2017ThirdQuarterCreditSupplement
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- Claud Weaver
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1 ThirdQuarterCreditSupplement November2, FannieMae.TrademarksofFannieMae.
2 ThispresentationincludesinformationaboutFannieMae,includinginformationcontainedin FannieMae squarterlyreportonform 10-Q forthequarterendedseptember30,,the Form 10-Q. Someofthetermsusedinthesematerialsaredefinedanddiscussed morefulyintheform 10-Q andinfanniemae sform 10-Kfortheyearended December31,,the Form 10-K. Thesematerialsshouldbereviewedtogetherwith theform 10-Q andtheform 10-K,copiesofwhichareavailablethroughthe SECFilings pageinthe AboutUs/InvestorRelations sectionoffanniemae swebsiteat Someoftheinformationinthispresentationisbaseduponinformationthatwereceivedfrom third-partysourcessuchasselersandservicersofmortgageloans.althoughwegeneraly considerthisinformationreliable,wedonotindependentlyverifyalreportedinformation... Duetorounding,amountsreportedinthispresentationmaynotaddtototalsindicated(or 10).. Unlessotherwiseindicateddatalabeledas YTD isasofseptember30,orforthe firstninemonthsof. FannieMae.TrademarksofFannieMae.
3 HomePrices TableofContents HomePriceGrowth/DeclineRatesintheU.S. 3 OneYearHomePriceChangeasof 4 HomePriceChangeFrom 2006Through 5 CreditProfileofFannieMaeSingle-FamilyLoans CreditCharacteristicsofSingle-FamilyBusinessAcquisitions 6 CreditRiskProfileSummaryofSingle-FamilyBusinessAcquisitions 7 CertainCreditCharacteristicsofSingle-FamilyBusinessAcquisitions: Single-FamilyBusinessAcquisitionsbyLoanPurpose 9 CreditCharacteristicsofSingle-FamilyConventionalGuarantyBookofBusinessbyOriginationYear 10 CreditCharacteristicsofSingle-FamilyConventionalGuarantyBookofBusinessbyCertainProductFeatures 11 GeographicCreditProfileofFannieMaeSingle-FamilyLoansandForeclosedProperties(REO) CreditCharacteristicsofSingle-FamilyConventionalGuarantyBookofBusinessandSingle-FamilyRealEstateOwned(REO)inSelectStates SeriouslyDelinquentLoanandREO EndingInventorySharebySelectStates Single-FamilyShortSalesandREO SalesPricestoUnpaidPrincipalBalance(UPB)ofMortgageLoans 14 WorkoutsofFannieMaeSingle-FamilyLoans Single-FamilyLoanWorkouts 15 Re-performanceRatesofModifiedSingle-FamilyLoans 16 AdditionalCreditInformationforFannieMaeSingle-FamilyLoans CreditLossConcentrationofSingle-FamilyConventionalGuarantyBookofBusiness 17 CumulativeDefaultRatesofSingle-FamilyConventionalGuarantyBookofBusinessbyOriginationYear 18 CreditProfileofFannieMaeMultifamilyLoans MultifamilyCreditProfilebyLoanAtributes SeriousDelinquencyRatesofMultifamilyBookofBusiness 21 CumulativeCreditLossRatesofMultifamilyGuarantyBookofBusinessByAcquisitionYear 22 FannieMae.TrademarksofFannieMae. 2
4 HomePriceGrowth/DeclineRatesintheU.S. 15. FannieMaeHomePriceIndex 1 7.6% % % 4.6% 5.7% 5.3% % -4.8% -4.2% * S&P/Case-ShilerIndex * 1.7% -5.4% % -4.1% -3.9% % 5.4% 4.3% *Year-to-dateasofSeptember. *Year-to-dateasof.Ascomparison,FannieMae'sindexforthesameperiodis4.2%. Basedonourhomepriceindex,weestimatethathomepricesonanationalbasisincreasedby inthethirdquarterofandby5.3% inthefirstnine monthsof,folowingincreasesof5.7% in,4.6% inand4.2% in2014.ourhomepriceestimatesarebasedonpreliminarydataandaresubjectto changeasadditionaldatabecomesavailable. Note:EstimatebasedonpurchasetransactionsinFannie-FreddieacquisitionandpublicdeeddataavailablethroughtheendofSeptember.Includingsubsequentdatamayleadtomaterialydiferentresults. FannieMae.TrademarksofFannieMae. 3
5 OneYearHomePriceChangeasof NC 4.7% 2. WA 1 3.6% CA 6.8% 19. AR 3.3% IA 3.8% IL 4.3% 3.8% KS 4.8% LA MO 4.6% MS 3. MT 4.9% ND NM 3. OK 2.3% PA 4.7% 3. TX % VA WV 1.2% WY 2.3% AZ AL 3.2% FL 6.1% 5.7% GA 6.8% ID 9.3% 0.6% IN 5. KY % ME 7.4% MI 9.1% 2.3% MN 6.2% 2.1% NE 5.6% NV 9.3% NY 5.1% 5.1% OH OR 8.6% 1.8% SC 5.4% 1.2% SD 5.4% TN 7.3% UT 8.9% WI % CO 8. State:FL GrowthRate:6.1% UPB% :5.7% UnitedStates:5.6% Source:FannieMae.HomepriceestimatesarebasedonpurchasetransactionsinFannie-FreddieacquisitionandpublicdeeddataavailablethroughtheendofSeptember.UPBestimatesarebasedon dataavailablethroughtheendofseptember.includingsubsequentdatamayleadtomaterialydiferentresults. UPB% referstounpaidprincipalbalanceofloansonpropertiesintheapplicablestateasapercentageofunpaidprincipalbalanceofsingle-familyconventionalguarantybookofbusinessforwhichfannie Maehasaccesstoloan-levelinformation. FannieMae.TrademarksofFannieMae. 4 AK 2.8% Growth Rate UPB% CT DC DE MA MD NH NJ RI VT 3.7% 3.9% 6.4% 3.1% 6.6% 3.6% 6.1% 11.4% HI 2.2% StateGrowthRate to to1 1 andabove
