Mortgage Daily Logo
mortgage news from industry experts

Citizens Bank’s Home Lending, Servicing Down

Mortgage originations were down almost a fifth on a quarter-over-quarter and year-over-year basis at Citizens Financial Group Inc. Also retreating was the servicing portfolio. Earnings, meanwhile, improved from a year previous.

First-quarter earnings data from the Providence, Rhode Island-based bank-holding company indicated $501 million in income before income tax expense during the first-three months of this year.

Earnings improved from $434 million
earned in the same three months during 2017. But earnings were mostly unchanged compared to the $503 million earned in the final-three months of last year.

Mortgage banking fees crept up to $25 million at Citizens from $23 million in the first-quarter 2017
but slipped from $28 million in the fourth-quarter 2017.

Just $1.367 billion in residential loans were closed during the first quarter of this year, the report said. Business tumbled from $1.687 billion in the preceding three-month period and $1.664 billion in the same three months last year.

The conforming mortgage origination mix was 45 percent.

At the close of the first-quarter 2018, Citizens serviced $20.2 billion for third parties. The servicing portfolio was off from $20.3 billion three months earlier. But mortgage servicing at the financial institution has grown from $17.5 billion one year earlier.

Residential assets were trimmed to $32.106 billion from $32.611 billion as of year-end 2017. Modest growth was noted, though, versus $31.830 billion as of March 31, 2017. Most recently, the total consisted of $17.346 billion in mortgages, $1.434 billion in home-equity loans and $13.326 billion in home-equity lines of credit.

Commercial real estate assets grew to $11.775 billion from $11.308 billion at the end of last year and $10.915 billion at the same point last year.

Citizens concluded the latest period with 17,546 full-time equivalent employees. Staffing was reduced from 17,594 people at the end of last year and 17,515 positions as of March 31, 2017.

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION