Mortgage originations fell by nearly a third from the prior quarter at Citigroup Inc., while the servicing portfolio plunged by 60 percent.
The financial services conglomerate earned $6.0 billion from continuing operations before taxes during the first-three months of this year.
New York-based Citi delivered the data, along with other operational and financial metrics, in its first-quarter 2017 earnings report.
Income climbed from $5.1 billion the prior quarter and $5.0 billion a year prior.
Mortgage revenues tumbled to $181 million from $252 million in the final-three months of last year.
Residential first-mortgage originations totaled $3.8 billion during the most-recent three-month period. Volume sank from $5.6 billion in the fourth-quarter 2016 and $5.5 billion in the first-quarter 2016.
A further decline in residential loan production is likely based on salable mortgage rate locks, which plummeted to $1.9 billion from $2.6 billion in the final quarter of last year.
Citi serviced $48.5 billion in home loans as of March 31, 2017 for third parties. The servicing portfolio was slashed from $143.2 billion three months earlier — reflecting
the sale of mortgage servicing rights to New Residential Mortgage LLC on 780,000 government-sponsored enterprise loans for $97 billion. The servicing portfolio was $155.9 billion as of a year earlier.
The third-party servicing portfolio previously designated as Citi Holdings fell to $15.9 billion from $18.0 billion as of Dec. 31, 2016, and $29.3 billion as of March 31, 2016.
Total residential assets were trimmed to $70.0 billion from $72.6 billion at the end of the fourth-quarter 2016 and $78.8 billion at the end of the first quarter of last year. Last month’s total consisted of $44.3 billion in real estate lending assets, $12.3 billion in residential first mortgages previously reported for Citi Holdings and $13.4 billion in home-equity assets previously reported for Citi Holdings.
Delinquency of at least 30 days on the real estate lending assets concluded March 2017 at 0.68 percent, retreating from 0.72 percent at the end of 2016 but worsening from 0.67 percent as of the same date in 2016.
Delinquency on
formerly Citi Holding loans was reduced to 4.63 percent from 4.96 percent but rose from 4.27 percent as of March 31, 2016.
March 2017 finished with a staff of 215,000,
fewer employees than 219,000 three months earlier and 225,000 a year earlier.
There were 705 North American branches in operation as of the end of last month, 18 fewer than at the end of last year.
Branches previously classified as Citi Holdings numbered 27, plummeting from 251 the prior quarter.
