Citigroup Inc. saw healthy quarter-over-quarter growth in its residential lending activity. The mortgage servicing portfolio, however, moved lower.
From April 1 through June 30, Citi closed $6.4 billion in new home loans. Mortgage production jumped up from $5.5 billion funded in the first quarter.
This data and other operational financial information was gathered through the New York-based organization’s second-quarter 2016 earnings report.
On a year-over-year basis, however, residential loan production was down compared to the $8.8 billion originated in the second-quarter 2015.
For the first six months this year, Citi funded $11.9 billion in residential loans.
Salable mortgage rate locks were bumped up to $4.0 billion from the first-quarter’s $3.1 billion, suggesting the lender’s third-quarter business will likely continue its growth.
At the end of last month, the financial institution reported a third-party mortgage servicing portfolio of $151.8 billion, down from $155.9 billion at the end of March and $165 billion at the end of June last year.
The financial firm’s real estate lending assets increased to $43.9 billion from $42.9 billion at the end of the first quarter and $38.9 billion at the same point a year ago.
The portion of Citi’s portfolio that is not government-guaranteed had a 30-day or more delinquency rate of 0.69 percent at the end of June. Delinquency was two basis points higher than the rate listed at the end of March and at the same point last year.
Citi Holding’s third-party mortgage servicing portfolio was at $28.5 billion as of June 30, 2016. Servicing shrank from $29.3 billion as of March 31 and $39.2 billion as of June a year earlier.
Also down were Citi Holdings’ residential assets, which went from $35.9 billion at the end of the first-quarter to $33.1 billion. As of June 30, 2015, assets were much higher at $51.3 billion.
The second-quarter 2016 total included $15.8 billion in first mortgages and $17.3 billion in home-equity loans.
Excluding government-guaranteed loans, 30-day mortgage delinquency at Citi Holdings increased to 4.33 percent from 4.27 percent at the end of the first quarter. The most-recent rate was better, however than the 5.21 percent rate at the end of June 2015.
At the holding-company level, Citi earned $5.8 billion from continuing operations before income taxes, an increase from the $5.0 billion earned in the previous three-month period and the $6.9 billion earned during the same three-month period in 2015.
As of June 30 this year, 220,000 people were employed by Citi. Staff count shrank from 225,000 at the end of March and 238,000 at the end of June last year.
With 729 North American consumer banking branches, Citi’s footprint remains unchanged from the prior quarter.
Another 261 branches were claimed by Citi Holdings, five fewer than accounted for on March 31.
