FANNIE MAE

2014 ANNUAL HOUSING ACTIVITIES REPORT

and

ANNUAL MORTGAGE REPORT

SUBMITTED TO: 

THE FEDERAL HOUSING FINANCE AGENCY (FHFA) 

THE COMMITTEE ON FINANCIAL SERVICES

OF THE

UNITED STATES HOUSE OF REPRESENTATIVES

THE COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS 

OF THE

UNITED STATES SENATE

PURSUANT TO 

The Federal National Mortgage Association 

Charter Act 

MARCH 13, 2015
 

1 

 

INTRODUCTION

Under Section 309(n) of the Federal National Mortgage Association Charter Act (“Charter Act”),1

 Fannie 

Mae is required to submit a report on its annual housing activities to the Director of the Federal Housing 

Finance Agency (“FHFA”) and to its oversight committees in the United States House of Representatives 

and the United States Senate, and to make the report available to the public. This report responds to these 

requirements. 

Since 1993, Fannie Mae has been subject by statute and regulation to the achievement of certain housing 

goals. The structure of our housing goals changed in 2010 as a result of the passage of the Housing and 

Economic Recovery Act of 20082

 and goals for 2010 and 2011 were set at that time.3 

In 2012, FHFA issued a rule revising our housing goals.4

 The following single-family home purchase and 

refinance housing goal benchmarks were established for 2012–2014. 

• Low-Income Families Home Purchase Goal: At least 23 percent of our acquisitions of mortgage 

loans financing single-family owner-occupied home purchases must be affordable to low-income 

families (defined as families with income no higher than 80 percent of area median income 

(“AMI”)). 

• Very Low-Income Families Home Purchase Goal: At least 7 percent of our acquisitions of mortgage 

loans financing single-family owner-occupied home purchases must be affordable to very lowincome families (defined as families with income no higher than 50 percent of AMI). 

• Low-Income Areas Home Purchase Goal: The benchmark level for our acquisitions of single-family 

owner-occupied purchase money mortgage loans for families in low-income areas is set annually by 

notice from FHFA, based on the benchmark level for the low-income areas home purchase subgoal 

(below), plus an adjustment factor reflecting the additional incremental share of mortgages for 

moderate-income families (defined as income equal to or less than 100% of area median income) in 

designated disaster areas. For 2014, FHFA set the overall low-income areas home purchase 

benchmark goal at 18%. 

• Low-Income Areas Home Purchase Subgoal: At least 11 percent of our acquisitions of mortgage 

loans financing single-family owner-occupied home purchases must be for families who reside in 

low-income census tracts or for moderate-income families who reside in minority census tracts. 

• Low-Income Families Refinancing Goal: At least 20 percent of our acquisitions of refinance loans 

for single-family owner-occupied housing must be affordable to low-income families. Permanent 

modifications of mortgages under the Home Affordable Modification Program completed during the 

year may count toward this refinance goal. 

If we do not meet these benchmarks, we may still meet our goals. Single-family housing goals 

performance is measured against both the FHFA-set benchmarks and against goals-qualifying 

originations in the primary mortgage market. We will be in compliance with the housing goals if we meet 

either the benchmarks or market share measures. If our performance against any of our 2014 singlefamily housing goals is below the benchmark level, Fannie Mae and FHFA will compare our performance 

with that of goals-qualifying originations in the primary mortgage market after the release of data 

 

1

 12 U.S.C. § 1723a(n).

2

 Pub.L. 110-289, 122 Stat. 2654, enacted July 30, 2008, § 1128 (codified at 12 U.S.C. §§ 4502 and 4561-4564).

3

 2010-2011 Enterprise Housing Goals; Enterprise Book-Entry Procedures, 75 Fed. Reg. 55892 (Sept. 14, 2010).

4

 2012-2014 Enterprise Housing Goals, 77 Fed. Reg. 67535 (Nov. 13, 2012).
 

2 

 

reported under the Home Mortgage Disclosure Act (“HMDA”).5 This release will be made in the fall of 

2015. At that time it will be determined whether Fannie Mae met any additional goals based on the 

HMDA market data. 

FHFA also established multifamily goals and subgoals for 2012-2014 as follows. For 2012, we were 

required to finance at least 285,000 units affordable to low-income families and 80,000 units affordable to 

very low-income families. For 2013, we were required to finance at least 265,000 units affordable to lowincome families and 70,000 units affordable to very low- income families. For 2014 we were required to 

finance at least 250,000 units affordable to low-income families and 60,000 units affordable to very lowincome families. There is no market-based alternative measurement for the multifamily goals. 