6 SC 6.6% 1.2% NC 8.4% 2. AZ -18.3% 2. FL % NV -22.8% CA -6.1% 19. IN 14.2% KS 17.9% KY 16.7% 0.6% LA 18.3% MT 22.6% ND 54.8% NE 23.8% OK 18.1% OR 16.7% 1.8% SD 30.6% TN 17.9% TX 35.8% 6.2% UT 26.2% WA 18.2% 3.6% WY 18.6% CO 4 IA 19.6% IL -8.7% 3.8% VA NM -1.4% AL 3.4% GA 2.4% MI 1.7% 2.3% MN 4.4% 2.1% MS 4.8% OH 4.2% 2. AR 8.4% ID 8.7% 0.6% ME 6.6% MO 7.6% NY 5.2% 5.1% WI 6.7% 1.8% WV 7.3% PA 8.8% 3. State:FL GrowthRate:-19. UPB% :5.7% UnitedStates:3.9% HomePriceChangeFrom 2006Through Source:FannieMae.HomepriceestimatesarebasedonpurchasetransactionsinFannie-FreddieacquisitionandpublicdeeddataavailablethroughtheendofSeptember.UPBestimatesarebasedon dataavailablethroughtheendofseptember.includingsubsequentdatamayleadtomaterialydiferentresults. UPB% referstounpaidprincipalbalanceofloansonpropertiesintheapplicablestateasapercentageofunpaidprincipalbalanceofsingle-familyconventionalguarantybookofbusinessforwhichfanniemae hasaccesstoloan-levelinformation. FannieMae.TrademarksofFannieMae. 5 AK 15. HI 5.9% Growth Rate UPB% CT DC DE MA MD NH NJ RI VT 3.7% -10.8% -15.1% -1.4% % % -16.3% StateGrowthRate Below -1-1 to- - to to to1 1 andabove
7 Single-Family Acquisitions Excl. Single-Family Acquisitions Excl. Single-Family Acquisitions Excl. FulYear Single-Family Acquisitions Excl. Single-Family Acquisitions Excl. Single-Family Acquisitions Excl. UnpaidPrincipalBalance(UPB)($B) WeightedAverageOriginationNoteRate 4.13% % % % $ % $ % % % % 65.6 <= % to % to % to % to10 >10 WeightedAverageOriginationLTVRatio 76.6% 19.7% % % % % 76.3% 19.2% % % 76.1% 18.8% % 12.1% 16.8% 73.3% 14.8% % 14.4% % % % 73.6% 14.8% % % 14.6% 11.6% 38.1% % 10.6% % % % 15.6% 23.8% 73.9% % 38.4% 14.2% % 15.3% 11.8% 37.8% 14.3% 20.6% OriginationLoan-to-Value(LTV)Ratio < to< to< to<740 >=740 WeightedAverageFICO CreditScore % % 22.4% % % 12.8% % 22.6% 13.1% 5.2% % 1 4.7% % 22.1% % % % % % 19.8% 1 3.3% % 19.8% 1 3.6% % 19.9% 1 3.6% % 19.9% 1 3.9% FICO CreditScores CreditCharacteristicsofSingle-FamilyBusinessAcquisitions Fixed-rate Adjustable-rate Alt-A InterestOnly Investor Condo/Co-op Refinance 36.1% 9.6% 6.1% % 9.6% 6.4% % 9.9% 6.7% 3.4% 96.6% % 96.6% 53.4% 9.9% 7.3% 2.2% 97.8% 55.4% 9.8% 7.7% 2.1% 97.9% % 5.6% 1.6% 98.4% 55.7% 9.6% % % 61.2% 9.4% 5.7% 98.9% % 1.6% 98.4% % 1.6% 98.4% CertainCharacteristics Purchase Cash-outrefinance Otherrefinance 16.3% 19.8% 63.9% 17.9% % 16.9% % 19.6% % 24.7% 46.6% 31.8% 23.6% 44.6% 33.9% % 19.3% 44.3% 38.6% % % % % 17.8% 47. LoanPurpose Percentagecalculatedbasedonunpaidprincipalbalanceofloansattimeofacquisition.Single-familybusinessacquisitionsrefertosingle-familymortgageloansweacquirethroughpurchaseorsecuritizationtransactions. Single-familybusinessacquisitionsfortheapplicableperiodexcludingloansacquiredunderourinitiative,whichincludestheHomeAfordableRefinanceProgram ( HARP ).Ourinitiativeprovidesexpandedrefinance opportunitiesforeligiblefanniemaeborowers,andmayinvolvetherefinanceofexistingfanniemaeloanswithhighloan-to-valueratios,includingloanswithloan-to-valueratiosinexcessof10. FICO creditscoreisasofloanorigination,asreportedbytheselerofthemortgageloan. NewlyoriginatedAlt-Aloansfortheapplicableperiodsconsistoftherefinanceofexistingloansunderourinitiative.ForadescriptionofourAlt-Aloanclassificationcriteria,refertoFannieMae sform 10-K. Single-FamilyAcquisitions 4.6% 6.3% 23.7% Single-FamilyAcquisitions 5.1% 6.9% 2 Single-FamilyAcquisitions California Texas Florida 6.1% % Single-FamilyAcquisitions 4.9% 6.9% 22.8% Single-FamilyAcquisitions % 2 Single-FamilyAcquisitions 6.8% 7.6% 18.9% FannieMae.TrademarksofFannieMae. 6 AcquisitionPeriod Top3GeographicConcentrations
