Secondary activity at the Federal National Mortgage Association declined to the lowest level in more than five years, as did the delinquency rate.
The mortgage behemoth reported new business acquisitions of $29.331 billion during February.
Activity slipped from the previous month, when Fannie Mae’s volume came in at $30.734 billion.
Secondary volume at Fannie Mae sank compared to February 2013, when new business acquisitions were $80.179 billion.
In fact, new business hasn’t been this slow since January 2009, when the total was $28.829 billion.
In the first two months of 2014, new business acquisitions amounted to $60.065 billion.
The massive total book of business contracted in February to $3.1517 trillion from $3.1553 trillion as of Jan. 31. As of the same date last year, the book of business stood at $3.1811 trillion.
The Feb. 28, 2014, book reflected a gross mortgage portfolio of $0.4714 trillion and $2.6803 trillion in outstanding mortgage-backed securities and other guarantees.
At 2.27 percent, 90-day delinquency on conventional single-family loans was lower than any month since November 2008, when the rate was 2.13 percent.
The last time that Fannie’s serious delinquency moved higher was in February 2010, when the rate was 5.59 percent.
The 90-day rate was 2.33 percent in January of this year and 3.13 percent in February of last year.
Multifamily delinquency of at least 60 days inched up to 0.11 percent last month from 0.10 percent in January.
Still, delinquency on apartment loans has tumbled compared to 0.41 percent in February 2013.
