The next wave of servicing regulation is coming – Are you ready?

Join this webinar to learn what servicers need to know about recent and upcoming servicing compliance regulations and strategies experts are implementing to prepare for servicing regulatory audits.

In a purchase market, rookie LOs may struggle

Rookie LOs in 2020 could ride the refi wave and rack up a hefty monthly paycheck without Herculean effort. But these days, they'll have to sing for their supper.

Logan Mohtashami on trends in forbearance exits

In this episode of HousingWire Daily, Logan Mohtashami discusses several hot topics in the housing market, including recent trends in forbearance exits and future homebuyer demand in the midst of inventory shortages.

Natural disasters and forbearance: What borrowers and mortgage servicers need to know

With a rise in natural disasters, including wildfires, hurricanes, floods, tornadoes and mudslides. The mortgage industry needs to be proactive in examining programs to help borrowers recover.

InvestmentsMortgage

Citigroup’s third-quarter earnings don’t bode well for CitiMortgage

Total revenues drop from 2015

Citigroup’s earnings came in barely above last quarter and down from last year with revenues at $17.7 million in the third quarter. This is down 5% from last year’s $18.6 million and up 1% from last quarter’s $17.5 million.

The bank’s diluted net income per share remained unchanged from last quarter at $1.24, but decreased 8% from last year’s $1.36. Total net income decreased 4% from last quarter’s $3.9 million and is down 11% from last year’s $4.2 million to $3.8 million.

Mortgage originations increased 2% from last quarter’s $6.4 million to $6.5 million. This is down, however, by 13% from last year’s $7.5 million.

In fact, earnings from Citigroup's mortgage division decreased 9% from last quarter’s $16.4 million to $15 million in the third quarter. The drop is even more significant from last year at 30% from $21.4 million.

While Citigroup is struggling within its mortgage space, other banks such as Wells Fargo and JPMorgan Chase had strong mortgage origination numbers that even drove their overall revenue growth.

(Photo credit: TungCheung / Shutterstock.com)

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