Fannie Mae’s loan modification activity dipped slightly again in March but still remained above the 14,000 mark while delinquency rates continued to improve according to the agency’s Monthly Summary report for March 2013.
In March, Fannie Mae completed 14,025 loan modifications, down slightly from 14,205 loan modifications in February. 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 3.02 percent from 3.13 percent the previous month. The last time Fannie Mae’s delinquency rate was that low was in Feburary of 2009 when the delinquency rate was 2.96 percent.
A year ago, Fannie Mae’s delinquency rate was 3.67 percent and has declined or remained unchanged from the previous month since March of 2010.
Delinquency rates for multi-family dwellings declined for the first time in three months, falling from 0.41 percent in February to 0.39 percent in March. The delinquency rate for multi-family dwellings in March of 2012 was 0.37 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 12.2 percent in March as their Gross Mortgage Portfolio decreased from $604.3 billion in February to $597.8 billion in March. Fannie Mae’s Book of Business declined at a compounded annualized rate of 1.5 percent in March to $3.177 trillion.
A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $691.7 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
Reported by Jeff Alan