Fannie Mae's retained portfolio dropped below the $800 billion mark in July, after the company shed nearly $20 billion in assets.Last summer the congressionally chartered mortgage giant held nearly $900 billion in mortgage assets on its books. In an effort to bolster cash reserves, Fannie has been actively selling loans out of its retained portfolio. However, the company -- which is undergoing a massive earnings restatement -- out-purchased its cross-town rival, Freddie Mac, for the second month in a row. In July, Fannie acquired $52.5 billion in mortgages to Freddie's $41.8 billion. In April and May Freddie out-purchased Fannie, something it had not done for years. Fannie Mae also reported that the ARM share of conventional mortgage applications fell by nearly 2% in July to 29.9%, the lowest monthly average share for adjustable-rate mortgages since March of 2004.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
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The tool will provide helpful HELOC-related information to customer support staff to streamline the application process, Figure said Thursday.
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The five states with the lowest property taxes have an average effective real-estate tax rate of 0.44%.
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