If our efforts to meet our goals prove to be insufficient, FHFA determines whether the goals were 

feasible. If FHFA finds that our goals were feasible, we may become subject to a housing plan that could 

require us to take additional steps, including describing the actions we would take to meet the goal in the 

next calendar year. The potential penalties for failure to comply with housing plan requirements include a 

cease-and-desist order and civil money penalties. 

For 2013, FHFA determined that we met all of our single-family goals and subgoal with the exception of 

the single-family very-low income purchase goal. FHFA also determined that we met our multifamily 

goal and subgoal. 

In September 2014, FHFA issued a proposed rule setting forth new single-family and multifamily goals 

and subgoals for 2015-2017. 6

 The rule is expected to be finalized in 2015. 

The following table sets forth Fannie Mae's housing goals performance against our 2014 single-family 

housing benchmarks and multifamily housing goals, as calculated by Fannie Mae. We believe we met 

four out of five of our single-family benchmarks for 2014, as well as both 2014 multifamily goals. Final 

performance results will be calculated and published by FHFA.7

 

5

 12 U.S.C. § 2801 et seq.

6 2015-2017 Enterprise Housing Goals: Proposed Rule, 79 Fed. Reg. 54482 (Sept. 11, 2014)(to be codified at 12 C.F.R. pt. 

1282). 7

 Our 2014 results have not been validated by FHFA. After validation they may differ from the results reported above. 8

 Our single-family results and benchmarks are expressed as a percentage of the total number of eligible mortgages acquired 

during the period. A home purchase mortgage may be counted towards more than one home purchase benchmark.

Housing Goals 2014 

Benchmark 

2014 

Result 

Single-family8

Low-Income Home Purchase 23% 23.47% 

Very Low-Income Home Purchase 7% 5.66% 

Low-Income Areas Home Purchase 18% 22.68% 

Low-Income Areas Home Purchase Subgoal 11% 15.48% 

Low-Income Refinance 20% 26.45% 

Multifamily (in units)

Low-Income 250,000 262,050 

Very Low-Income Subgoal 60,000 60,542 
 

3 

 

CHARTER ACT REQUIREMENTS

Fannie Mae’s Charter Act specifies the information that must be included in the Annual Housing 

Activities Report.9

 Each statutory requirement is set forth below, followed by Fannie Mae’s response for 

2014. 

1. Include, in aggregate form and by appropriate category, statements of the dollar volume 

and number of mortgages on owner-occupied and rental properties purchased which relate 

to each of the annual housing goals. 

The dollar volume and number of mortgages on owner-occupied properties that relate to each of the 

housing goals are set forth on Table 1A of the Annual Mortgage Report (“AMR”) attached hereto.10

The dollar volume and number of mortgages on rental properties that relate to each of the housing goals 

are set forth on AMR Table 1A (Single-Family Owner-Occupied 2-4 Unit Properties/Mortgages) and 

AMR Table 1B (Multifamily) attached hereto. In 2014, Fannie Mae mortgage purchases financed 11,023 

units affordable to families earning 80 percent or less of AMI living in owner-occupied 2-4 unit 

properties.11 

2. Include, in aggregate form and by appropriate category, statements of the number of 

families served by the corporation, the income class, race, and gender of homebuyers 

served, the income class of tenants of rental housing (to the extent such information is 

available), the characteristics of the census tracts, and the geographic distribution of the 

housing financed. 

 

In 2014, Fannie Mae’s purchases of mortgages served 2,326,309 families, as measured by the number of 

units financed. The income class, race, and gender of homebuyers served, the characteristics of the 

census tracts, and the geographic distribution of the housing financed are set forth on AMR Tables 2, 3, 4, 

5A, 6, 7, 8, 9, 10A, and 10B attached hereto. 

3. Include a statement of the extent to which the mortgages purchased by the corporation have 

been used in conjunction with public subsidy programs under Federal law. 

In 2014, Fannie Mae purchased 4,807 single-family mortgages and 277 multifamily mortgages with an 

aggregate unpaid principal balance of approximately $642 million and $2.569 billion, respectively, that 

were originated in conjunction with public subsidy programs.12 

 

9

 Charter Act, § 309(n)(2)(A-L).

