Fannie Mae Loan Modifications Drop

The number of loan modifications completed by Fannie Mae fell by over fifteen percent in September according to the agency’s Monthly Summary report for September 2013.

Fannie Mae completed a total of 11,676 loan modifications in September, down from 13,791 loan modifications in August. So far this year Fannie Mae has completed 120,848 loan modifications for an average of 13,427 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 to 2.55 percent from 2.61 percent in August. In April, the delinquency rate fell below three percent for the first time since February of 2009.

A year ago, Fannie Mae’s delinquency rate was 3.41 percent and has either declined or remained unchanged from the previous month since September of 2010.

Delinquency rates for multi-family dwellings remained unchanged from August at 0.18 percent. The delinquency rate for multi-family dwellings in September of 2012 was 0.28 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 29.1 percent in September as their Gross Mortgage Portfolio decreased from $531.3 billion in August to $516.2 billion in September. Fannie Mae’s Book of Business decreased at a compounded annualized rate of 1.3 percent in September to $3.164 trillion.

A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $654.3 billion and their Book of Business stood at $3.193 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