Fannie Mae Loan Modifications Fall in June

The number of completed loan modification by Fannie Mae fell slightly from May to June, but overall, completions are on pace to match last year’s tally according to the agency’s Monthly Summary report for June 2013.

In June, Fannie Mae completed 12,967 loan modifications, down from 13,650 loan modifications in June. So far this year Fannie Mae has completed 83,511 loan modifications for an average of 13,919 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 2.77 percent from 2.83 percent in May. 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 3.53 percent and has either declined or remained unchanged from the previous month since June of 2010.

Delinquency rates for multi-family dwellings declined for the fourth consecutive month, falling from 0.30 percent in June to 0.28 percent in June. The delinquency rate for multi-family dwellings in June of 2012 was 0.29 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 18.4 percent in June as their Gross Mortgage Portfolio decreased from $574.9 billion in May to $565.2 billion in June. Fannie Mae’s Book of Business decreased at a compounded annualized rate of 1.9 percent in June to $3.178 trillion.

A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $672.8 billion and their Book of Business stood at $3.183 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