Home / Daily Dose / Fannie Mae Reports Decline in Business
Print This Post Print This Post

Fannie Mae Reports Decline in Business

Fannie Mae reported further contraction in its book of business for February—the second this year and the third in as many months—as new business acquisitions dropped to a five-year low.

According to the enterprise’s monthly volume summary for February, business shrank at a compound annual rate of 1.4 percent, bringing the book’s total growth rate for the year to -2.4 percent.

As of the end of the month, the book’s total value was approximately $3.15 trillion.

The decline in business was accompanied by a slight dip in new acquisitions, which totaled $29.3 billion for the month. The last time new business acquisitions were that low was January 2009, when they totaled $28.8 billion.

Also down once again was the single-family serious delinquency rate, which ended the month at 2.27 percent—the lowest since November 2008. The multifamily delinquency rate, meanwhile, edged up 1 basis point to 0.11 percent.

Fannie completed 10,837 loan modifications in February, totaling 23,402 year-to-date.

x

Check Also

Castle Law Defendants Awarded $1.9M in Legal Fees

Discussing his clients’ victory, Larry Pozner, the lead defense attorney in the case, said, “How dare the state tell a law firm what quality it must hire or what sacrifices it should make to please the state. The clients were satisfied with the services they were receiving.”

GET YOUR DAILY DOSE OF DS NEWS

Featuring daily updates on foreclosure, REO, and the secondary market, DS News has the timely and relevant content you need to stay at the top of your game. Get each day’s most important default servicing news and market information delivered directly to your inbox, complimentary, when you subscribe.