Q2 2025 Multifamily Earnings Highlights
We released our Q2 2025 financial results and filed our Form 10-Q for the quarter ended June 30, 2025 with the SEC. Below are some highlights from our filing.
| Key Multifamily Metrics | ||
|---|---|---|
| Q2 2025 | Q2 2024 | |
| Net Interest Income ($ millions) | $1,163 | $1,172 |
| Net Income ($ millions) | $581 | $629 |
| New Business Volume ($ billions) | $17.4 | $9.3 |
Guaranty Book of Business ($ billions) (as of quarter end) | $510.8 | $480.1 |
Serious Delinquency Rate (as of quarter end) | 0.61% | 0.44% |
Other Multifamily Highlights
- Multifamily financed approximately 223,000 units of multifamily rental housing in the first half of 2025, an increase from approximately 161,000 units in the first half of 2024.
- New multifamily business volume was $17.4 billion in the second quarter of 2025, compared with $9.3 billion in the second quarter of 2024.
- Multifamily revenue of $1.2 billion in the second quarter of 2025 was almost completely net interest income. Nearly 80% of our multifamily net interest income in the second 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 $581 million in the second quarter of 2025 compared to $629 million in the second quarter of 2024. The decrease in net income compared with the second quarter of 2024 was primarily driven by higher non-interest expense, partially offset by a decrease in multifamily provision for credit losses.
- Our multifamily guaranty book of business grew to $510.8 billion as of June 30, 2025, a 6.4% increase from June 30, 2024.
- 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 June 30, 2025, unchanged from June 30, 2024.
- The multifamily serious delinquency rate increased to 0.61% as of June 30, 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 six months of 2025, we entered into two new multifamily credit risk transfer transactions through our Multifamily CIRT™ (MCIRT™) and Multifamily Connecticut Avenue Securities™ (MCAS™) programs. As of June 30, 2025, a portion of the credit risk on approximately 35% 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 $3.3 billion for the second quarter of 2025, compared to $4.5 billion for the second quarter of 2024.
- Fannie Mae’s net worth increased to $101.6 billion as of June 30, 2025.
- Fannie Mae provided $102 billion in liquidity to the mortgage market in the second quarter of 2025, which enabled the financing of approximately 381,000 home purchases, refinancings, and rental units.