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Business Slows at Fannie

New business acquisitions down 11% in March

May 1, 2013

By Mortgage Daily staff

It was the slowest month for new business at the Federal National Mortgage Association in eight months. The good news, however, is that home-loan delinquency fell again and stands at the lowest level in more than four years.

The Washington, D.C.-based company reported that new business acquisitions totaled $71.448 billion in March. The number reflects loans that were recently originated by primary mortgage bankers then acquired or guaranteed by Fannie Mae. The process frees up lending resources --enabling lenders to make more mortgages.

It was the slowest month since June 2012, when secondary activity at Fannie Mae amounted to $70.572 billion.

The operational data indicated that business totaled $80.179 billion in February of this year and $95.310 billion in March of last year.

On a quarterly basis, new business acquisitions were $240.043 billion during the first three months of 2013. Activity was off from the final three months of 2012, when volume was $250.5 billion. But Fannie managed to improve on its performance from the year-earlier period, when business totaled $221.4 billion.

Fannie's book of business fell in March to $3.1772 trillion from $3.1811 trillion as of the end of the previous month. As of the same date last year, the book of business was $3.2037 trillion.

The latest total included a gross mortgage portfolio of $0.5978 trillion and $2.5794 trillion in Fannie Mae mortgage-backed securities and other guarantees that are outstanding.

Fannie reported that its residential 90-day delinquency rate fell 11 basis points from February to 3.02 percent -- its lowest level since the rate was 2.96 percent in February 2009.

There hasn't been an increase in the delinquency rate since February 2010, when it was 5.59 percent

As of March 31, 2012, the residential delinquency rate was 3.67 percent.

On the commercial real estate side, multifamily delinquency of at least 60 days was down 2 BPS to 0.39 percent. The rate was 2 BPS higher, however, than at the same point last year.

Fannie Mae profile

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