8 CreditRiskProfileSummaryofSingle-FamilyBusinessAcquisitions FortheNine MonthsEnded September30, <=6 CreditProfileforSingle-FamilyAcquisitions OriginationLTVRatio FortheNine OriginationLTVRatio OriginationLTVRatio Changein 60.01% 80.01% MonthsEnded 60.01% 80.01% Acquisitions 60.01% 80.01% to8 to10 >10 Total September30, <=6 to8 to10 >10 Total Profile <=6 to8 to10 >10 Total FICO CreditScore >= to< to< % 5.4% % 16.7% % 59.1% 35.4% 5.1% FICO CreditScore >= to< to< % 4.9% 0.8% 33.4% 16.8% 2.3% 15.8% % 4.3% FICO CreditScore >= to< to< % % 3.1% 0.8% <620 <620 <620 - Total 18.1% 51.6% 3 10 Total 19.4% Total FortheNine MonthsEnded September30, FICO CreditScore >= to< to<660 <= % % % 2.1% CreditProfileforSingle-FamilyAcquisitions(Excluding) OriginationLTVRatio OriginationLTVRatio OriginationLTVRatio FortheNine Changein 60.01% 80.01% MonthsEnded 60.01% 80.01% Acquisitions 60.01% 80.01% September30, to8 to9 >9 Total <=6 to8 to9 >9 Total Profile <=6 to8 to9 >9 Total 59.8% 35.2% 4.9% FICO CreditScore >= to< to< % 4.6% 34.3% 16.9% 2.2% % % FICO CreditScore >= to< to< % % - 0.6% -4.2% 3.2% Total 17.6% 52.1% % 10 Total % 25.3% 2.3% 10 Total -1.4% - 0.6% 2. Percentagecalculatedbasedonunpaidprincipalbalanceofloansattimeofacquisition.Single-familybusinessacquisitionsrefertosingle-familymortgageloansweacquirethroughpurchaseorsecuritization transactions. FICO creditscoreisasofloanorigination,asreportedbytheselerofthemortgageloan.fico creditscoresatoriginationbelow620primarilyconsistoftherefinanceofexistingloansunderour initiative,whichincludesthehomeafordablerefinanceprogram ( HARP ).OurinitiativeprovidesexpandedrefinanceopportunitiesforeligibleFannieMaeborowers,andmayinvolvetherefinance ofexistingfanniemaeloanswithhighloan-to-valueratios,includingloanswithloan-to-valueratiosinexcessof10. Single-familybusinessacquisitionsfortheapplicableperiodexcludingloansacquiredunderourinitiative,whichincludesHARP. FannieMae.TrademarksofFannieMae. 7
9 CertainCreditCharacteristicsofSingle-FamilyBusinessAcquisitions:2006- OriginationLTVRatio OriginationLoan-to-Value(OLTV)Ratio % ofsingle-familybusinessacquisitions FICO CreditScore * * FICO CreditScore % ofsingle-familybusinessacquisitions WeightedAverageOriginationLTVRatio OriginationLTV>9 WeightedAverageFICO CreditScore FICO CreditScore<620 ProductFeature % ofsingle-familybusinessacquisitions ShareofSingle-FamilyBusinessAcquisitions: Fixed-rateProduct * % ofsingle-familybusinessacquisitions ShareofSingle-FamilyBusinessAcquisitions: LoanPurpose-Purchase * *Year-to-datethroughSeptember30,. Percentagecalculatedbasedonunpaidprincipalbalanceofloansattimeofacquisition.Single-familybusinessacquisitionsrefertosingle-familymortgageloansweacquirethroughpurchaseorsecuritization transactions. FICO creditscoreisasofloanorigination,asreportedbytheselerofthemortgageloan.loansacquiredafter2009withfico creditscoresatoriginationbelow620primarilyconsistoftherefinanceofexisting. loansunderourinitiative,whichincludesharp. FannieMae.TrademarksofFannieMae. 8
10 % ofsingle-familybusinessacquisitions 1% 1% 2% 2% 3% 4% 6% 14% 16% 1 1 6% 9% 9% 14% 14% 41% 52% 48% 36% 48% 5 52% 54% 56% 44% 4 52% 3 21% 24% 23% Single-FamilyBusinessAcquisitionsbyLoanPurpose HARP Acquisitions(ExcludingHARP) RefinanceAcquisitions(Excluding) PurchaseAcquisitions 2010 HARP (Excl. HARP) 2011 HARP (Excl. HARP) 2012 HARP (Excl. HARP) 2013 HARP (Excl. HARP) 2014 HARP (Excl. HARP) HARP (Excl. HARP) HARP (Excl. HARP) HARP (Excl. HARP) UnpaidPrincipalBalance(UPB)($B) WeightedAverageOriginationNoteRate 4.68% $ $ % $ % $ % $ % $ % $ % % % % % $ % $ % $3.3 CreditCharacteristicsofSingle-FamilyBusinessAcquisitionsUndertheInitiative Ourinitiative,whichstartedinApril2009,includestheHomeAfordableRefinanceProgram ( HARP ).OurinitiativeprovidesexpandedrefinanceopportunitiesforeligibleFannieMae borowers,andmayinvolvetherefinanceofexistingfanniemaeloanswithhighloan-to-valueratios,includingloanswithloan-to-valueratiosinexcessof10. FICO creditscoreisasofloanorigination,asreportedbytheselerofthemortgageloan. FannieMae.TrademarksofFannieMae. 9 <= % to % to12 >12 WeightedAverageOriginationLTVRatio 62.3% % 5.6% 94.4% % 11.9% 88.1% % 57.2% % % % 16.9% 73.3% % % 5.4% % % 4.9% 12.6% 82. OriginationLTVRatio < to< to<740 >=740 WeightedAverageFICO CreditScore % 23.9% 2.4% 1.4% % 33.1% 3.6% % 2.8% 1.7% % 3.8% 2.1% % % % 33.8% % % 31.9% 6.9% 5.3% % 38.7% % % 9.3% % % % 34.4% 1 8.8% % % % % 9.2% % 44.9% 15.3% 9.1% % 9.6% % % FICO CreditScores *Year-to-datethroughSeptember30,. AcquisitionYear * * Acquisitions