10 The Annual Mortgage Report is provided pursuant to § 309(m) of the Charter Act.

11 For 1,387 units that we financed, affordability data was not provided so these units are not included in our calculation. 

12 For purposes of this AHAR, Fannie Mae defined programs originated in conjunction with public subsidy programs to include: 

certain single-family and multifamily HUD-related and Rural Housing Service-related programs and other government insured 

and/or related programs; Fannie Mae’s Multifamily Affordable Housing execution; mortgages purchased from housing finance 

agencies that benefit from federal tax exemption; bond credit enhancements; and mortgages that benefit from low-income 

housing tax credits. Because some loans may have been made in conjunction with more than one public subsidy program, there 

may be a small amount of overlap.
 

4 

 

4. Include statements of the proportion of mortgages on housing consisting of 1 to 4 dwelling 

units purchased by the corporation that have been made to first-time homebuyers, as soon 

as providing such data is practicable, and identifying any special programs (or revisions to 

conventional practices) facilitating homeownership opportunities for first-time homebuyers. 

In 2014, 44.14 percent of single-family owner-occupied home purchase mortgages acquired by Fannie 

Mae financed mortgage loans to first-time homebuyers.13 

Fannie Mae has also developed special products (or revisions to conventional practice) or accepts the use 

of special products that are designed to assist first-time homebuyers. These include the following: 

 MyCommunityMortgage, which is a conventional community lending mortgage that offers 

underwriting flexibilities to qualified borrowers who meet specific income criteria. As an 

example, this product was utilized by a married couple with an annual income of $65,000 and 

credit scores in the 600s due to past issues, to finance a 95 percent loan to value (“LTV”) 

purchase of a $150,000 home. 

 Community Seconds, which are subordinate mortgages financed by a nonprofit, housing finance 

agency, or other organizations to fund all or part of the down payment, closing costs, renovations 

to the property, or a permanent interest rate buy down. As an example, this product was used by a 

29-year old woman with an annual income of $39,800 and moderate debts to secure $8,000 in 

closing costs on a $72,000 house which was financed with a MyCommunityMortgage. 14 

 HFA PreferredTM, a product which enables eligible Housing Finance Agencies (“HFAs”) to offer 

loans to borrowers with up to 97 percent LTV ratios with low mortgage insurance coverage 

requirements. As an example, this product was utilized by a young single woman with an annual 

income of $40,700 who struggled to pay some bills in the past and had outstanding credit card 

debt and a car loan. After participating in homebuyer education, she was able to build up almost 

$24,000 in savings which enabled her to finance a 95 percent LTV loan on a $94,000 house. 

 HFA Preferred Risk SharingTM a product which also enables HFAs to offer loans to borrowers 

with up to 97 percent LTV ratios, but without the cost of mortgage insurance. As an example, 

this product was utilized by a nurse with an annual income of $47,000 and student, car, and 

medical related debt who, after receiving homebuyer education, was able to qualify for a loan on 

a $128,000 house. 

 

13 Exclusions from this calculation include: loans exempt from housing goals reporting (e.g., loan restructures, convertible 

adjustable rate mortgages, and real estate owned properties), long-term standby commitments, refinance mortgages, home equity 

conversion mortgages, government loans, and Making Home Affordable modifications. Fannie Mae has relied on information 

provided by its customers to identify units occupied by first-time homebuyers. Fannie Mae’s 2014 Single Family Selling Guide 

provides that a first-time homebuyer is an individual who (1) is purchasing the security property; (2) will reside in the security 

property as a principal residence; and (3) had no ownership interest (sole or joint) in a residential property during the three-year 

period preceding the date of the purchase of the security property. In addition, an individual who is a displaced homemaker or 

single parent also will be considered a first-time home buyer if he or she had no ownership interest in a principal residence (other 

than a joint ownership interest with a spouse) during the preceding three-year time period

14 Community Seconds are not a Fannie Mae product. Rather, they are subordinate mortgages that comply with Fannie Mae’s 

guidelines, thus allowing the first mortgage on the same property (if it otherwise qualifies) to be delivered to Fannie Mae. 
 

5 

 

The percentage of mortgages made to first-time homebuyers in 2014 under these special products (or 

revisions to conventional practices) or where Fannie Mae accepts the use of special products, that 

are designed to assist first-time homebuyers, includes the following: 

5. Include, in aggregate form and by appropriate category, the data provided to the [Director] 

under subsection (m)(1)(B) [i.e., the loan-to-value ratios of purchased mortgages at the time 

of origination]. 

