Fannie Mae purchased $86 billion of loans from its seller/servicers during August, up 12% from the month prior as refinancings continued to fuel a high level of activity in the primary market.
Fannie’s pipeline of newly originated loans (yet to be delivered) also continues to be strong. The GSE reported that at the start of August it had outstanding commitments to purchase of $82.3 billion.
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The government-controlled secondary market giant issued $80.6 billion of MBS in August, up nearly 11% from the prior month.
As part of its monthly activity report, the GSE tracks loan modifications, which have slowed considerably since last August when it had a 4.03% serious delinquency rate.
Fannie servicers completed 15,200 modifications in August, down 36% from a year ago. During the first eight months of the year servicers completed 108,620 loan restructurings, down 24% from the same period in 2011.
Meanwhile, the percentage of Fannie loans 90 days or more past due has fallen 59 basis points to 3.44% as of August 2012.