11 OveralBook OriginationYear & Earlier UnpaidPrincipalBalance(UPB)($B) ShareofSingle-FamilyConventionalGuarantyBook AverageUnpaidPrincipalBalance SeriousDelinquencyRate WeightedAverageOriginationLTVRatio OriginationLTVRatio>9 WeightedAverageMark-to-MarketLTVRatio Mark-to-MarketLTVRatio>10 and<=12 Mark-to-MarketLTVRatio>12 WeightedAverageFICO CreditScore FICO <620 InterestOnly NegativeAmortizing Fixed-rate PrimaryResidence Condo/Co-op CreditEnhanced CumulativeDefaultRate % 88.4% 94.9% 1.8% % 57.6% 16.6% 74.9% 1.01% 65,691 10, % 9.2% % % 14.4% 75.3% 4.21% $98, % 3.3% 8.6% 90.6% 97.4% % 6.3% % 33, $ % % 89.1% 96.8% 0.8% % 35, % % 8.3% 86.9% 96.4% 0.8% % % 36, % % 88.6% 98.2% % 47.3% 18.9% , $ % % % % 0.42% 65, % $ % 85.8% 96.2% % 19.9% 76.9% 0.51% 69, % % 9.6% 88.1% 97.8% 0.6% % 16.7% 75.1% 0.27% 98, % $ % % 15.4% 73.6% 0.11% 22, % $ % 9.7% 88.7% 97.1% % 18.7% 75.9% 0.02% 21, % $307.4 Excludesnon-FannieMaesecuritiesheldinportfolioandthoseAlt-AandsubprimewrapsforwhichFannieMaedoesnothaveloan-levelinformation.FannieMaehadaccesstodetailedloan-levelinformation forapproximately99% ofitssingle-familyconventionalguarantybookofbusinessasofseptember30,. FICO creditscoreisasofloanorigination,asreportedbytheselerofthemortgageloan.loansacquiredafter2009withfico creditscoresatoriginationbelow620primarilyconsistoftherefinanceofexisting loansunderourinitiative,whichincludesharp. Percentageofloansinoursingle-familyconventionalguarantybookofbusiness,measuredbyunpaidprincipalbalance,includedinanagreementusedtoreducecreditriskbyrequiringcolateral,letersof credit,mortgageinsurance,corporateguarantees,inclusioninacreditrisktransfertransactionreferencepool,orotheragreementthatprovidesforourcompensationtosomedegreeintheeventofafinancial lossrelatingtotheloan.becauseweincludeloansinreferencepoolsforourconnecticutavenuesecurities andcreditinsurancerisktransfer creditrisktransfertransactionsonalaggedbasis(typicaly aboutsixmonthstooneyearafterweinitialyacquiretheloans),weexpectthepercentageofoursingle-familyloanacquisitionswithcreditenhancementwilincreaseinthefuture. Defaultsincludeloanforeclosures,shortsales,salestothirdpartiesatthetimeofforeclosureanddeeds-in-lieuofforeclosure.CumulativeDefaultRateisthetotalnumberofsingle-familyconventionalloansin theguarantybookofbusinessoriginatedintheidentifiedyearthathavedefaulted,dividedbythetotalnumberofsingle-familyconventionalloansintheguarantybookofbusinessoriginatedintheidentified year.for2008andearliercumulativedefaultrates,refertoslide18. FannieMae.TrademarksofFannieMae. 10. CreditCharacteristicsofSingle-FamilyConventionalGuarantyBookofBusinessbyOriginationYear AsofSeptember30,
12 CategoriesNotMutualyExclusive InterestOnly Loans Loanswith FICO <620 LoanswithFICO 620and <660 Loanswith OriginationLTV Ratio>9 LoanswithFICO <620 and OriginationLTV Ratio>9 Alt-ALoans IncludingHARP UnpaidPrincipalBalance(UPB)($B) ShareofSingle-FamilyConventionalGuarantyBook AverageUnpaidPrincipalBalance SeriousDelinquencyRate AcquisitionYears WeightedAverageOriginationLTVRatio OriginationLTVRatio>9 WeightedAverageMark-to-MarketLTVRatio Mark-to-MarketLTVRatio>10 and<=12 Mark-to-MarketLTVRatio>12 WeightedAverageFICO CreditScore FICO <620 Fixed-rate PrimaryResidence Condo/Co-op CreditEnhanced 11.4% 9.3% 84.2% % % 57.8% 38.6% 86.1% 0.74% 41, % $ % 9.4% % 3.4% % % 55.7% 4.54% 41,676 $ % 5.9% 93.9% % 11.7% 81.8% % 27.4% 7.62% 30, % 94.2% 97.3% 3.3% % 78.6% % 6.3% 1.59% 74, % $ % % , % % 94.2% 85.6% % 5.3% % 6.52% 15, % $ % 86.1% 25.1% 1.7% % 8.7% 70.6% 8.2% 74.2% 81.6% ,843 $38.0 Loanswithmultipleproductfeaturesareincludedinalapplicablecategories. FICO creditscoreisasofloanorigination,asreportedbytheselerofthemortgageloan. ForadescriptionofourAlt-Aloanclassificationcriteria,refertoFannieMae sform 10-K. Ourinitiative,whichstartedinApril2009,includestheHomeAfordableRefinanceProgram ( HARP ).OurinitiativeprovidesexpandedrefinanceopportunitiesforeligibleFannieMae borowers,andmayinvolvetherefinanceofexistingfanniemaeloanswithhighloan-to-valueratios,includingloanswithloan-to-valueratiosinexcessof10. Thesubtotaliscalculatedbycountingaloanonlyonceevenifitisincludedinmultiplecategories. Excludesnon-FannieMaesecuritiesheldinportfolioandthoseAlt-AandsubprimewrapsforwhichFannieMaedoesnothaveloan-levelinformation.FannieMaehadaccesstodetailedloan-levelinformation forapproximately99% ofitssingle-familyconventionalguarantybookofbusinessasofseptember30,. Percentageofloansinoursingle-familyconventionalguarantybookofbusiness,measuredbyunpaidprincipalbalance,includedinanagreementusedtoreducecreditriskbyrequiringcolateral,letersof credit,mortgageinsurance,corporateguarantees,inclusioninacreditrisktransfertransactionreferencepool,orotheragreementthatprovidesforourcompensationtosomedegreeintheeventofafinancial lossrelatingtotheloan. FannieMae.TrademarksofFannieMae. 11 Subtotalof CertainProduct Features % % 5.7% % 66.3% % , $895.5 CreditCharacteristicsofSingle-FamilyConventionalGuarantyBookofBusinessbyCertainProductFeatures (5) (6) (7). (6) (6) (7) AsofSeptember30, (5)