AMR Table 11 provides LTV ratio of single-family owner-occupied mortgages purchased by Fannie 

Mae. 

6. Compare the level of securitization versus portfolio activity. 

During 2014, Fannie Mae securitized $407.7 billion in mortgage loans. We had total portfolio 

acquisitions of $178.3 billion, which included approximately $17.9 billion of delinquent loans purchased 

from our MBS trusts. In 2014, Fannie Mae’s portfolio decreased by $77.4 billion.

7. Assess underwriting standards, business practices, repurchase requirements, pricing, fees, 

and procedures, that affect the purchase of mortgages for low- and moderate-income 

families, or that may yield disparate results based on the race of the borrower, including 

revisions thereto to promote affordable housing or fair lending. 

Fannie Mae has an ongoing comprehensive fair lending risk assessment program that is designed to 

ensure that its underwriting standards, business practices, repurchase requirements, pricing policies, fee 

structures, and procedures comply with the fair lending laws and promote fair and responsible lending. 

Fannie Mae considers service to low- and moderate-income families to be an important part of its 

mission. Fannie Mae designs its underwriting standards, business practices, repurchase requirements, and 

procedures to balance the company’s multiple objectives of serving low- and moderate-income families, 

meeting its liquidity mission, and appropriately addressing credit risk. 

2014 Changes

Fannie Mae implemented certain changes to its single-family mortgage underwriting and business 

practices in 2014, including the following: 

 Property and Appraisal Requirements– clarified policy for small towns and rural areas; 

 Refi Plus/DU Refi Plus – allowed lenders to use unemployment benefits as source of income, 

whether or not they are seasonal and without meeting continuity of income requirement; 

Products and Initiatives Percentage of Mortgages Made 

to First-Time Homebuyers 

MyCommunityMortgage 90.46% 

Non-HFA Community Seconds 91.86% 

HFA PreferredTM 92.05% 

HFA Preferred Risk SharingTM 84.51% 

HomePath 61.15% 
 

6 

 

 Reestablishment of Credit Following Deeds-in-Lieu of Foreclosure and Pre-Foreclosure Sales – 

removed LTV restrictions and streamlined to four years or two years with extenuating 

circumstances; 

 Grant and Community Seconds – expanded providers to permit Federal Home Loan Banks as 

providers; 

 Reestablishment of Credit Following Waiting Period for Mortgage Debt Discharged Through 

Bankruptcy – clarified borrower is held to the bankruptcy (and not foreclosure) waiting period 

 HUD Section 184 (Native American) and Rural Development Section 502 Programs – allowed as 

standard products; 

 97% LTV – permitted LTVs to 97% for first-time home buyers for MyCommunityMortgage® 

and standard options; and 

 Student Loan Payments – modified monthly payment calculation from 2 percent to 1 percent for 

purposes of determining borrower’s debt-to-income ratio. 

Moreover, Fannie Mae continues to provide refinance opportunities for existing Fannie Mae borrowers 

through the DU Refi PlusTM and Refi PlusTM initiatives, including the Home Affordable Refinance 

Program (“HARP”), which were originally implemented in 2009. 

Fannie Mae continues to implement various policy, process and technology enhancements aimed at 

improving a lender’s ability to deliver mortgage loans that meet Fannie Mae’s underwriting and eligibility 

guidelines, thereby mitigating repurchase risk of ineligible loans. Lenders were required to begin 

collecting Uniform Loan Delivery Dataset Phase 2 data points on all applications received on or after 

March 1, 2014, but lenders will not be required to deliver these new data points (and some revised Phase 

1 data points) until the second quarter of 2016. At the direction of FHFA, Fannie Mae and the Federal 

Home Loan Mortgage Corporation (“Freddie Mac”) jointly developed the Uniform Closing Disclosure 

Dataset (“UCD”) to provide the industry with a uniform way to collect information once the new closing 

disclosure form required by the Consumer Financial Protection Bureaus becomes effective. In addition, 

at the direction of FHFA, throughout 2014 Fannie Mae and Freddie Mac jointly worked to update the 

Uniform Residential Loan Application; this project will continue into 2015. 

