Serious delinquencies on single-family properties are up for Fannie Mae, rising 1.01 percent in September alone. According to the government-sponsored enterprise’s September 2017 Monthly Report—released today—that’s the highest serious delinquency rate since May.
Rates of serious delinquency have wavered since September 2016. Starting at 1.24 percent and, at one point, dropping as low as 0.99 percent in August. Though September 2017’s delinquency share marked a slight uptick over the last few months, it’s gone down significantly since the start of the year. January 2017 marked a 1.20 percent rate of serious delinquency on single-family loans.
Delinquencies on multi-family properties actually declined for the month, dipping 0.03 percent in September. That’s the lowest delinquency rate in the last 12 months. One year ago, serious delinquency rates on multi-family loans sat at 0.07 percent.
As of the close of September, Fannie’s book of business had increased at an annualized rate of 2.7 percent, down from August’s growth rate of 3.9 percent. In total, its total book of business sits at $3.195 trillion.
Fannie’s mortgage portfolio closed out September at $245 billion, up slightly from August’s $244 billion but down from September 2016’s $306 billion. The portfolio is comprised of $185 billion in mortgage loans and $53 billion in mortgage-backed securities. The GSE completed just over 6,000 loan modifications in September.
Fannie Mae was also in the news recently s it released updates to its Day 1 Certainty platform. The updates include a Single Source Validation feature, a new API, and a Servicing Marketplace to connect services and sellers during servicing transfers.
Timothy J. Mayopolous, President and CEO of Fannie Mae, said the updated platform would “make the mortgage process faster, less expensive, and easier for everyone.”