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

Citi Volume Leaps by More than Half

$17.0 billion in Q3 production

Oct. 17, 2011

By staff

Residential originations at Citigroup Inc. skyrocketed 55 percent from the second quarter as earnings were stronger. Delinquency, however, was worse.

Home-loan production during the third quarter was $17.0 billion, the New York-based firm reported Monday.

Originations shot up from $11.0 billion three months earlier but slipped from $18.6 billion a year earlier.

Year-to-date Sept. 30, volume totaled $42.1 billion.

Citi's regional consumer banking serviced $196.6 billion in mortgages for third parties as of Sept. 30. The servicing portfolio was hardly changed from $196.5 billion at the end of the prior quarter but has grown from $191.4 billion in the third-quarter 2010.

The consumer banking unit owned $29.0 billion in real estate loans, growing from $27.2 billion in the previous quarter and $22.3 billion during the same period last year.

Delinquency of at least 30 days on the consumer banking portfolio was 1.28 percent, up from 1.25 percent at the end of June. The rate has eased from 1.62 percent at the same point last year.

At Citi Holdings, the third-party servicing portfolio was $207.2 billion, lower than $234.8 billion in the prior quarter and $307.7 billion in the same period last year.

Residential mortgages on Citi Holding's balance sheet were $110.9 billion, lower than $116.0 billion in the second quarter and $132.5 billion in the year-earlier period.

Residential delinquency of at least 30 days was 9.10 percent as of the third quarter. The rate deteriorated from 8.76 percent in the previous quarter but was substantially better than 11.61 percent during the same quarter in 2010.

Citigroup's repurchase reserve increased to $1.1 billion from $1.0 billion in the second quarter, reflecting $0.2 billion in realized losses.

Citigroup Inc. earned $5.0 billion before taxes from July through September, more than the $4.3 billion in earned in the second quarter. Third-quarter 2010 earnings were $3.3 billion.

Company-wide staffing finished the third quarter at 267,000 people, more than the 263,000 employed three months earlier and the 258,000 a year earlier.

Branch count at the regional consumer banking unit closed out September at 1,005, while Citi Holdings operated 1,794 branches.

Citigroup profile

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