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Delinquency at Fannie Falls to 2-Year Low

Mortgage News

Delinquency fell to the lowest level in more than two years at the Federal National Mortgage Association. Secondary activity, meanwhile, reached a six-month high.

During September, new business acquisitions at the government-controlled enterprise were $55.3 billion. Business picked up from August, when volume came in at $44.3 billion.

Acquisitions have not been this strong since March’s $57.8 billion based on operating statistics released Monday.

Secondary purchases, however, came up short versus the $79.5 billion reported for September 2010.

During the first nine months of 2011, new business acquisitions amounted to $445.4 billion.

On a quarterly basis, third-quarter volume totaled $139.1 billion, up from $116.8 billion in the prior period but below the $190.6 billion in activity during the same three-month period last year.

The total book of business at the Washington, D.C-based firm finished September at $3.1874 trillion, rising from $3.1870 trillion a month earlier. A year earlier, the balance was $3.2079 trillion.

The Sept. 30 figure reflected an $0.7222 trillion gross mortgage portfolio and $2.4652 trillion in outstanding mortgage-backed securities.

Fannie said that its 90-day residential delinquency rate fell 3 basis points from August to 4.00 percent. The last time delinquency was this low at Fannie was in June 2009, when the rate was 3.94 percent.

In September 2010, late payments on home loans were 4.56 percent.

The 60-day delinquency rate on multifamily mortgages jumped to 0.57 percent from 0.43 percent in August but was better than 0.65 percent in September 2010.

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