Company: FMCCN
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001026214-25-000040
Chunk: 44

Company: FEDERAL HOME LOAN MORTGAGE CORP
Filing Date: 2025-02-13
Form: 10-K
Item: Item 12
Chunk 44
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 concentration of our 2024 Multifamily new business activity by our largest sellers and loan servicing by our largest servicers as of December 31, 2024. Any seller or servicer with a 10% or greater share is listed separately.

FREDDIE MAC  |  2024 Form 10-K42

Management's Discussion and AnalysisOur Business Segments | Multifamily

Percentage of New Business Activity Percentage of Servicing Volume(1)(1) Percentage of servicing volume is based on the total multifamily mortgage portfolio.

Competition

We compete on the basis of price, service, and products, including our use of certain securitization structures. When evaluating new business and/or CRT opportunities, we consider a number of factors, including expected profitability, our risk limits, the Multifamily loan purchase cap, and the affordable housing goals established by FHFA. Our principal competitors in the multifamily mortgage market are Fannie Mae, FHA, commercial and investment banks, CMBS conduits, savings institutions, debt funds, and life insurance companies.

FREDDIE MAC  |  2024 Form 10-K43

Management's Discussion and AnalysisOur Business Segments | Multifamily

Business Results

The charts, tables, and related discussion below present the business results of our Multifamily segment.

New Business Activity and Securitization Activity 

                          New Business Activity and Units Financed (1)                       (In billions)New Securitization Activity(2)(In billions)

(1)     Includes rental units financed by supplemental loans.              (2)    Excludes resecuritizations.

n    Our new business activity was $65.1 billion in 2024, up 35% compared to 2023, primarily driven by increased demand for multifamily financing as a result of lower mortgage interest rates during the third quarter of 2024, coupled with executing on our competitive strategies. Approximately 65% of this activity in 2024, based on UPB, was mission-driven, affordable housing, exceeding FHFA's minimum requirement of 50%.

n    Our index lock agreements and outstanding commitments to purchase or guarantee multifamily assets were $15.7 billion and $16.3 billion as of December 31, 2024 and December 31, 2023, respectively.

n    Fully guaranteed securitization issuance UPB increased, representing a larger percentage of total securitization issuance UPB in