Fannie Mae Completes More Loan Mods in February, Delinquencies Fall

April 2, 2012 (Jeff Alan)

Fannie Mae completed 14,308 loan modifications under the federal government’s Home Affordable Modification Program (HAMP) in February, an increase of 4.5 percent over January according to its Monthly Summary for February 2012.

In January, Fannie Mae completed 13,660 loan modifications. 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 3.82 percent from 3.90 percent the previous month. The last time Fannie Mae’s delinquency rate was that low was in June of 2009.

A year ago, Fannie Mae’s delinquency rate was 4.44 percent and has either declined or remained unchanged from the previous month since February of 2010.

Delinquency rates for multi-family dwellings declined to 0.43 percent in February from 0.52 percent in January. The delinquency rate for multi-family dwellings in February of 2011 was 0.65 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 5.6 percent in February as their Gross Mortgage Portfolio decreased from $699.3 billion in January to $696.0 billion in February. Fannie Mae’s Book of Business declined at a compounded annualized rate of 0.4 percent in February to $3.180 trillion.

A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $766.4 billion and their Book of Business stood at $3.219 trillion.

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

Source:
Fannie Mae