Citigroup, which exited the wholesale channel a few months back, funded $14.3 billion of home mortgages in the first quarter, a steep decline from the prior period.
Compared to the same quarter a year ago Citigroup's production was just about flat.
Most of Citigroup's fundings now come through the retail and correspondent channels. In January the bank officially exited the wholesale channel, leaving its loan brokers in the lurch.
The entire bank earned $2.9 billion in 1Q, compared to $3.3 billion in 4Q and $2.9 billion in 1Q 2011.
Although Citi's residential production swooned, it booked a $532 million residential servicing gain in 1Q, an 80% improvement from 4Q.
The bank's Citi Holdings affiliate – which includes the remains of its subprime operation – lost $1 billion in 1Q. Citi has been trying to sell its consumer finance division – recently rebranded as One Main Financial – but with no luck.
