Fannie Mae’s loan modification activity was down slightly from the previous month but remained above last year’s monthly average while the delinquency rate fell to a four-year low according to the agency’s Monthly Summary report for February 2012.
In February, Fannie Mae completed 14,205 loan modifications, down slightly from 14,923 loan modifications in January. 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 3.13 percent from 3.18 percent the previous month. The last time Fannie Mae’s delinquency rate was that low was in March of 2009 when the delinquency rate was 3.15 percent.
A year ago, Fannie Mae’s delinquency rate was 3.82 percent and has declined or remained unchanged from the previous month since February of 2010.
Delinquency rates for multi-family dwellings increased for the second consecutive month, climbing from 0.35 percent in January to 0.41 percent in February. The delinquency rate for multi-family dwellings in February of 2012 was 0.43 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 27.2 percent in February as their Gross Mortgage Portfolio decreased from $620.5 billion in January to $604.3 billion in February. Fannie Mae’s Book of Business declined at a compounded annualized rate of 1.7 percent in February to $3.181 trillion.
A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $696.0 billion and their Book of Business stood at $3.180 trillion.
Tags: Fannie Mae, Monthly Summary Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications
Reported by Jeff Alan