The number of loan modifications completed by Fannie Mae increased by over eleven percent in October according to the agency’s Monthly Summary report for October 2013 while single-family delinquency rates hit a five year low.
Fannie Mae completed a total of 13,006 loan modifications in October, up from 11,676 loan modifications in September. So far this year Fannie Mae has completed 133,854 loan modifications for an average of 13,385 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 2.48 percent from 2.55 percent in September. 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 3.35 percent and has either declined or remained unchanged from the previous month since October 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 0.18 percent in September to 0.13 percent in October. The delinquency rate for multi-family dwellings in October 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 23.6 percent in October as their Gross Mortgage Portfolio decreased from $516.2 billion in September to $504.8 billion in October. Fannie Mae’s Book of Business increased at a compounded annualized rate of 0.8 percent in October to $3.166 trillion.
A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $642.7 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
Reported by Jeff Alan