While company-wide earnings improved at Citigroup Inc., mortgage earnings deteriorated from a year ago. It was a similar story for home-lending activity, as the company continued to reduce its third-party servicing portfolio.
The New York-based financial conglomerate said in its third-quarter earnings report that income from continuing operations before income taxes was $6.0 billion. Earnings improved from $5.7 billion in the prior three-month period and $5.6 billion a year prior.
At $185 million during the three months ended Sept. 30, 2017, mortgage revenues were very similar to $188 million in the second quarter. A 39 percent drop in mortgage revenues, though, was recorded versus the third-quarter 2016.
Source: Mortgage Daily