Residential loan production tumble by more than half at Citigroup Inc. It was the slowest quarter in more than six years.
Third-quarter residential originations came in at $14.26 billion, the New York-based company reported to MortgageDaily.com. It was the lowest level of volume since MortgageDaily.com began tracking Citi’s home loan fundings in 2003.
The latest quarterly activity left Citi losing its No. 4 second-quarter spot to U.S. Bancorp, which reported $14.8 billion in third-quarter volume.
Production at Citi was down 54 percent from $31.3 billion during the second quarter., according to the parent of CitiMortgage Inc.
In the third-quarter 2008, fundings totaled $22.0 billion.
From Jan. 1 to Sept. 30, originations were $70.0 billion, according to today’s statement.