Fannie Mae announced that it will be making Collateral UnderwriterTM (“CU”), Fannie Mae’s proprietary 

appraisal risk assessment tool, available to lenders in 2015. CU is intended to assist lenders in assessing 

property eligibility and appraisal quality. It will perform an automated risk assessment of appraisals 

submitted to the Uniform Collateral Data Portal and return a CU risk score, flags, and messages to the 

submitting lender. CU will provide lenders additional transparency and certainty by giving lenders access 

to the same analytics used in Fannie Mae’s quality control process. 

In May 2014, at the direction of FHFA, Fannie Mae and Freddie Mac announced changes to the selling 

representations and warranties framework that relate to how a mortgage becomes eligible for relief from 

certain specified selling representations and warranties. Under the revised framework, there are two 

separate, independent paths through which a lender may obtain relief from the selling representations and 

warranties. Relief is either based on the borrower’s acceptable payment history (which was relaxed to 

permit two 30 day late payments) or a satisfactory conclusion of a quality control loan file review. 

In November 2014, at the direction of FHFA, Fannie Mae and Freddie Mac announced changes to the 

selling representation and warranty framework that relate to conventional loans delivered on or after 

January 1, 2013. The primary changes include a significance test for post-relief date remedies related to 

misrepresentations or data inaccuracies that is intended to clarify that we will only seek repurchase on 

these loans if we would not have purchased the loans had we known the accurate information at the time 

of delivery. In addition, for loans delivered after November 20, 2014, we will only seek repurchase of a 
 

7 

 

loan for failure to comply with laws if we determine the failure to comply with laws would impair our 

rights under the note or mortgage, if the failure to comply could impose assignee liability on Fannie Mae, 

or if a specified law or regulation may have been violated. 

8. Describe trends in both the primary and secondary multifamily housing mortgage markets, 

including a description of the progress made, and any factors impeding progress toward 

standardization and securitization of mortgage products for multifamily housing. 

Primary and Secondary Market Trends

The primary multifamily housing market is influenced by a variety of economic and demographic 

conditions. These conditions impact the demand for, and absorption of, additional units. National 

multifamily fundamentals (e.g., vacancy levels, rent growth, and apartment housing demand) held up 

quite well during 2014, despite an influx of new, higher-end supply in some submarkets. Continued 

demand for rental apartments remains a positive force across most of the country and is expected to 

continue into 2015. Set forth below are charts illustrating trends that impact the market for multifamily 

mortgage originations. 

Source: Fannie Mae Economics and Multifamily Market Research 

 

As illustrated in the chart above, estimated rent levels have increased steadily for 19 straight quarters, 

with a 3.0 percent annualized increase in 2014. Estimated vacancy rates generally decreased during most 

of the same period, although the rate increased to an estimated 5.0 percent during the fourth quarter of 

2014. 

Effective rents and net absorption both continued to increase during 2014. National asking rents grew by 

an estimated 3.0 percent in 2014. National asking rents increased by an estimated 0.5 percent during the 

fourth quarter of 2014, compared with a 1.0 percent increase in the third quarter of 2014. 

Continued demand for multifamily rental units was reflected in the estimated positive net absorption (that 

is, the net change in the number of occupied rental units during the time period) of approximately 165,000 

Estimated National Rent Level and Vacancy Rate
 

8 

 

units in 2014. According to preliminary data from Reis, Inc., there was positive net absorption of 

approximately 45,000 units during the fourth quarter of 2014, compared with approximately 37,000 units 

during the third quarter of 2014. Although an estimated 240,000 units were added to inventory in 2014, 

multifamily rental demand remained healthy. 

Source: Real Capital Analytics (www.rcanalytics.com) (Used by permission; excludes Tishman-Speyer 

transaction in 2007); 2005-present based on properties and portfolios $2.5 million and greater.

Sales of apartment properties valued at $2.5 million or greater were $34.3 billion in fourth quarter 2014, 

compared to $27.5 billion in third quarter 2014 and representing a year-over-year increase of 9.0 percent, 

according to recent data from Real Capital Analytics. Apartment sales reached a new peak of $112 

billion in 2014, up 7.0 percent compared to the previous peak back in 2007. 

In addition, the average reported capitalization rate15 remained fairly steady most of the year at 

approximately 6.0 percent, and in the same range as over the past two years. However, capitalization 

rates in some of the nation’s largest metropolitan areas remained at below-average levels, according to 

Real Capital Analytics. 

