Fannie Mae filed its first quarter financial results this morning and I'm pleased to report that it's another solid quarter for the company and Multifamily. Our filing highlights are below.
Together, we continue to be a leading source of financing and securitization for quality rental housing, while balancing risk and return -- in every market, for every income level, every day. I know we couldn't continue to achieve these results without you and I thank you for your business and continued partnership in serving the rental housing market.
Multifamily Business Highlights
- Multifamily finished the first quarter of 2017 with $431 million in net income, which was driven by $590 million in net interest income, primarily consisting of guaranty fee revenue. Our guaranty fee revenue continues to increase as the multifamily guaranty book of business grows and loans with higher guaranty fees become a larger part of our book.
- Multifamily provided financing for approximately 202,000 units of multifamily housing in the first quarter of 2017. Approximately 85% of the multifamily units we financed were affordable to families earning at or below 120% of the median income in their area, providing support for both workforce housing and affordable housing.
- Multifamily new business volume for 2017 totaled $17.4 billion, of which approximately 62% counted towards FHFA's 2017 multifamily volume cap.
- Credit performance of the book of business remained strong in the quarter. The serious delinquency rate stayed flat at 5 bps and the number of multifamily foreclosed properties held for sale remained low at 13 properties as of March 31, 2017.
- Fannie Mae reported net income of $2.8 billion and comprehensive income of $2.8 billion for the quarter.
- Fannie Mae expects to pay $2.8 billion in dividends to Treasury in June 2017. With the expected June 2017 dividend payment, Fannie Mae will have paid a total of $162.7 billion in dividends to Treasury.
- Fannie Mae was the largest provider of liquidity to the mortgage market in the first quarter of 2017, providing approximately $136 billion in mortgage financing that enabled families to buy, refinance, or rent homes.
More information is available here: