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.
Source: Mortgage Daily