One of the country's secondary mortgage lenders reported record-breaking business volume last month and a tripled third quarter net income.
Fannie Mae reported business volume at a record $145.6 billion for September, which increased from the prior month's $138.0 billion. This month's figures almost doubled the $78.3 billion reported a year ago.
The business volume was made up of a record $98.8 billion in portfolio purchases and $46.8 billion in mortgage backed securities (MBS) acquired by others. A high amount of outstanding commitments settled during the month helped portfolio purchases peak, reported the government sponsored enterprise.
Year-to-date business volume reportedly totaled $1.2 trillion.
Gross balance mortgages of $0.9 trillion and outstanding MBS of $1.2 trillion made up the $2.1 trillion for the book of business, according to Fannie.
The average duration gap came in at +1, compared to +4 a month ago.
Furthermore, Fannie reported third quarter net income rose to $2.7 billion, a 168% leap from the 2002 third quarter.