Serious mortgage delinquency at 15-month high

Feb. 1, 2018

By Mortgage Daily staff

Despite three consecutive months of increases, annual secondary activity at the Federal National Mortgage Association retreated. Serious delinquency jumped to a 15-month high.

In its December 2017 Monthly Summary, the Washington-based secondary mortgage lender reported a total book of business of $3.2165 trillion

Fannie Mae's book of business was comprised of an $0.2308 trillion investment portfolio and $2.9857 trillion in outstanding mortgage-backed securities and other guarantees.

The overall total increased from $3.2054 trillion a month earlier and $3.1442 trillion a year earlier.

The report indicated that loans securitized between 2009 and 2017 accounted for 90 percent of its most-recent total book of business.

Fannie's new business acquisitions climbed to $53.018 billion from $48.006 billion in November and has been up each month since October. Date from eMBS indicate that business ascended again in January 2018.

But monthly new business acquisitions came up short versus the $61.671 billion in December 2016.

Full-year 2017 secondary activity fell to $569.616 billion from $637.425 billion in 2016.

Single-family delinquency of at least 90 days finished last year at 1.24 percent -- the highest it's been since it was also 1.24 percent in September 2016. The deterioration was likely due to the impact of last year's hurricanes.

Serious mortgage delinquency was 1.12 percent as of Nov. 30, 2017, and 1.20 percent as of Dec. 31, 2016.

At 0.11 percent, sixty-day multifamily delinquency was no different than the prior month but much worse than 0.05 percent a year prior.