CitiMortgage funded $14.1 billion of home mortgages in the first quarter, a 35% decline from 4Q, and further evidence that the nation's mega banks — as expected — are seeing a noticeable drop in new originations.
Although residential fundings fell on a sequential basis, compared to 1Q 2010 fundings actually rose 37%.
The figures were released Monday morning as part of Citicorp's earning statement. Although residential originations declined quarter-to-quarter, total real estate fundings (including commercial) rose to $25.8 billion, a 6% gain from the fourth quarter.
All of Citicorp reported first quarters earnings of $2.9 billion, a 32% decline from the same period last year.
The bank suffered net credit loses of $6.3 billion, a 25% decline from 1Q10. Citicorp said the improvement was driven by better conditions in its mortgage and cards groups.
Company-wide, Citicorp's employee head count fell to 260,000 from 263,000 a year ago.
