A marked decline was recorded for quarterly mortgage revenues and originations at Citigroup Inc. The company continued to reduce residential servicing and assets.
From Jan. 1, 2018, through March 31, income from continuing operations before income taxes was $6.1 billion, according to its first-quarter earnings report.
The New York-based financial institution saw little change in its
income compared to the first-three months of last year, when the total came to $6.0 billion.
But earnings were better than $5.1 billion in the final-three months of last year.
Mortgage revenues fell to $148 million from $197 million in the fourth-quarter 2017 and $181 million in the first-quarter 2017.
First-mortgage residential originations plummeted to $2.3 billion in the first quarter of this year from $3.0 billion the prior quarter and $3.8 billion a year prior.
Second-quarter originations are likely to be even weaker given saleable mortgage rate locks, which fell to $1.2 billion in the first quarter from $1.3 billion three months previous.
Citi serviced $119.8 billion for third parties, off from $123.6 billion at the end of last year and down from $134.4 billion at the same point last year.
Residential
assets were reduced to $62.2 billion from $64.2 billion as of Dec. 31, 2017, and $70.0 billion as of March 31, 2017. Holdings most recently consisted of $44.2 billion in real estate lending assets, $8.1 billion in first mortgages and $9.9 billion in home-equity assets.
Delinquency of at least 30 days on retail banking loans was slashed to 0.75 percent from 0.91 percent but was still higher than 0.68 percent at the end of the first-quarter 2017.
On first mortgages and home-equity loans formerly carried by the Citi Holdings unit, delinquency tumbled to 4.51 percent from 5.25 percent and was also lower than 4.63 percent as of the same date in 2017.
Last month concluded with 209,000 people on Citi’s payroll. Headcount was unchanged from three months earlier and down from 215,000 one year earlier.
Retail North American branch count remained at 694.
