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Fannie Loans Outperform Market as New Business Jumps

$69.1 billion in November secondary activity

Dec. 30, 2011

By staff

Secondary activity at the Federal National Mortgage Association grew last month, and the agency is poised to exceed $0.6 trillion in annual activity. While some recent reports indicate that residential delinquency of similar severity has been on the rise, the rate of past-due payments at Fannie Mae has not increased in nearly two years.

The Washington, D.C.-based company reported $69.1 billion in new business acquisitions during November.

That was a healthy increase from $58.4 billion in October but not as good as the $77.7 billion a year earlier. Volume has expanded for four consecutive months.

With one month still left in 2011, secondary activity totaled $572.9 billion for the year.

The total book of business continued to diminish, ending November at $3.1774 trillion. The total was $3.1798 trillion a month earlier. Included in the Nov. 30 book of business was a gross mortgage portfolio of $0.7135 trillion and $2.4640 trillion in outstanding mortgage-backed securities.

The 90-day delinquency rate at Fannie was unchanged at 4.00 percent. In November 2010, the late-payment rate was 4.50 percent.

The last time residential delinquency increased at the government-controlled enterprise was in February 2010, when the rate climbed to 5.59 percent from 5.52 percent the prior month.

The positive trend at Fannie contrasts that of rival Freddie Mac, where 90-day delinquency has risen for three consecutive months and ended November at 3.57 percent.

Fannie's data also outperformed data from Standard & Poor's and Experian, which indicated 90-day delinquency on first mortgages was higher three months in a row and finished November at 2.17 percent.

Multifamily delinquency of at least 60 days at Fannie inched up 2 basis points from October to 0.60 percent. Past-due apartment loan payments fell from 0.72 percent in November 2010.

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