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Citi Originations Down

Q2 mortgage production declines 4%

July 15, 2013 (delinquency revised 1:37 p.m.)

By Mortgage Daily staff

Quarterly home loan production slowed at Citigroup Inc., and the current quarter is on track for a further decline. While mortgage assets and servicing continue to be slashed at Citi Holdings, the servicing portfolio grew within continuing operations.

Mortgage originations came in at $17.2 billion for the second quarter, according to earnings data published Monday.

Business slowed from the first quarter, when $18.0 billion in home loans were originated.

But Citi picked up the pace from a year earlier, when total mortgage production was $12.9 billion.

It looks as though mortgage production might slow further in the third quarter, with second-quarter "saleable mortgage rate locks" declining to $13.0 billion from the first quarter's $14.3 billion.

The third-party mortgage servicing portfolio concluded the second quarter at $177.9 billion. The New York-based firm grew its portfolio from $175.8 billion as of the end of the prior period. But the servicing portfolio has diminished from the second quarter of last year, when it stood at $190.8 billion.

Another $116.7 billion was serviced by Citi Holdings, down from $128.8 billion at the end of the first quarter. Mortgage servicing rights were owned on $168.4 billion at the same point in 2012.

Real estate lending assets were trimmed to $32.2 billion in the latest period from $33.9 billion. There has been little change, however, from the $32.6 billion in real estate loans outstanding as of June 30, 2012.

Delinquency of at least 30 days, excluding government-guaranteed loans, finished last month at 7.57 percent. The past-due rate dropped from 7.81 percent as of March 31 and has tumbled from 9.31 percent as of the same date last year.

At Citi Holdings, residential first mortgages on the balance share were cut to $48.6 billion from $53.5 billion three months earlier and $62.6 billion a year earlier.

Home-equity loans owned by Citi Holdings fell to $31.2 billion from $32.6 billion and were $37.2 billion 12 months prior.

Whole-loan repurchase claims during the first-half 2013 were $1.8 billion. The total was $3.4 billion for all of last year.

The financial services giant reported $6.3 billion in company-wide income from continuing operations before income taxes. Earnings rose from the prior quarter's net of $5.5 billion and the year earlier quarter's net of $3.7 billion.

Citi cut its staffing to 253,000 employees from 257,000. Headcount was 261,000 at the same point in 2012.

As of June 30, there were 3,912 branches within global consumer banking, four fewer than at the end of March.

In addition, Citi Holdings operated another 1,576 branches, including North America and international branches. The total was 1,591 in the previous report.


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