Fannie Mae Completes 11k Loan Mods in May, Delinquencies Decline

July 3, 2012 (Jeff Alan)

Fannie Mae completed 11,611 loan modifications under the federal government’s Home Affordable Modification Program (HAMP) in May, a decline of 7.3 percent over April according to its Monthly Summary for May 2012.

In April, Fannie Mae completed 12,552 loan modifications. So far in 2012, Fannie Mae has completed 70,834 loan modifications for a monthly average of 14,167. For the entire year of 2011, Fannie Mae averaged 16,070 completed loan modifications per month.

The monthly delinquency rate for single-family homes in Fannie Mae’s mortgage portfolio declined to 3.57 percent from 3.63 percent the previous month. The last time Fannie Mae’s delinquency rate was that low was in May of 2009.

A year ago, Fannie Mae’s delinquency rate was 4.14 percent and has declined or remained unchanged from the previous month since May of 2010.

Delinquency rates for multi-family dwellings declined to 0.31 percent in May from 0.35 percent in April, the sixth consecutive month that the delinquency rate has fallen. The delinquency rate for multi-family dwellings in May of 2011 was 0.52 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 11.7 percent in May as their Gross Mortgage Portfolio decreased from $683.2 billion in April to $676.1 billion in May. Fannie Mae’s Book of Business increased at a compounded annualized rate of 1.0 percent in May to $3.184 trillion.

A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $737.9 billion and their Book of Business stood at $3.204 trillion.

Tags: Fannie Mae, Monthly Summary Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications

Source:
Fannie Mae