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Multifamily Earnings Highlights

We have released our third quarter 2022 financial results and filed our Form 10-Q for the quarter ended September 30, 2022 with the SEC. Below are some highlights from our filing.

Key Multifamily Metrics

 

Q3 2022

Q2 2022

New Business Volume ($ billions) ­1

$15.9

$18.7

Net Interest Income ($ millions)

$1,206

$1,235

Net Income ($ millions)

$739

$767

Guaranty Book of Business ($ billions)

$429

$426

Serious Delinquency Rate 2

0.26%

0.34%

Other Multifamily Highlights

  • Multifamily provided liquidity for approximately 143,000 units of multifamily housing in the third quarter of 2022, a significant majority of which were affordable to households earning at or below 120% of the median income in their area, providing support for both workforce housing and affordable housing.
  • Multifamily revenue was driven by $1,206 million in net interest income. Over 70% of our multifamily net interest income in the third quarter of 2022 was derived from guaranty fee income, which continued to provide a stable driver of earnings for the business.
  • In September 2022, we entered into a new credit risk transfer transaction, transferring mortgage credit risk through our MCIRT program. As of September 30, 2022, approximately 27% of our book is covered by a back-end credit risk transfer transaction.

 

Company Highlights

  • Fannie Mae reported net income of $2.4 billion for the third quarter of 2022 compared with $4.7 billion net income for the second quarter of 2022.  The decline was driven primarily by an increase in credit-related expense and a decrease in net interest income.
  • Fannie Mae’s net worth increased to $58.8 billion as of September 30, 2022.
  • Fannie Mae provided $580 billion in liquidity to the mortgage market in the first nine months of 2022, helping borrowers and renters across the country to own or rent a home through the financing of approximately 2.2 million home purchases, refinancings, and rental units.

 

1 During the first nine months of 2022 new multifamily business volume was $50.6 billion. FHFA established a 2022 multifamily volume cap of $78 billion, of which 50% must be mission-driven, focused on certain affordable and underserved market segments, and 25% affordable to residents earning 60% or less of area median income.
2 The multifamily serious delinquency rate excluding loans that have received a forbearance since the start of the pandemic was 0.04% as of September 30, 2022. Multifamily seriously delinquent loans are loans that are 60 days or more past due.