Fannie Reports Higher Loan Purchases, Lower Delinquencies
The current refinancing wave–anchored by the government’s HARP program--is continuing to produce a high volume of secondary market purchases by Fannie Mae.
According to a new report, the GSE acquired just shy of $89 billion of loans from its sellers/servicers in September, topping the August number by $2.7 billion.
Over the previous 12 months, Fannie Mae has purchased $668 billion of loans from its customers, compared to $445 billion for the same period a year earlier.
The GSE also reported that it ended September with loan commitments to buy $76.5 billion of new mortgages, a sign that originations will stay strong until yearend.
Meanwhile, Fannie issued $85 billion of MBS in September, the highest reading since March when it sold $89 billion of mortgage bonds.
Also, the GSE’s serious default rate (90 days or more past due) fell to 3.41% in September down from 4% a year ago.