It has been nearly a decade since annual secondary marketing activity at the Federal National Mortgage Association has been this strong. On a monthly basis, however, business sank. Home-loan delinquency remains at the lowest level in nearly four years.
December’s new business acquisitions totaled $71.906 billion, the slowest month since June’s $70.572 billion, according to operational data reported by the Washington, D.C.-based company.
Fannie Mae’s volume was $99.230 billion a month earlier and $79.907 billion a year earlier.
New business acquisitions totaled $250.491 billion during the three months ended Dec. 31, 2012, not much different than the $251.934 billion in secondary activity during the third quarter. It was better, though, than $207.442 billion in the fourth-quarter 2011.
Full-year 2012 business totaled $918.414 billion, a big improvement over 2011 when new business acquisitions amounted to $652.848 billion.
The last time annual volume was this strong was during the great refinance wave of 2003, when Fannie’s business skyrocketed to $1.4211 trillion.
With its $3.1904 trillion book of business, Fannie trimmed its portfolio from $3.2036 trillion as of Nov. 30 but grew it from $3.1845 trillion at the end of 2011.
The year-end 2012 total included $2.5573 trillion in outstanding mortgage-backed securities and an $0.6331 trillion gross mortgage portfolio.
Residential delinquency of at least 90 days eased to 3.29 percent — the lowest level since March 2009’s rate of 3.15 percent. Late payments haven’t worsened since February 2010, when the rate of past-due payments was 5.59 percent.
Delinquency was 3.30 percent in November 2012 and 3.91 percent in December 2011.
Multifamily delinquency of at least 60 days slipped to 0.24 percent from the prior month’s 0.25 percent and declined from the prior year’s 0.59 percent.
