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16th Consecutive Month of Lower Delinquency for Fannie

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Mortgage Daily

                                                 July 30, 2011

Despite a bump in monthly secondary volume at Fannie Mae, quarterly business sank. The rate of late payments on residential loans, however, has improved each of the past 16 months, while apartment delinquency has fallen seven months in a row.

The volume of new business acquisitions climbed to $41.4 billion during June, the Washington, D.C.-based company reported Friday. Secondary activity was $36.1 billion in May.

But volume was well short of $59.8 billion in June 2010.

On a quarterly basis, volume tumbled to $116.8 billion in the second quarter from $189.5 billion in the first quarter and $231.5 billion in the second-quarter 2010.

Year-to-date volume of $306.3 billion included $10.3 billion in multifamily issuances.

Secondary activity left Fannie’s total book of business at $3.2014 trillion as of June 30, lower than $3.2041 trillion at the end of the previous month. The balance was also less than $3.2196 trillion at the same point last year.

Included in the latest total was an investment portfolio of $0.7318 trillion and $2.4696 trillion in outstanding mortgage-backed securities.

The news was good for delinquency. Fannie said that the 90-day residential rate fell to 4.08 last month from May’s 4.14 percent. Delinquency was 4.99 percent in June 2010.

In fact, delinquency has declined each month since February 2010 — when 5.59 percent of loans were in default.

Multifamily delinquency of at least 60 days fell to 0.46 percent in June from 0.52 percent a month earlier and 0.80 percent a year earlier. Multifamily defaults have been down each month since November 2010’s 0.72 percent.

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