Fannie Mae Loan Modifications Dip in April

The number of loan modifications completed by Fannie Mae dipped slightly in April but overall remained near the same levels seen over the past year according to the agency’s Monthly Summary report for April 2013.

In April, Fannie Mae completed 13,741 loan modifications, down from 14,025 loan modifications in March. So far this year Fannie Mae has completed 56,894 loan modifications for an average of 14,223 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 below the three percent mark for the first time since February of 2009, falling from 3.02 percent in March to 2.93 percent in April.

A year ago, Fannie Mae’s delinquency rate was 3.63 percent and has either declined or remained unchanged from the previous month since April of 2010.

Delinquency rates for multi-family dwellings declined for the second consecutive month, falling from 0.39 percent in March to 0.36 percent in April. The delinquency rate for multi-family dwellings in April of 2012 was 0.35 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 18.0 percent in April as their Gross Mortgage Portfolio decreased from $597.8 billion in March to $588.0 billion in April. Fannie Mae’s Book of Business increased at a compounded annualized rate of 0.2 percent in April to $3.178 trillion.

A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $683.2 billion and their Book of Business stood at $3.182 trillion.

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

Source:
Fannie Mae

Reported by Jeff Alan