Although quarterly and annual mortgage production was down at Citizens Financial Group Inc., the residential asset and servicing portfolios have grown.

Prior to income tax expense, the Providence, Rhode Island-based organization earned a $503 million profit, according to its fourth-quarter earnings report.

Earnings improved from the same-three months during 2016, when pre-tax income was $414 million. But a $10 million decline was recorded versus the previous quarter.

Source: Mortgage Daily