As company-wide earnings improved at Citigroup Inc., mortgage income fell. Headcount, servicing and single-family assets were all lower, and delinquency was higher. But residential loan originations rose.
Income from continuing operations before income taxes came to $5.9 billion during the three months ended mid-2018, according to Citi’s second-quarter earnings report.
An improvement was noted compared to the same-three months last year, when the New York-based financial institution earned $5.7 billion. Earnings slipped, though, from $6.1 billion the preceding quarter.
Mortgage revenues sank to $140 million from $188 million in the second-quarter 2017 and also dropped from $148 million in the first-quarter 2018.
First mortgage originations were $2.6 billion, rising from $2.3 billion three months earlier but coming up short versus $3.1 billion one year earlier.
Full first-half 2018 production amounted to $4.9 billion.
Saleable mortgage rate locks inched up to $1.3 billion in the second quarter from $1.2 billion the prior period — an indication that business is likely holding up in the current quarter.
Citi serviced $117.5 billion in residential loans for third parties, slightly less than $119.8 billion serviced as of March and lower than $131.7 billion on the same date in 2017.
Residential holdings fell to $60.8 billion from $62.2 billion and were also lower than $67.7 billion as of mid-2017.
On the $44.4 billion portion of mortgage assets classified as s real estate lending, delinquency of at least 30 days finished last month at 0.79 percent, worse than 0.75 percent in the last report and 0.63 percent in the same period during 2017.
On the
$16.4 billion in single-family holdings that were previously owned by Citi Holdings, delinquency jumped to 4.83 percent from 4.51 percent and was also worse than 4.60 percent in the report from a year ago.
Citi’s direct staff ended the latest period at 205,000 employees, 4,000 fewer than at the end of the first quarter and 9,000 less than at the midpoint of last year.
At 693, there was one less branch than as of March 31.
