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Fannie Credit Scores, LTVs Ease Over Past 3 Years

3Q earnings report released

Nov. 7, 2013

By Mortgage Daily staff


The latest earnings report from the Federal National Mortgage Association indicates that the company was profitable again. Over the past three years, average credit scores on new business have fallen 8 points, while average loan-to-value ratios have jumped 7 percentage points.

Fannie Mae said in its third-quarter earnings report it was responsible for 48 percent of all single-family mortgage-related issuances in the third quarter.

Market share at the government-controlled enterprise climbed from 45 percent in the previous period but fell from 52 percent year-earlier period.

Weighted-average credit scores on loans purchased by Fannie have fallen to 754 this year from 762 in 2010.

Weighted-average LTV ratios, meanwhile, have risen from 68 percent to 75 percent during the same period.

Net income at the Washington, D.C.-based firm was positive for the seventh consecutive quarter.

Income before taxes declined to $10.1 billion from $12.1 billion in the second quarter but improved significantly from $1.8 billion in the third-quarter 2012.

Through Sept. 30, Fannie has received Treasury draws totaling $116.1 billion, while dividends paid to the Treasury amounted to $105.3 billion.

No Treasury draws have been made since the first-quarter 2012.

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