Today, we released our Q3 2023 financial results and filed our Form 10-Q for the quarter ended September 30, 2023 with the SEC. Below are some highlights from our filing.

Key Multifamily Metrics


Q3 2023

Q2 2023

Net Interest Income ($ millions)



Net Income ($ millions)



New Business Volume ($ billions)



Guaranty Book of Business ($ billions)

(as of quarter end)



Serious Delinquency Rate

(as of quarter end)



Other Multifamily Highlights

  • Multifamily financed approximately 159,000 units of multifamily rental housing in the third quarter of 2023, a significant majority of which were affordable to households earning at or below 120% of area median income, providing support for both workforce and affordable housing.
  • Multifamily revenue for the third quarter of 2023 was driven by $1.1 billion in net interest income. Over 75% of our multifamily net interest income in the third quarter of 2023 was derived from guaranty fee income, which continued to provide a stable driver of earnings for the business.
  • Multifamily’s net income was $674 million in the third quarter of 2023, compared to $600 million in the second quarter of 2023.
  • The overall credit profile of our multifamily book remained strong, with a weighted-average original loan-to-value ratio of 64 percent and a weighted-average debt service coverage ratio of 2.1 times. However, our multifamily seniors housing loans, especially those that are adjustable-rate mortgages, remain stressed. We recorded an $84 million provision for multifamily credit losses in the third quarter on our multifamily book, primarily due to rising actual and projected interest rates, partially offset by a benefit from other actual and projected economic data.
  • The multifamily serious delinquency rate increased to 0.54% as of September 30, 2023 compared with 0.37% as of June 30, 2023, largely driven by seniors housing portfolios. We expect that our multifamily serious delinquency rate may decrease as we complete loan workouts, which may resolve their delinquency, or, if an appropriate workout cannot be achieved, the loans are foreclosed upon.
  • We completed one MCIRT™ transaction in the first nine months of 2023. As of September 30, 2023, a portion of the credit risk on approximately 25% of our multifamily guaranty book was covered by a back-end credit risk transfer transaction.

Company Highlights

  • Fannie Mae reported net income of $4.7 billion for the third quarter of 2023. 
  • Net income decreased $295 million in the third quarter of 2023 compared with the second quarter of 2023, primarily driven by a decrease in benefit for credit losses, partially offset by an increase in fair value gains.
  • Fannie Mae’s net worth increased to $73.7 billion as of September 30, 2023 from $69.0 billion as of June 30, 2023.
  • Fannie Mae provided $106 billion in liquidity to the mortgage market in the third quarter of 2023, helping borrowers and renters across the country to own or rent a home through the financing of approximately 428,000 home purchases, refinancings, and rental units.


In this release, the company has presented forward-looking statements regarding the credit performance of the loans in the company’s guaranty book of business. Actual outcomes could be materially different from what is set forth in these forward-looking statements due to a variety of factors, including those described in “Forward-Looking Statements” in the company’s quarterly report on Form 10-Q for the quarter ended September 30, 2023 and in “Forward-Looking Statements” and “Risk Factors” in the company’s annual report on Form 10-K for the year ended December 31, 2022.