Fannie Mae has reported record earnings of $1.124 billion ($1.09 per share) for the third quarter,compared with $991.0 million ($0.94 per share) a year earlier. Taxable-equivalentrevenues totaled $1.98 billion, up 13% from a year earlier. Timothy Howard, Fannie Mae's executive vice presidentand chief financial officer, said the growth in taxable-equivalent revenues was due mainly to a $187.1 millionincrease in net interest income from the third quarter of 1999, which he attributed to a 15.2% increase in thecompany's average net mortgage balance. Mr. Howard pointed to a total of $45.7 billion in retained commitmentsfor Fannie Mae's mortgage portfolio in the third quarter, which he said was the highest since the second quarterof 1999. Fannie Mae said its portfolio grew at an annual rate of 15.6% in the third quarter, and its total bookof business (including net mortgage-backed securities outstanding) increased 8.3%. The company's credit-loss rate(credit losses as a percentage of total mortgages and MBS) held steady at 0.6 basis points, with $19.5 millionin credit-related losses. Fannie Mae's website address is http://www.fanniemae.com.
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The lender recorded a $59 million net loss in the fourth quarter, an 83% improvement from its third quarter performance.
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Initial analyses of Home Mortgage Disclosure Act data show UWM ahead in 2023 loan numbers and dollar volume, but Rocket's market share still looks competitive.
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Last year, the Raleigh, N.C.-based Integrated called off a deal to sell itself to MVB Financial after bank stocks took a hit in the aftermath of the regional bank failures. Capital hopes to expand its government-guaranteed lending with the transaction.
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The pending end of the program comes as over half of U.S. states have already ceased accepting new applicants for federal aid aimed to help struggling households with mortgage payments.
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But the 30-year fixed rate mortgage is still near 7%, and that remains the overhang on the housing market, Freddie Mac said.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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