By Ben Lane at Housingwire
Citigroup continues moving away from mortgages as originations plummet
Nearly finished with exit from mortgage servicing
Citigroup first-quarter earnings show that the bank is continuing to move further and further away from mortgages and into other lines of business (The bigger question is why is Citi moving away from originating and servicing consumer mortgages).
According to information released Thursday by the bank, Citi’s residential first mortgage originations plummeted in the first quarter, dropping from $5.6 billion in the fourth quarter of 2016 to $3.8 billion in the first quarter of 2017.
That’s a drop of 32% in one quarter, and a drop of 31% from the same time period last year, when Citi originated $5.5 billion in first mortgages.
Citi’s mortgage servicing rights portfolio is also dwindling, as the bank continues to shed mortgage servicing rights (Citi is vulnerable to litigation for foreclosing on homes…
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