|Fannie’s Business Climbs
$145.6 billion business volume during September
October 17, 2003
By MortgageDaily.com staff
|One of the country’s secondary mortgage lenders reported record-breaking business volume last month and a tripled third quarter net income.
Fannie Mae reported business volume at a record $145.6 billion for September, which increased from the prior month’s $138.0 billion. This month’s figures almost doubled the $78.3 billion reported a year ago.
The business volume was made up of a record $98.8 billion in portfolio purchases and $46.8 billion in mortgage backed securities (MBS) acquired by others. A high amount of outstanding commitments settled during the month helped portfolio purchases peak, reported the government sponsored enterprise.
Year-to-date business volume reportedly totaled $1.2 trillion.
Gross balance mortgages of $0.9 trillion and outstanding MBS of $1.2 trillion made up the $2.1 trillion for the book of business, according to Fannie.
The average duration gap came in at +1, compared to +4 a month ago.
Furthermore, Fannie reported third quarter net income rose to $2.7 billion, a 168% leap from the 2002 third quarter.
So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...