13 Midwest Northeast Southeast Southwest West 12.6% 7.1% 24.1% 38.3% 17.8% , ,470 3,186 7,966 8,659 6, ,417 3,098 2,795 2, ,107 2,436 2,227 2, % % 1.81% 0.94% % % 17.8% 1.8% 1.6% % 61.8% 58.1% 61.6% % 22.2% 17.9% 14.7% $797.1 $490.2 $630.5 $509.0 $418.4 Regions Basedontheunpaidprincipalbalance(UPB)ofthesingle-familyconventionalguarantybookofbusinessasofSeptember30,.Excludesnon-FannieMaesecuritiesheldinportfolioandthoseAlt-Aand subprimewrapsforwhichfanniemaedoesnothaveloan-levelinformation.fanniemaehadaccesstodetailedloan-levelinformationforapproximately99% ofitssingle-familyconventionalguarantybookof businessasofseptember30,. Seriouslydelinquentloans referstosingle-familyconventionalloansthatare90daysormorepastdueorintheforeclosureprocess. Seriouslydelinquentloanshare referstothepercentageofour single-familyseriouslydelinquentloanpopulationintheapplicablestateorregion. Seriousdelinquencyrate referstothenumberofsingle-familyconventionalloansthatwereseriouslydelinquentinthe applicablestateorregion,dividedbythenumberofloansinoursingle-familyconventionalguarantybookofbusinessinthatstateorregion. Measuredfrom theborowers lastpaidinstalmentontheirmortgagestowhentherelatedpropertieswereaddedtoourreo inventoryforforeclosurescompletedduringthefirstninemonthsof.home EquityConversionMortgages(HECMs)insuredbyHUDareexcludedfrom thiscalculation. Expressedasapercentageofcreditlossesforthesingle-familyguarantybookofbusiness.Creditlossesconsistof(a)charge-ofs,netofrecoveriesand(b)foreclosedpropertyexpense(income),adjustedto excludetheimpactoffairvaluelossesresultingfrom credit-impairedloansacquiredfrom MBStrusts.Forinformationontotalcreditlosses,refertoFannieMae sform 10-Q. SelectstatesrepresentthetoptenstatesinUPBofthesingle-familyconventionalguarantybookofbusinessasofSeptember30,. Forinformationonwhichstatesareincludedineachregion,refertothesingle-familymortgagecreditriskmanagementdiscussioninFannieMae sform 10-Q. FannieMae.TrademarksofFannieMae. 12 CreditCharacteristicsofSingle-FamilyConventionalGuarantyBookofBusinessandSingle-FamilyRealEstate Owned(REO)inSelectStates SFConventionalGuarantyBookofBusiness asofseptember30, SeriouslyDelinquentLoans asofseptember30, RealEstateOwned(REO) CreditLoss (5) (6) AlStates ,013 10,701 8, % % 10,845.1 UnpaidPrincipal Balance(UPB) ($B) Shareof Single-Family Conventional GuarantyBook Weighted Average Mark-to-Market LTVRatio Mark-to-Market LTV>10 Seriously DelinquentLoan Share Serious Delinquency Rate Acquisitions (#ofproperties) Dispositions (#ofproperties) REO Ending Inventory asof9/30/17 AverageDaysto Foreclosure % ofytd CreditLosses California Texas Florida NewYork Ilinois NewJersey Washington Virginia Pennsylvania Colorado 4.7% 1.9% 13.9% 9.1% % ,124 1, ,948 1, , ,915 1,969 1,794 2, , % 1.41% 0.68% % 1.28% 2.13% % 0.43% % 7.3% % 9.6% 4.6% 5.8% 0.8% 3.4% 1.4% 3.7% % 61.6% 52.8% 61.8% 63.4% 52.8% 62.2% 58.3% % 3.7% 3.8% 5.1% 5.7% 6.2% 19. $83.6 $84.8 $ $555.3 (6) SelectStates (5) Total
14 Basedonstateswiththelargestvolumeofseriouslydelinquentloansinoursingle-familyconventionalguarantybookofbusinessasofSeptember30,. Seriouslydelinquentloanshare referstothepercentageofoursingle-familyseriouslydelinquentloanpopulationintheapplicablestate. ShareofREO endinginventorycalculatedasthenumberofpropertiesinthesingle-familyreo endinginventoryforthestatedividedbythetotalnumberofsingle-familypropertiesinthereo endinginventory forthespecifiedtimeperiod. 0K 40K 80K 120K 160K 200K 240K 280K 320K 360K SDQ Volume K 7.3% 5.8% 1 9.4% 1 5.4% % 9.6% 5.2% SeriouslyDelinquentLoanSharebySelectStates California Florida Ilinois NewJersey NewYork SDQ Volume 0K 20K 40K 60K 80K 100K REO EndingInventory K 5.4% 6.8% 8.9% 3.6% 3.3% 6.2% 1 9.6% 20.6% 3.4% REO EndingInventorySharebySelectStates California Florida Ilinois NewJersey NewYork REO EndingInventory. SeriouslyDelinquentLoanandREO EndingInventorySharebySelectStates FannieMae.TrademarksofFannieMae. 13
