A boost in completed loan modifications put Fannie Mae back on track to match last year’s production according to the agency’s Monthly Summary report for August 2013.
In August, Fannie Mae completed 13,791 loan modifications, up from 11,870 loan modifications in July. So far this year Fannie Mae has completed 109,172 loan modifications for an average of 13,647 completed modifications per month. In 2012, Fannie Mae completed at total of 163,412 loan modifications for an average of 13,618 per month.
The monthly delinquency rate for single-family homes in Fannie Mae’s mortgage portfolio declined to 2.61 percent from 2.70 percent in July. In April, the delinquency rate fell below three percent for the first time since February of 2009.
A year ago, Fannie Mae’s delinquency rate was 3.44 percent and has either declined or remained unchanged from the previous month since August of 2010.
Delinquency rates for multi-family dwellings remained unchanged from July at 0.18 percent. The delinquency rate for multi-family dwellings in August of 2012 was 0.25 percent.
Single-family delinquencies are based on the number of mortgages 90 days or more delinquent or in foreclosure as of period end while multifamily delinquencies are based on the unpaid principal balance of mortgages 60 days or more delinquent or in foreclosure as of period end.
Fannie Mae’s total mortgage portfolio declined at a compounded annualized rate of 29.6 percent in August as their Gross Mortgage Portfolio decreased from $547.0 billion in July to $531.3 billion in August. Fannie Mae’s Book of Business decreased at a compounded annualized rate of 0.8 percent in August to $3.167 trillion.
A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $660.8 billion and their Book of Business stood at $3.192 trillion.
Tags: Fannie Mae, Monthly Summary Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications
Reported by Jeff Alan