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Home | Daily Dose | Fannie Mae Reports Decline in Business
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Fannie Mae Reports Decline in Business

fanniemae

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.

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About Author: Tory Barringer

Tory Barringer
Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington's student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News' sister publication, MReport, which focuses on mortgage banking news.

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