Fannie Mae Completes 17k Loan Modifications in July

September 1, 2011 (Brian Michael)

Fannie Mae reports that the monthly delinquency rate for single-family homes in its mortgage portfolio remained unchanged in July at 4.08 percent according to its Monthly Summary for July 2011. A year ago, Fannie Mae’s delinquency rate was 4.82 percent and with the exception of July, has improved every month since.

The total amount of loan modifications made by mortgage servicers of Fannie Mae-backed loans in July was 17,540, slightly higher than the 17,246 loan modifications completed in June. For the first seven months of the year Fannie Mae has completed a total of 118,919 loan modifications, an average of 16,988 per month.

Delinquency rates for multi-family dwellings continued to improve as the delinquency rate dropped to 0.45 percent in July 2011, down from 0.46 percent in June. The delinquency rate for multi-family dwellings in July of 2010 was 0.74 percent.

Single-family delinquencies are based on the number of mortgages 90 days or more delinquent or in foreclosure as of period end while multifamily delinquencies are based on the unpaid principal balance of mortgages 60 days or more delinquent or in foreclosure as of period end.

Fannie Mae’s total mortgage portfolio decreased at a compounded annualized rate of 12.9 percent in July as their Gross Mortgage Portfolio decreased from $731.8 billion in June to $728.0 billion. Fannie Mae’s Book of Business decreased at a compounded annualized rate of 3.4 percent in July to $3.097 trillion.

A year ago, Fannie Mae’s Gross Mortgage Portfolio stood at $812.0 billion and their Book of Business stood at $3.099 trillion.

Tags: Fannie Mae, Monthly Summary Report, single-family homes, delinquency rates, multi-family dwellings, mortgage portfolio, loan modifications

Source:
Fannie Mae
LoanRateUpdate.com