Fannie Mae posted a five percent decline in completed loan modifications in November according to the agency’s Monthly Summary report for November 2013 while delinquency rates continued to decline.
Fannie Mae completed a total of 12,338 loan modifications in November, down from 13,006 loan modifications in October. So far this year Fannie Mae has completed 146,192 loan modifications for an average of 13,290 completed modifications per month. In 2012, Fannie Mae completed a 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 2.44 percent from 2.48 percent in October. 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 3.30 percent and has either declined or remained unchanged from the previous month since November of 2010.
The last time delinquency rates for single-family homes were that low was in December of 2008 when the delinquency rate stood at 2.42 percent.
Delinquency rates for multi-family dwellings fell from 0.13 percent in October to 0.11 percent in November. The delinquency rate for multi-family dwellings in November 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 19.8 percent in November as their Gross Mortgage Portfolio decreased from $505.8 billion in October to $495.7 billion in November. Fannie Mae’s Book of Business increased at a compounded annualized rate of 0.1 percent in November to $3.166 trillion.
A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $632.5 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