Standardization and Securitization

Securitization of mortgages functions more effectively when such mortgages are standardized. Over the 

past two decades, standardization of multifamily mortgages has been advanced by a number of factors, 

including: (1) the development of the market for commercial mortgage-backed securities (“CMBS”), 

including those backed by multifamily mortgage loans; (2) the introduction of Fannie Mae’s risk-sharing 

Delegated Underwriting and Servicing program in 1988 and subsequent enhancements; (3) efforts to 

standardize commercial securitization and offering documents, spearheaded by the Commercial Real 

Estate Finance Council; (4) the issuance by the Securities and Exchange Commission (“SEC”) of 

 

15 The capitalization rate, as defined by the Mortgage Bankers Association, is the rate of return on net operating income 

considered acceptable to investors and used to determine the capitalized value. The rate should provide a return on, as well as a 

return of, capital.

National Apartment Sales Volume and Cap Rates
 

9 

 

Regulation AB in 2005, which established uniform disclosure requirements for all publicly registered 

CMBS transactions; and (5) passage of the Dodd–Frank Wall Street Reform and Consumer Protection 

Act of 2010 (“Dodd-Frank Act”) and the 2014 revisions to Regulation AB. 

In 2014, Fannie Mae continued to rely on its securitization activities for new production, using MBS as 

the primary execution to further its mission to provide liquidity and stability to the multifamily market. 

This occurred through three primary activities: 

 Fannie Mae issued $28.6 billion in multifamily MBS in 2014, which accounted for 99 percent of 

its multifamily lender production. 

 In an effort to improve the liquidity and increase demand for multifamily MBS, in 2014 Fannie 

Mae issued $12.0 billion of Multifamily structured securities through eleven Real Estate 

Mortgage Investment Conduit (“REMIC”) transactions as part of our GeMSTM program. GeMS 

structured securities are backed by multifamily MBS previously issued by Fannie Mae. In 2015, 

Fannie Mae will continue to market its Multifamily structured product offerings through the 

GeMS program. 

 In addition, the company securitized approximately $3.8 billion of whole loans held in portfolio 

into multifamily MBS in 2014. The total amount of seasoned whole loans that have been 

securitized from 2010 through 2014 is $29.1 billion, supporting liquidity and addressing 

regulatory limits for Fannie Mae's portfolio. As part of Fannie Mae’s GeMS program, the 

multifamily trading desk structured and sold approximately $5.3 billion of these pools backed 

by seasoned loans across ten REMIC transactions in 2014. 

Over the past several years, the SEC (and other federal agencies) began to consider a variety of proposals 

designed to enhance securities disclosure and investment quality related to asset-backed securities. Many 

of these proposals were in response to mandates set forth in the Dodd-Frank Act While some of these 

proposals have resulted in the issuance of final rules, others are still in the rulemaking process. All are 

intended to require issuers of MBS to provide greater transparency about the securities they are issuing. 

For example, in 2011 the SEC adopted a final rule requiring many issuers of asset-backed securities to file 

quarterly reports with the SEC disclosing the volume of repurchase demands with respect to such 

securities due to breaches of representations and warranties by the sellers of such assets. In 2014, the 

SEC revised Regulation AB, which governs disclosure related to the issuance of asset-backed securities.16 

In addition, the SEC (together with the FHFA and several other federal agencies) issued a rule requiring 

certain sponsors of asset-backed securities to retain a certain amount of risk with respect to such 

securities. All Fannie Mae mortgage securities meet the requirements of this rule, provided that (i) such 

securities are fully guaranteed and (ii) Fannie Mae is in conservatorship or receivership at the time of 

issuance. Fannie Mae believes that all of these activities could lead to further standardization of 

disclosure practices for securitizations. 

Another development that could impact Standardization and Securitization is the proposed "best practice" 

released by the Federal Reserve Bank of New York’s Treasury Market Practices Group (“TMPG”) in 

June 2014, regarding the use of margining for forward-settling agency MBS transactions. We are in the 

process of evaluating the impact of this proposal on the Multifamily MBS market. However, it is clear 

that the proposal will apply to Fannie Mae Multifamily MBS and not to executions that purchase and 

aggregate whole loans. 

 

16 Regulation AB does not apply to securities issued by Fannie Mae and Freddie Mac, because such securities are not registered 

with the SEC. 
 

10 

 

9. Describe trends in the delinquency and default rates of mortgages secured by housing for 

low- and moderate-income families that have been purchased by the corporation, including 

a comparison of such trends with delinquency and default information for mortgage 

products serving households with incomes above the median level that have been purchased 

by the corporation, and evaluate the impact of such trends on the standards and levels of 

risk of mortgage products serving low- and moderate-income families. 

