Fannie Mae purchased $62 billion of mortgages from its seller/servicers in February, its weakest monthly acquisition volume in four months.
February marks the first full month that Fannie's volume mostly excluded mortgages originated by Bank of America. In late January the two parted ways as strategic partners over disagreements on loan buybacks.
B of A is now selling more of its production to Fannie's cross-town rival, Freddie Mac.
In February Freddie purchased $38 billion of loans, a 10% improvement over January. Fannie's acquisitions fell 3% during the month.
In years past B of A was one of Fannie's biggest customers -- until buyback disputes came between the two. But most of the claims have involved “legacy” loans originated by Countrywide Financial Corp., which BofA bought in August 2008.
According to new figures released by the GSE, Fannie saw its delinquencies fall to 3.82% at the end of February, compared to 3.9% in January. A year ago, Feb. 2011, Fannie's delinquency rate was much higher at 4.44%.
