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Ahead of its first quarter earnings report being released tomorrow, Fannie Mae has announced its Guaranty Book of Business increased at a compound annualized rate of 9.7% in March. Year-to-date earnings are up 7.7%.
The last time Fannie Mae saw growth like this was in August 2021 when it posted similar monthly results. One year ago, in March 2021, the agency saw 17.1% month-over-month growth.
Overall, Fannie Mae saw its retained mortgage portfolio activity increase 7.3%. Its purchase portfolio increased 22% to offset ongoing negative balances in sales and liquidations.
A bright spot of the report is a decline in delinquencies. The conventional single-family serious delinquency rate decreased 10 basis points to 1.01% in March. The multifamily serious delinquency rate decreased 2 basis points to 0.38% in March.
As of March 31, 2022, 0.5% of Fannie Mae’s single-family conventional guaranty book of business based on unpaid principal balance and loan count was in active forbearance, the vast majority of which were related to COVID-19. The agency reported 11% of these loans in forbearance (based on loan count) were current.