Multifamily Earnings Highlights
We released our Q1 2025 financial results and filed our Form 10-Q for the quarter ended March 31, 2025 with the SEC. Below are some highlights from our filing.
Key Multifamily Metrics | ||
Q1 2025 | Q1 2024 | |
Net Interest Income ($ millions) | $1,135 | $1,149 |
Net Income ($ millions) | $743 | $713 |
New Business Volume ($ billions) | $11.8 | $10.1 |
Guaranty Book of Business ($ billions) (as of quarter end) | $504.5 | $476.9 |
Serious Delinquency Rate (as of year end) | 0.63% | 0.44% |
Other Multifamily Highlights
- Multifamily financed approximately 93,000 units of multifamily rental housing in the first quarter of 2025.
- New multifamily business volume was $11.8 billion in the first quarter of 2025, compared with $10.1 billion in the first quarter of 2024.
- Multifamily revenue of $1.2 billion in the first quarter of 2025 was driven by $1.1 billion in net interest income. Over 80% of our multifamily net interest income in the first quarter of 2025 was derived from guaranty fee income, which continued to provide a stable driver of earnings for the business.
- Multifamily’s net income was $743 million in the first quarter of 2025 compared to $713 million in the first quarter of 2024. The increase in net income compared with the first quarter of 2024 was primarily driven by a decrease in multifamily provision for credit losses to a neutral provision, partially offset by a shift from other income to other expense.
- Our multifamily guaranty book of business had a weighted-average original loan-to-value ratio of 63% and a weighted-average debt service coverage ratio of 2.0 times as of March 31, 2025.
- The multifamily serious delinquency rate increased to 0.63% as of March 31, 2025 from 0.57% as of December 31, 2024. The new entrants to the seriously delinquent population consisted primarily of fixed-rate conventional loans.
- In the first quarter of 2025, we entered into one new multifamily credit risk transfer transaction through our Multifamily CIRT™ (MCIRT™) program. As of March 31, 2025, a portion of the credit risk on approximately 33% of our multifamily guaranty book of business was covered by a back-end credit risk transfer transaction.
Company Highlights
- Fannie Mae recognized net income of $3.7 billion for the first quarter of 2025, compared to $4.3 billion for the first quarter of 2024.
- Fannie Mae’s net worth increased to $98.3 billion as of March 31, 2025.
- Fannie Mae provided $76 billion in liquidity to the mortgage market in the first quarter of 2025, which enabled the financing of approximately 287,000 home purchases, refinancings, and rental units.