Loan acquisitions by Fannie Mae fell 5.7% in June after edging up nearly 1% in the previous month, which indicates the fall off in refinancings was just beginning to impact the secondary market agency’s business in June.
Fannie reported late Wednesday that it acquired $72.6 billion in loans from lenders in June, down from $78 billion in May.
Fannie’s monthly report shows that it issued $67.4 billion in mortgage-backed securities in June, down 9% from May.
It also shows the GSE has reduced its giant mortgage portfolio by 16% over the past 12 months. Fannie held $565.2 billion in various mortgage assets as of June 30. And it is under orders from its regulator to reduce its investment portfolio by 15% a year.
Meanwhile, the serious delinquency rate on Fannie’s single-family loan portfolio fell 6 basis points month-over-month. The percentage of Fannie-guaranteed loans 90 days or more past due fell to 2.77% in June.
