Residential loan production fell on a quarter-over-quarter basis and sank on a year-over-year basis at Citigroup Inc.The firm continued to cut its mortgage servicing and assets.
From April 1, 2017, through the middle of this year, income from continuing operations before income taxes at the bank-holding level amounted to $5.7 billion.
Those details and more were disclosed by the New York-based financial institution in its earnings report for the second-quarter 2017.
Earnings abated from $6.0 billion three months earlier and $5.8 billion twelve months earlier.
Revenues from mortgages were $188 million, a little better than $181 million in the first-quarter 2017 but a third worse than in the second-quarter 2016.
Mortgages originated during the three months ended June 30, 2017, totaled $3.1 billion. Business slowed from $3.8 billion closed in the first quarter and plummeted from $6.4 billion during the same three-month period last year.
Home-lending production came to $6.9 billion for the entire first-six months of 2017.
New business during the current quarter is likely to slow further based on saleable mortgage rate locks, which fell to $1.5 billion from $1.9 billion in the first quarter.
Citi reported that it still had $64.0 billion in third-party servicing, though it previously announced plans to unload all servicing.
Residential assets on the company’s balance sheet were reduced to $67.7 billion from $70.0 billion as of March 31, 2017, and $77.0 billion as of June 30, 2016. Last month’s total consisted of $44.3 billion in real estate lending assets, $11.0 billion in first mortgages previously held by Citi Holdings and $12.4 billion in home-equity loans previously held by Citi Holdings.
The 30-day mortgage delinquency rate was 0.63 percent as of the end of last month, improving 5 basis points from March 31, 2017, and 6 BPS lower than as of mid-2016.
On the loans previously owned by Citi Holdings, delinquency
was 4.60 percent, down 3 BPS from the first quarter but up from 4.33 percent in the second-quarter 2016.
Citi reported 695 North American retail banking branches, 10 fewer than the previous quarter.
At the former Citi Holdings unit, the remaining 27 branches as of the end of the first quarter have all apparently been closed down.
