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Fannie's Annual Business and Earnings Increase

2016 single-family MBS issuance up 23%

Feb. 17, 2017

By Mortgage Daily staff

Income, mortgage-backed securities issuance and the book of business all grew last year at the Federal National Mortgage Association.

The Washington-based organization earned $18 billion before federal income taxes in 2016. Earnings grew from $16 billion a year earlier.

Fannie Mae revealed the results, in addition to other operational and financial metrics, as part of its fourth-quarter 2016 earnings report.

The report indicates that the secondary lender provided $637 billion in liquidity to the mortgage market last year -- financing 1.122 million single-family home purchases, 1.401 million single-family refinances and 0.724 million multifamily units.

Single-family issuance last year was $582.817 billion, more than $472.471 billion in 2015.

Fannie claims a 39 percent market share in 2016 for single-family MBS issuance. Ginnie Mae's share was 34 percent, Freddie Mac's share was 26 percent, and private-label securities made up 1 percent.

Fannie's book of business expanded to $3.1025 trillion as of the end of last year from $3.0660 trillion at the conclusion of the previous year. The 2016 total included $2.8556 trillion in single-family assets and $0.2469 trillion in multifamily assets.

The report indicated that Fannie's share of the $10.216 trillion in outstanding single-family outstanding as of Dec. 31, 2016, was 28 percent. The share was unchanged from 2015's $10.042 trillion in single-family loans.

The retained mortgage portfolio was reduced to $272.354 billion as of year-end 2016 from $345.103 billion as of Dec. 31, 2015. The latest total included $252.502 billion in single-family loans and mortgage-related securities and $19.852 billion in multifamily holdings.

In Fannie's commercial real estate business, there was $55.309 billion in new business volume last year, more than $42.342 billion in 2015.

Multifamily MBS issuance climbed to $55.020 billion in 2016 from $43.923 billion the previous year.

At the conclusion of of last year, there were $223.037 billion in multifamily MBS outstanding, more than $188.212 billion at the end of the prior year.

The biggest insurer of Fannie Mae loans at the close of of 2016 was Arch Capital Group LTD, which grew its share with its acquisition of United Guaranty Residential Insurance Co. Next was Radian Guaranty Inc., then Mortgage Guaranty Insurance Corp., Genworth Mortgage Insurance Corp. and Essent Guaranty Inc.

Fannie Mae Executive Vice President and Chief Financial Officer David Benson collected $3 million in total compensation last year -- more than any other company executive including Timothy Mayopoulos, who as president and chief executive officer earned just $0.6 million.

Including a planned $5.5 billion payment next month, Fannie will have made $159.9 billion in dividend payments to the Department of the Treasury since its 2008 bailout. Draws taken by the government-controlled enterprise total just $116.1 billion.

January closed out with 7,000 employees on staff.

Fannie Mae profile

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