15 Single-FamilyShortSalesandREO SalesPricestoUnpaidPrincipalBalance(UPB)ofMortgageLoans REO DirectSaleDispositions:SalesPricestoUPB ShortSales:SalesPricestoUPB % 81.9% 82.3% % 79.9% % % 82.4% % 79.7% % 73.9% 74.1% 75.2% 72.4% 72.6% 73.1% 73.6% 73.6% 74.1% 73.8% % 74.6% 73.7% 74.1% % 75.3% 84.3% REO GrossSales/UPB REO NetSales/UPB ShortSalesGrossSales/UPB ShortSalesNetSales/UPB NetSalesPricestoUPBTrendsforTop10States REO NetSales PricestoUPB Florida % % 83.1% ShortSales NetSales PricestoUPB Florida 73.1% 73.4% 74.3% NewJersey 59.9% % 65.2% 64.1% Ilinois % 70.6% % Ilinois 64.3% 63.3% 64.7% % NewJersey 65.8% 65.1% Ohio 59.2% 58.1% 58.6% % California 80.8% 81.4% 81.9% 84.1% 83.7% NewYork 68.2% 66.9% 68.3% 7 7 NewYork % 74.7% 73.1% 76. Pennsylvania % 60.6% 66.6% 68.8% Maryland 70.8% Michigan % % Nevada 74.3% 73.3% % 75.6% California 88.1% 87.2% 88.3% 87.7% 89.4% Virginia 78.6% 78.2% % Maryland 69.3% % 7 Arizona % Georgia % 79.9% 80.8% 83.2% Connecticut % 65.4% % IncludesREO propertiesthathavebeensoldtoathirdparty(excludingpropertiesthathavebeenrepurchasedbytheseler/servicer,acquiredbyamortgageinsurancecompany,orredeemedbyaborower). SalesPricestoUPBarecalculatedasthesum ofsalesproceedsreceiveddividedbytheaggregateunpaidprincipalbalance(upb)oftherelatedloans.grosssalespricerepresentsthecontractsaleprice.net salespricerepresentsthecontractsalepricelesscharges/creditspaidbyorduetotheselerorotherpartiesatclosing. Thestatesshownhadthegreatestvolumeofpropertiessoldinthefirstninemonthsofineachrespectivecategory. FannieMae.TrademarksofFannieMae. 14
16 Single-FamilyLoanW orkouts HomeRetentionSolutions ForeclosureAlternatives 35K 35K 30K 29K 2K 28K 2K 30K #ofloans 25K 20K 15K 27K 26K 24K 1K 20K 1K 22K 23K 22K 1K 2K 2K 19K 2K 22K 2K 23K 2K 21K 1K #ofloans 25K 20K 15K 10K 22K 19K 21K 21K 21K 17K 20K 22K 20K 10K 5K 5K 6K 2K 6K 2K 6K 2K 5K 5K 4K 4K 2K 2K 2K 1K 4K 3K 3K 1K 1K 2K 0K 0K 4K 4K 4K 3K 3K 3K 3K 2K 2K 2K 2K Modifications RepaymentPlansandForbearancesCompleted ShortSales Deeds-in-Lieu Consistsof(a)modifications,whichdonotincludetrialmodifications,loanstocertainborowerswhohavereceivedbankruptcyreliefthatareaccountedforastroubleddebtrestructurings,orrepaymentplans orforbearancesthathavebeeninitiatedbutnotcompletedand(b)repaymentplansandforbearancescompleted. Consistsof(a)shortsales,inwhichtheborower,workingwiththeservicerandFannieMae,selsthehomepriortoforeclosureforlessthantheamountowedtopayoftheloan,accruedinterestandother expensesfrom thesaleproceedsand(b)deeds-in-lieuofforeclosure,whichinvolvetheborower svoluntarilysigningovertitletotheproperty.. FannieMae.TrademarksofFannieMae. 15
17 Re-performanceRatesofModifiedSingle-FamilyLoans 2014 Modifications 25,908 26,700 26,214 22,199 19,099 20,899 21,278 20,802 17,325 19,928 21,539 % CurentorPaidOf 3MonthsPostModification 8 79% 77% 76% 78% 79% 77% 7 77% 79% 7 6MonthsPostModification 74% 72% 69% 69% 72% 7 68% 69% 71% 7 9MonthsPostModification 7 68% 67% 67% 67% 6 67% 67% 66% 12MonthsPostModification 67% 67% 67% 64% 64% 66% 66% 6 15MonthsPostModification 66% 66% 64% 62% 64% 6 64% 18MonthsPostModification 67% 6 64% 63% MonthsPostModification 66% MonthsPostModification 67% 67% 68% 6 Modificationsreflectpermanentmodificationswhichdoesnotincludeloanscurentlyintrialmodifications. Definedastotalnumberofcompletedmodificationsforthetimeperiodsnoted. FannieMae.TrademarksofFannieMae. 16
18 Basedontheunpaidprincipalbalance(UPB)ofthesingle-familyconventionalguarantybookofbusinessasofDecember31forthetimeperiodsnoted,withtheexceptionofwhichisasofSeptember30. Basedonthesingle-familycreditlossesfortheyearendedDecember31forthetimeperiodsnoted,withtheexceptionofwhichisasofSeptember30.Creditlossesconsistof(a)charge-ofs,netofrecoveriesand(b) foreclosedpropertyexpense(income),adjustedtoexcludetheimpactoffairvaluelossesresultingfrom credit-impairedloansacquiredfrom MBStrusts.Doesnotreflecttheimpactofrecoveriesthathavenotbeenalocatedto specificloans.negativevaluesaretheresultofrecoveriesonpreviouslyrecognizedcreditlosses.beginningin,creditlossesalsoincludetheimpactofourredesignationfrom heldforinvestmenttoheldforsaleofcertain nonperformingandreperformingsingle-familyloansexpectedtobesoldintheforeseeablefuture,aswelasthecharge-ofprovisionsofthefederalhousingfinanceagency sadvisorybuletinab , Frameworkfor AdverselyClassifyingLoans,OtherRealEstateOwned,andOtherAssetsandListingAssetsforSpecialMention. Loanswithmultipleproductfeaturesareincludedinalapplicablecategories.Categoriesarenotmutualyexclusive. FICO creditscoreisasofloanorigination,asreportedbytheselerofthemortgageloan. NewlyoriginatedAlt-Aloansacquiredafter2008consistoftherefinanceofexistingloansunderourInitiative.ForadescriptionofourAlt-Aloanclassificationcriteria,refertoFannieMae sform 10-K. Foradescriptionofoursubprimeloanclassificationcriteria,refertoFannieMae sform 10-K. Selectstatesrepresentthetoptenstateswiththehighestpercentageofsingle-familycreditlossesfortheninemonthsendedSeptember30,. FannieMae.TrademarksofFannieMae. 