Record Business Volume at Fannie
$95.6 Billion November Business Volume
Published: December 16, 2002
By: MortgageDaily.com staff
Fannie Mae announced its November monthly summary on Friday, reporting record business volume at Fannie and marking the highest monthly total in the company’s history.
The secondary mortgage giant logged almost $95.6 billion in November business volume, slightly above October’s $95.1 billion. In November 2001, Fannie reported $61.3 billion in volume, underscoring a steep year-over-year increase.
Year-to-date, the government-sponsored housing enterprise’s business volume stood at $735.1 billion.
Book of business and portfolio growth
Fannie’s book of business rose to $1.779 trillion, up from October’s $1.769 trillion, reflecting a 15.1% growth rate. In November of the prior year, the figure stood at $1.538 trillion.
The company’s gross mortgage portfolio expanded to $760.8 billion from October’s $751.3 billion, a 16% growth rate.
Voluntary SEC registration and duration gap
As part of its “Seventh Voluntary Initiative,” Fannie Mae said it will voluntarily register its common stock with the Securities and Exchange Commission in 2003. This step will require the company to file financial disclosures with the SEC under the Securities Exchange Act of 1934 on a permanent basis.
Fannie also reported that its portfolio duration gap moved further within its targeted range at +2, signalling tighter control of interest-rate risk alongside its record business volume.
