The total number of loan modifications completed by Fannie Mae increased from November to December but fell slightly short of 2012’s totals according to the agency’s Monthly Summary report for December 2013.
Fannie Mae completed a total of 13,815 loan modifications in December, up from 12,338 loan modifications in November. For all of 2013 Fannie Mae completed 160,007 loan modifications for an average of 13,334 completed modifications per month. In 2012, Fannie Mae completed a 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 2.38 percent from 2.44 percent in November. In April of 2013, the delinquency rate fell below three percent for the first time since February of 2009.
A year ago, Fannie Mae’s delinquency rate was 3.29 percent and has either declined or remained unchanged from the previous month since December of 2010.
The last time delinquency rates for single-family homes were that low was in November of 2008 when the delinquency rate stood at 2.13 percent.
Delinquency rates for multi-family dwellings fell from 0.11 percent in November to 0.10 percent in December. The delinquency rate for multi-family dwellings in December of 2012 was 0.24 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 11.4 percent in December as their Gross Mortgage Portfolio decreased from $495.7 billion in November to $490.7 billion in December. Fannie Mae’s Book of Business decreased at a compounded annualized rate of 0.4 percent in December to $3.165 trillion.
A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $633.1 billion and their Book of Business stood at $3.190 trillion.
Tags: Fannie Mae, Monthly Summary Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications
Reported by Jeff Alan