Secondary mortgage giant Fannie Mae managed to eke out an increase in acquired business last month, but its book of business continued to decline.
May business volume was $45.3 billion, according to the monthly summary released today, up 0.1% from April but way off from $74.6 billion last year.
The Washington, D.C.-based enterprise saw its book of business decrease for the fifth consecutive month to $2.3 trillion. The book of business was comprised of a $0.8 trillion gross mortgage portfolio, the summary said, and $1.5 trillion in outstanding mortgage-backed securities.
Fannie's weighted average duration gap remained at a reported -1 during May.
Residential delinquency, reported on a one-month lag, fell two basis points from March to 0.57% in April.
Residential originations will reach an estimated $2.7 trillion this year, Fannie said in its announcement.