17 CreditLossConcentrationofSingle-FamilyConventionalGuarantyBookofBusiness (5) (6) (7) Florida NewJersey NewYork Ilinois California Pennsylvania Maryland Ohio Connecticut Nevada AlOtherStates 50.6% 1.4% 2.2% 2.8% 3.1% % 5.6% % 1.4% 2.1% 2.8% 3.1% 19.6% 4.1% 5.6% % 5 2.1% % 4.1% % 51.4% % % 3.9% 5.6% 51.9% % 3.9% 5.2% 3.8% 5.6% 52.2% % 5.1% 3.7% 5.7% 35.4% 4.8% 3.3% 1.8% 1.6% 18.4% 9.6% % 32.1% 3.8% 1.4% 4.1% 3.1% % 1 1.9% 3.7% 28.9% 26.7% 1.4% 2.8% 4.2% 5.9% 4.2% -0.8% 1 4.8% 7.2% 32.6% 18.6% 1.8% 2.3% 2.2% 3.8% 3.4% 1.4% 7.8% 16.4% 21.6% 20.8% % 4.3% 3.9% % 8.7% 18.3% % 28.9% % % 8.8% 9.1% % 1 SelectState % ofsingle-familyconventionalguarantybookofbusiness % ofsingle-familycreditlosses NegativeAmortizing InterestOnly FICO <620 FICO 620to<660 OriginationLTVRatio>9 FICO <620andOriginationLTVRatio>9 Alt-A Subprime includingharp % 12.8% % % 15.1% % 19.1% 4.2% 15.9% % 3.7% 16.3% % 2.1% 15.4% 3.1% 0.6% 16.4% 5.3% % 13.8% 16.6% 5.3% 1.8% % 2.3% 16.8% 14.2% 7.8% 21.8% 7.4% % 15.7% % 0.8% % 15.3% 17.6% 12.1% 1 7.8% 1.6% 29.3% 16.4% 18.3% % % 3.9% 21.9% % % % 13.4% 16.1% 2009-YTD &Prior 13.1% 21.7% 65.3% 9.1% 14.7% 76.2% 7.3% 12.2% 8 5.8% % % 87.4% 3.7% 6.7% 89.6% 13.1% 81.8% 5.1% 12.4% 77.6% % 13.3% 12.1% 77.6% % 64.7% % 66.2% 23.2% Vintage (5) (6) (7) CertainProductFeatures
19 FannieMae.TrademarksofFannieMae. 18 Note:Defaultsincludeloanforeclosures,shortsales,salestothirdpartiesatthetimeofforeclosureanddeeds-in-lieuofforeclosure.CumulativeDefaultRateisthetotalnumberofsingle-familyconventionalloansin theguarantybookofbusinessoriginatedintheidentifiedyearthathavedefaulted,dividedbythetotalnumberofsingle-familyconventionalloansintheguarantybookofbusinessoriginatedintheidentifiedyear. DataasofSeptember30,isnotnecessarilyindicativeoftheultimateperformanceoftheloansandperformanceislikelytochange,perhapsmaterialy,infutureperiods. Yr1- Yr1- Yr1- Yr1- Yr2- Yr2- Yr2- Yr2- Yr3- Yr3- Yr3- Yr3- Yr4- Yr4- Yr4- Yr4- Yr5- Yr5- Yr5- Yr5- Yr6- Yr6- Yr6- Yr6- Yr7- Yr7- Yr7- Yr7- Yr8- Yr8- Yr8- Yr8- Yr9- Yr9- Yr9- Yr9- Yr10- Yr10- Yr10- Yr10- Yr11- Yr11- Yr11- Yr CumulativeDefaultRate CumulativeDefaultRatesofSingle-FamilyConventionalGuarantyBookofBusinessbyOriginationYear TimeSinceBeginningofOriginationYear
20 LoanCount UPB($B) % ofmultifamily GuarantyBookof Business % DUS Loans % Seriously Delinquent YTD MultifamilyCredit Losses($M) Multifamily CreditLosses($M) Multifamily CreditLosses($M) TotalMultifamilyGuarantyBookofBusiness ($56) ($4) (4) 0.03% ,338 MultifamilyCreditProfilebyLoanA tributes Loansmaturingin Loansmaturingin2018 Loansmaturingin2019 Loansmaturingin2020 Loansmaturingin2021 Othermaturities ($40) () () (5) ($9) $5 $4 ($3) $7 ($4) () ($4) (3) 0.01% % 0.33% 0.04% 2.04% 98% 96% 87% 8 6% 3% $ ,392 2,329 2,239 1,823 1, MaturityDates Lessthanorequalto7 Greaterthan7 andlessthanorequalto8 Greaterthan8 ($34) (4) $3 ($7) (5) 0.09% 0.03% 0.04% 92% 99% 96% 2% 44% 54% $ ,035 9,902 17,401 OriginationLTVRatio Lessthanorequalto$750K Greaterthan$750Kandlessthanorequalto$3M Greaterthan$3M andlessthanorequalto$5m Greaterthan$5M andlessthanorequalto5m Greaterthan5M (5) ($60) $9 $9 (5) $6 $5 () (0) $4 0.03% 0.01% 0.08% 0.22% 0.28% 98% 99% 93% 8 24% ,602 9,647 3,787 7,976 4,326 LoanSizeDistribution (5) (6) Representsthepercentageofloansforagivencategory(row)comprisedofDUSloans,measuredbyunpaidprincipalbalance. Multifamilyloansareclassifiedasseriouslydelinquentwhenpaymentis60daysormorepastdue. Dolaramountofmultifamilycredit-relatedlosses/(gains)fortheapplicableperiodandcategory.Totalcreditlossesforeachperiodmaynottietosum ofalcategoriesduetorounding. Weightedaverageoriginationloan-to-valueratiois67% asofseptember30,. UndertheDelegatedUnderwritingandServicing,orDUS,program,FannieMaeacquiresindividual,newlyoriginatedmortgagesfrom specialyapprovedduslendersusingdusunderwritingstandardsand/ordusloandocuments.becausedus