4,150, fewer than 4,204 at the end of December and 4,205 a year prior. Branches operated in North America totaled 1,020, inching up from 1,016. Citi Holdings operated another 1,720 branches, nine fewer than at the end of December.

Citigroup profile

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