It’s been at least 13 years since secondary activity at the Federal National Mortgage Association has been this weak. But more than five years have passed since loan performance has been this strong.
Fannie Mae generated $26.539 billion in new business acquisitions during March, monthly operational data indicate.
It was the worst month for the Washington, D.C.-based company since at least 2000 based on the oldest available data maintained by Mortgage Daily.
Business volume totaled $29.331 billion a month earlier and $71.448 billion a year earlier.
From Jan. 1 through March 31 of this year, activity amounted to $86.604 billion, slumping from $131.0 billion in the fourth-quarter 2013 and $240 billion in the first quarter of last year.
Fannie’s total book of business was cut to $3.1470 trillion as of March 31 from $3.1517 trillion one month prior. The portfolio stood at $3.1772 trillion one year prior.
The total was comprised of an $0.4677 trillion gross mortgage portfolio and $2.6793 trillion in outstanding mortgage-backed securities and other guarantees.
Moving along to loan performance, 90-day residential delinquency fell to 2.19 percent — the lowest rate since it was 2.13 percent in November 2008.
There has not been an increase in the level of serious delinquency since February 2010, when the rate was 5.59 percent.
Delinquency was 2.27 percent in February 2014 and 3.02 percent in March 2013.
Finally, multifamily delinquency of at least 60 days slipped 1 basis point from February to 0.10 percent and has improved 29 BPS on a year-over-year basis.