lendersgeneralysharetheriskoflosswithfanniemae,theyareabletooriginate,underwrite,closeandservicemostloanswithoutourpre-review. Multifamilyloanswithanoriginalunpaidbalanceofupto$3milionnationwideorupto$5milioninhighcostmarkets. DUS-SmalBalanceLoans DUS-NonSmalBalanceLoans Total ($54) ($57) $3 ($3) ($6) (4) (1) $7 0.03% 0.03% 0.17% % ,457 15,459 6,998 DelegatedUnderwritingandServicing(DUS)Loans Non-DUS-SmalBalanceLoans Non-DUS-NonSmalBalanceLoans Total () ($5) () () 0.11% % 3% 1% 1% $7.3 $3.7 $3.5 5, ,619 Non-DelegatedUnderwritingandServicing(Non-DUS)Loans LenderRisk-Sharing NoRecoursetotheLender ($32) (4) (4) 0 (6) 0.02% 0.04% 7 98% 4% 96% ,861 26,477 LenderRisk-Sharing Fixed Variable (2) ($34) ($6) () (4) 0.02% 0.04% 19% 81% $ ,222 22,116 InterestRateType FannieMae.TrademarksofFannieMae. 19 (5) (6) (6) AsofSeptember30,
21 UPB($B) % ofmultifamily GuarantyBookof Business % DUSLoans % Seriously Delinquent YTDMultifamily CreditLosses($M) Multifamily CreditLosses($M) Multifamily CreditLosses($M) TotalMultifamilyGuarantyBookofBusiness ($56) ($4) (4) 0.03% MultifamilyCreditProfilebyLoanA tributes(cont.) California Texas NewYork Florida Washington ($3) ($6) ($5) % 0.14% 0.01% 99% 98% % 7% 9% 12% $32.2 $53.0 SelectStates PrivatelyOwnedwithSubsidy ($4) 0.02% 96% 12% $32.7 TargetedAfordableSegment DUS:Bank(DirectorGuaranteedEntity) DUS:Non-BankFinancialInstitution Non-DUS:Bank(DirectorGuaranteedEntity) Non-DUS:Non-BankFinancialInstitution Non-DUS:PublicAgency/NonProfit (3) ($44) () ($5) $3 $3 (7) % 0.04% 0.02% 1% 10 96% 1% 6 34%.1.2 $ $90.0 DUS&Non-DUSLenders/Servicers Representsthepercentageofloansforagivencategory(row)comprisedofDUSloans,measuredbyunpaidprincipalbalance. Multifamilyloansareclassifiedasseriouslydelinquentwhenpaymentis60daysormorepastdue. Dolaramountofmultifamilycredit-relatedlosses/(gains)fortheapplicableperiodandcategory.Totalcreditlossesforeachperiodwilnottietosum ofalcategoriesduetorounding. TheMultifamilyAfordableBusinessChannelfocusesonfinancingpropertiesthatareunderanagreementthatprovideslong-term afordability,suchaspropertieswithrentsubsidiesorincomerestrictions. Seehtps:/ FannieMae.TrademarksofFannieMae Priorto2007 (4) (7) (0) $4 () ($7) ($3) () $3 (5) () ($4) 0.03% 0.39% 0.08% % 0.04% 0.19% 0.03% 0.02% 0.01% % 94% 96% 96% 98% 99% 99% 99% 1% 2% 4% 4% 9% 8% 9% % 3.0 $3.5 $6.3 $9.4 $ $38.7 $54.2 $46.8 ByAcquisitionYear Midwest Northeast Southeast Southwest West ($31) (1) (9) $4 ($7) ($7) $6 $3 (5) % 0.03% 0.02% 0.03% 99% 99% 9 99% 27% 23% 26% 1 9% $72.6 $60.2 $68.4 $ Regions Conventional/Co-op SeniorsHousing ManufacturedHousing StudentHousing ($7) $7 ($56) ($5) () () (4) % % 3% 3% 88% $8.7 $ AssetClass (5) AsofSeptember30, (5)
22 SeriousDelinquency 1.6 RatesofMultifamilyBookofBusiness % SeriousDelinquencyRate % 0.71% 0.56% 0.92% 0.59% % % 0.34% % 0.21% 0.21% 0.24% % 0.09% % 0.07% % 0.03% 0.08% 0.07% 0.04% 0.06% % MultifamilyTotalSeriousDelinquencyRate DUS SeriousDelinquencyRate Non-DUSSeriousDelinquencyRate Multifamilyloansareclassifiedasseriouslydelinquentwhenpaymentis60daysormorepastdue.Seriousdelinquencyraterepresentstheyear-endpercentageofunpaidprincipalbalancethatisseriously delinquentasofdecember31forthetimeperiodsnoted,withtheexceptionofwhichisasofseptember30. UndertheDelegatedUnderwritingandServicing,orDUS,program,FannieMaeacquiresindividual,newlyoriginatedmortgagesfrom specialyapprovedduslendersusingdusunderwritingstandardsand/or. DUSloandocuments.BecauseDUSlendersgeneralysharetheriskoflosswithFannieMae,theyareabletooriginate,underwrite,closeandservicemostloanswithoutourpre-review. FannieMae.TrademarksofFannieMae. 21
23 CumulativeCreditLossRatesofMultifamilyGuarantyBookofBusinessbyAcquisitionYear 2. DUS/Non-DUSCumulativeCreditLossRatesthroughSeptember30, * % CreditLossRate 1.2% 0.8% 60 DUSCreditLossRate Non-DUSCreditLossRate MultifamilyTotalCreditLossRate DUS/Non-DUSAcquisitionUnpaidPrincipalBalance($B) $55 UPB($B) $ $46 $ $ $42 $ * *Year-to-datethroughSeptember30,. AcquisitionYear DUS Non-DUS Cumulativecreditlossrateisthecumulativecreditlosses(gains)throughSeptember30,onthemultifamilyloansthatwereacquiredintheapplicableperiod,asapercentageofthetotalacquiredunpaid principalbalanceofmultifamilyloansintheapplicableperiod. AcquisitionunpaidprincipalbalancerepresentsthetotalMultifamilyvolumeacquiredthroughpurchaseorsecuritizationtransactionsfortheapplicableperiod. FannieMae.TrademarksofFannieMae. 22
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