I am happy to announce that this morning, Fannie Mae filed its second quarter financial results and it's another solid quarter for the company and for Multifamily. Our strong partnership with you and the exceptional business we conduct together are what make these results possible. Thank you for your business and commitment to serving the rental housing market.
Our quarterly highlights are below.
Multifamily Business Highlights
- Multifamily finished the second quarter of 2017 with $538 million in net income, resulting in YTD net income of $969 million. This was mainly driven by net interest income of $636 million for the quarter and $1.2 billion for the first half of the year, which primarily consists 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 162,000 units of multifamily housing in the second quarter of 2017. Approximately 90% 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 of $29.7 billion and other single-family rental volume of $0.9 billion totaled $30.6 billion, of which approximately 52% counted towards FHFA's 2017 multifamily volume cap.
- Credit performance of the book of business remained strong in the quarter. The serious delinquency rate decreased to 4 bps, while the number of multifamily foreclosed properties held for sale remained low at 14 properties as of June 30, 2017.
- Our Green Financing business continues to thrive and, most importantly, is achieving our primary goal of helping to reduce the environmental impact of multifamily properties across the United States. Our Green Rewards portfolio has already resulted in savings of 36 million kilowatt hours of electricity and 524 million gallons of water. That's equal to the power required to charge 18 million cell phones and more than one glass of water for every living person on the planet.
- Fannie Mae reported net income of $3.2 billion and comprehensive income of $3.1 billion for the quarter.
- Fannie Mae was the largest provider of liquidity to the mortgage market in the second quarter of 2017, providing approximately $135 billion in mortgage financing that enabled families to buy, refinance, or rent homes.
More information is available here: