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Fannie Mae (FNMA) serves as a pivotal player in the U.S. housing finance sector, facilitating affordable homeownership and rental options for millions of Americans. As a leading source of mortgage financing, Fannie Mae partners with lenders to offer sustainable home loans and rental housing. The company’s efforts ensure the availability of the 30-year fixed-rate mortgage, providing homeowners with stable and predictable payments over the life of the loan.
Fannie Mae's core mission is to advance equitable and sustainable access to quality housing. The company's recent highlights include the sale of non-performing loans aimed at reducing retained mortgage portfolios and community impact initiatives like the Community Impact Pool (CIP). These initiatives are designed to benefit non-profit organizations, minority- and women-owned businesses, and smaller investors.
Fannie Mae actively engages in reperforming loan sales and continues to drive innovation in homebuying and renting solutions. The company's latest Home Price Index (FNM-HPI) reported a 7.4% year-over-year increase in Q1 2024, reflecting the ongoing demand and supply dynamics in the housing market. Fannie Mae's economic forecasts suggest a modest rise in home sales for 2024, despite higher mortgage rates.
The company also launched fixed-price cash tender offers for Connecticut Avenue Securities® Notes, demonstrating its proactive approach to financial management. Fannie Mae is committed to maintaining transparency with stakeholders, regularly updating its financial results and hosting informative conference calls.
Fannie Mae’s economic and strategic research group, recognized for its forecasting accuracy, continuously analyzes market trends to inform stakeholders and guide the company's strategic direction. Through responsible innovation and dedicated partnerships, Fannie Mae remains at the forefront of transforming the U.S. housing finance system.
Fannie Mae (OTCQB: FNMA) is reminding those affected by Hurricane Milton of available mortgage assistance and disaster relief options. Homeowners impacted by the hurricane can request mortgage assistance from their servicer, potentially reducing or suspending mortgage payments for up to 12 months through a forbearance plan. During this period, late fees are waived and foreclosure proceedings are suspended.
Mortgage servicers can offer a 90-day forbearance plan if they believe a home was affected by the disaster, even without homeowner contact. Fannie Mae offers free disaster recovery counseling at 855-HERE2HELP (855-437-3243), providing personalized support, needs assessment, and guidance for up to 18 months. Homeowners and renters can visit Fannie Mae's website for more information on disaster relief resources.
Fannie Mae (OTCQB: FNMA) has executed its sixth Credit Insurance Risk Transfer™ (CIRT™) transaction of 2024, CIRT 2024-H3, transferring $160.9 million of mortgage credit risk to private insurers and reinsurers. The covered loan pool consists of approximately 19,000 single-family mortgage loans with an outstanding unpaid principal balance (UPB) of about $6.4 billion.
Key details of CIRT 2024-H3 include:
- Loan-to-value (LTV) ratios of 80.01% to 97.00%
- Loans acquired between October 2023 and December 2023
- Fixed-rate, generally 30-year term, fully amortizing mortgages
- Fannie Mae retains risk for the first 185 basis points of loss
- 25 insurers and reinsurers cover the next 250 basis points of loss
- Maximum coverage of $160.9 million
- 18-year term based on actual losses
Since inception, Fannie Mae has acquired approximately $27.7 billion of insurance coverage on $928 billion of single-family loans through the CIRT program.
Fannie Mae has announced the winner of its twenty-fifth non-performing loan sale transaction. The deal, announced on September 10, 2024, involved the sale of 1,675 deeply delinquent loans with a total unpaid principal balance of $280.0 million. The winning bidder was VRMTG ACQ, (VWH Capital Management, LP), a Minority and Women-Owned Business.
The transaction is expected to close on November 22, 2024. The loan pool includes 1,675 loans with an average loan size of $167,172, a weighted average note rate of 3.88%, and a weighted average broker's price opinion loan-to-value ratio of 41%. The cover bid was 101.29% of UPB (41.35% of BPO).
Purchasers are required to honor any approved or in-process loss mitigation efforts and must offer delinquent borrowers a waterfall of loss mitigation options before initiating foreclosure.
Fannie Mae (OTCQB: FNMA) has announced the sale of reperforming loans as part of its strategy to reduce its retained mortgage portfolio. The sale includes approximately 8,721 loans with an unpaid principal balance of about $1.429 billion. Qualified bidders can register for the sale, which is being marketed in collaboration with Citigroup Global Markets, Inc. Bids are due on October 29, 2024.
The sale terms require buyers to offer loss mitigation options to borrowers who may re-default within five years after the sale closing. Purchasers must honor existing loss mitigation efforts and offer a waterfall of options, including loan modifications with potential principal forgiveness, before initiating foreclosure.
The Fannie Mae (OTCQB: FNMA) Home Purchase Sentiment Index® (HPSI) increased 1.8 points in September to 73.9, its highest level in over two years. A record 42% of consumers expect mortgage rates to decline in the next 12 months, up from 39% in August. However, a plurality also anticipates home prices to increase, potentially offsetting affordability improvements.
Only 19% of respondents believe it's a good time to buy a home, while 65% think it's a good time to sell. The HPSI is up 9.4 points year-over-year. Notably, renter sentiment has improved, with 20% now believing it's a good time to buy, up from 13% three months ago.
The net share of those expecting home prices to rise increased 3 percentage points to 16%. The net share expecting mortgage rates to decrease rose 2 percentage points to 15%, a second consecutive survey high.
Fannie Mae (OTCQB: FNMA) is reminding homeowners, renters, and mortgage servicers of disaster relief options available for those affected by Hurricane Helene. Homeowners facing hardship due to the hurricane are encouraged to contact their mortgage servicers to discuss relief options. Fannie Mae offers a disaster recovery counseling hotline at 855-HERE2HELP (855-437-3243).
Under Fannie Mae's guidelines, homeowners impacted by disasters may be eligible for:
- Mortgage payment reduction or suspension for up to 12 months through forbearance plans
- Suspension of late fees, foreclosures, and other legal proceedings
- 90-day forbearance plans offered by servicers if homeowner contact hasn't been established
- Post-forbearance options like Disaster Payment Deferral and Fannie Mae Flex Modification
Homeowners on COVID-19-related forbearance plans who are subsequently impacted by a disaster may still be eligible for assistance.
Fannie Mae (OTCQB: FNMA) has released its August 2024 Monthly Summary, providing key insights into the company's financial activities. The report encompasses important data on Fannie Mae's gross mortgage portfolio, mortgage-backed securities, and other guarantees. Additionally, it includes information on interest rate risk measures and serious delinquency rates. This comprehensive summary offers a detailed overview of both monthly and year-to-date activities, serving as an essential resource for investors and analysts tracking Fannie Mae's performance in the mortgage finance sector.
Fannie Mae's Economic and Strategic Research (ESR) Group forecasts existing home sales to hit a nearly 30-year low in 2024, despite lower mortgage rates and improved supply in some regions. The slowest pace since 1995 is expected due to home-purchase demand at current affordability levels. Regional variations in housing supply are creating divergent affordability conditions, with significant inventory increases in Sun Belt and Mountain West regions. The ESR Group predicts that mortgage rates will average 5.7% by the end of 2025.
Economic growth outlook remains mostly unchanged, with the economy likely shifting into a slower growth path. The Federal Reserve is expected to move towards a more neutral monetary policy stance as inflation approaches the 2% target. Real GDP growth is anticipated to remain subdued before returning to the long-term trend by late 2025.
Fannie Mae (OTCQB: FNMA) has priced its sixth and final Connecticut Avenue Securities® (CAS) REMIC® transaction of 2024, a $708 million note offering. This brings the total CAS issuance for the year to approximately $4.3 billion. The CAS Series 2024-R06 reference pool includes about 50,000 single-family mortgage loans with an outstanding unpaid principal balance of $16.6 billion.
The reference pool consists of fixed-rate, 30-year term mortgages with loan-to-value ratios of 60.01% to 80.00%, acquired between October and December 2023. Fannie Mae will retain portions of various tranches and the full first-loss tranches. The offering includes multiple classes with different pricing levels and expected ratings.
This transaction marks Fannie Mae's 67th CAS deal, bringing its total issuance to nearly $69 billion in notes, transferring credit risk on approximately $2.3 trillion in single-family mortgage loans.
Fannie Mae (OTCQB: FNMA) has announced the results of its thirty-second reperforming loan sale transaction. The deal, announced on August 13, 2024, involved the sale of 3,092 loans totaling $607,166,012 in unpaid principal balance (UPB). The winning bidders were Goldman Sachs Mortgage Company for Pool 1 and RCAF Loan Acquisition, LP for Pool 2. The transaction is expected to close by October 25, 2024.
Pool 1 consists of 2,254 loans with an aggregate UPB of $461,758,162, while Pool 2 includes 838 loans with an aggregate UPB of $145,407,850. The cover bids were 87.25% of UPB for Pool 1 and 87.00% of UPB for Pool 2. The sale requires buyers to offer loss mitigation options to borrowers who may re-default within five years and honor any approved or in-process loss mitigation efforts.
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