Fannie Mae Reports $5B Net Income For Q1 2021
Fannie Mae notched $5 billion in net income for the first quarter of 2021, compared to $4.6 billion for the fourth quarter of 2020.
"COVID-19 continues to present challenges and opportunities for homeowners and renters. We had another quarter of near-record mortgage volumes as many took advantage of low rates to refinance or purchase a home," said Hugh R. Frater, Fannie Mae's CEO. "In addition, more than two-thirds of the 1.3 million homeowners with Fannie Mae loans who entered forbearance have since exited, even as we continue to help others find solutions. I’m proud of our steady performance and continuing focus on helping homeowners and renters through uncertain times."
Additionally, the company implemented hedge accounting for Q1 2021, which improved its first quarter pretax income by approximately $1.2 billion. As of March 31, 2021, the company's net worth increased to $30.2 billion.
"Single-family conventional acquisition volume was $400 billion in the first quarter of 2021, a decrease of 6% compared with the record volume in the fourth quarter of 202," according to Fannie Mae.
"The $26 billion decrease was driven by a decrease in purchase volume largely due to seasonality, as typically fewer borrowers purchase homes in the first quarter of the year than in the fourth quarter. Refinance acquisition volume in the first quarter remained flat compared with the fourth quarter, while remaining at near-record levels. 9% of the company’s single-family conventional guaranty book of business as of March 31, 2021 was originated in 2021."
Click here to view Fannie Mae's full financial results for Q1 2021.
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