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Fannie Cites Another Record Quarter

Portfolio, however, drops slightly

July 16, 2003

By MortgageDaily.com staff

Secondary lending giant Fannie Mae reported a drop in its mortgage portfolio during the second quarter 2003.

According to the company's latest earnings statement, the portfolio shrank at an annualized rate of 1.7 percent during the last three months, closing at $812.47 billion June 30, 2003.

Timothy Howard, vice chairman and chief financial officer for Fannie, commented in the statement that the decline was a result of purchasing discipline. He said the company expects accelerated portfolio growth during the rest of the year as favorably purchased commitments settle.

According to the statement, business volume hit a record $410.5 billion during the quarter, trampling the prior quarter's $336 billion. Mortgage purchases comprised $128.0 billion of the total, down slightly from the $132 billion reported in the prior quarter but up more than double over second quarter 2002, the statement said.

Franklin D. Raines, chairman and chief executive officer said in the statement, "With interest rates at their lowest levels in 45 years, the efficiency of our business model enabled us to finance a truly extraordinary volume of mortgage product."

Mortgage backed securities aquired by others totaled $282.5 billion for the quarter, up from first quarter's $204.0 billion, according to the statement.

"The quality and liquidity of our mortgage-backed securities have proven to be invaluable in this environment," Raines said in the statement. "We anticipate that these loans will generate profitable revenues for us for many years to come."

Retained commitments totaled $190.7 billion for second quarter 2003, up significantly from the $115.9 billion reported for the first quarter this year, the statement said. Outstanding portfolio commitments more than doubled, totaling $134.6 billion at the end of June, compared to $73.4 billion at the end of March, 2003.

Fannie reported net income for the quarter at $1.1 billion, an almost 25 percent drop from the second quarter of 2002. Net interest income was reportedly $3.5 billion.

The lending giant's combined book of business closed the quarter at $2.05 trillion, reflecting an annualized growth rate of 29 percent, the statement said.

The ratio of liquid assets to total assets was reported at 7.5 percent, up from the prior quarter's 6.7 percent.

Fannie's duration gap for June averaged negative one. The company's conventional single-family deliquency rate was 0.55 percent.

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