GSE reveals latest financial results
Fannie Mae’s net income for 2024’s third quarter came in at $4 billion, a quarterly drop of $440 million spurred mainly by lower fair value gains and benefit for credit losses.
The government-sponsored enterprise (GSE) said Thursday that its net worth hit $90.5 billion by the end of the quarter as it provided $106 billion in liquidity for around 383,000 home purchases, refinancings, and rental units in Q3.
About half of the 231,000 single-family purchase loans acquired by Fannie during the quarter were for first-time homebuyers, while it also purchased about 50,000 single-family refinance loans in that spell.
On the multifamily side, meanwhile, Fannie financed about 103,000 rental housing units in Q3, with a “significant majority” of those affordable to households with an income at or below 120% of their area median.
Fannie recorded fair value gains of $52 million for the quarter, down from $447 million in Q2, while the benefit for credit losses was $27 million compared with $300 million the prior quarter. A $424 million provision for credit losses on the multifamily side, it said, largely offset a $451 million single-family benefit for credit losses.
Single-family conventional acquisition volume jumped during Q3, rising from $85.9 billion to $93.1 billion, and purchase acquisition volume increased from $74.5 billion to $80 billion.
Refinance acquisition volume was also up, hitting $13.1 billion in the third quarter compared with $11.4 billion in Q2.
Delinquency rates were marginally higher on both the single-family and multifamily sides. The single-family serious delinquency rate came in at 0.52% at the end of the quarter compared with 0.48% at the end of June, while the multifamily rate was 0.56%, up from 0.44% in the second quarter.
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