Delinquency and Default Trends Based on 2014 Performance Data 

An analysis of the performance of single-family mortgage loans serving low- and moderate-income 

borrowers 17 shows that these loans do not perform as well as loans serving borrowers with incomes above 

the median level. The chart below compares 90-day delinquencies occurring within the first 12 months of 

acquisition and defaults (defined as a foreclosure sale, deed-in-lieu of foreclosure, pre-foreclosure sale, or 

third party sale, at any time during the life of the loan) on loans made to low- and moderate-income 

borrowers as against loans made to borrowers with incomes above the median level, by acquisition year. 

For example, loans made in 2013 to low- and moderate-income families were 168 percent more likely to 

become 90-days delinquent and 174 percent more likely to default than loans made to families with 

income above the median level. This analysis is based on income relative to AMI and does not control 

for other risk dimensions, such as LTV or credit history. Information regarding serious delinquency and 

default performance is based on acquisitions through December 2013; performance is observed through 

December 2014. 

There can be significant changes in relative delinquency and default rates between various years. What is 

reflected here is the relative measures between low- and moderate- income borrowers and those 

borrowers above the median level. Actual delinquency and default rates today are one-tenth of those seen 

5 years ago.

 

17 Since 2010, Fannie Mae no longer tracks unit-level affordability data. To ensure consistency comparing loans from 2000 

onward, this analysis is based upon the borrowers’ income relative to the AMI. Additionally, this analysis only pertains to owneroccupied principal residences.
 

11 

 

Relative 90-Day Delinquency and Default Rates between 

Single Family Loans Serving Low- and Moderate-Income Families and 

Loans Serving Families with Income above the Median Level, by Year18

Acquisition Year Increased Likelihood of 

90-Day Delinquency 

Increased Likelihood of 

Default 

2002 126% 199% 

2003 157% 177% 

2004 159% 111% 

2005 123% 41% 

2006 118% 22% 

2007 49% 30% 

2008 46% 57% 

2009 108% 126% 

2010 126% 130% 

2011 137% 127% 

2012 132% 119% 

2013 168% 174% 

10. Describe in the aggregate the seller and servicer network of the corporation, including the 

volume of mortgages purchased from minority-owned, women-owned, and communityoriented lenders, and any efforts to facilitate relationships with such lenders. 

Based upon annual information provided by lenders, Fannie Mae has selling and servicing relationships 

with approximately 1,930 single-family and 109 multifamily primary market lenders through which the 

company both purchases loans for its portfolio and issues MBS. The following table sets forth the 

volume of mortgages purchased in 2014 from single-family and multifamily lenders identified as 

minority- or women-owned lenders, women-owned lenders19 and community-oriented lenders.20

Seller/Servicer Type Volume of Mortgages 

Minority- or women-owned $2.39 billion 

Women-owned $1.05 billion 

Community-oriented lenders $95.66 billion 

Efforts to facilitate relationships with single-family lenders include formal business alliances or affinity 

agreements in which lenders receive benefits designed to reduce the cost of doing business with Fannie 

Mae.21

 

18 Sample used: unseasoned, conforming, conventional, owner-occupied, first lien, non-reverse mortgages, excluding GrowingEquity Mortgages, Graduated Payment Mortgages and loans missing affordability data. During the period 2006 through and 

including 2008, acquisitions of mortgage loans to borrowers of all income categories had a higher risk of delinquency and default

19 Some of these women-owned lenders also identified as a minority group such as African-American, Hispanic, Asian-Pacific or 

Indian-Alaskan.

20 For these purposes, a “community-oriented lender” is defined as a financial institution with total assets of less than $1.202 

billion. This definition is consistent with the definition of “small bank” under the Community Reinvestment Act implementing 

regulations (12 C.F.R. § 228.12), as in effect during 2014.

21 These agreements do not preclude members from doing business through other secondary market channels. 
 

12 

 

11. Describe the activities undertaken by the corporation with nonprofit and for-profit 

organizations and with State and local governments and housing finance agencies, including 

how the corporation’s activities support the objectives of comprehensive housing 

affordability strategies under section 105 of the Cranston-Gonzalez National Affordable 

Housing Act.22 

Activities undertaken by Fannie Mae in 2014 with nonprofit and for-profit organizations, State and local 

governments, and HFAs include: 

 The Department of the Treasury, the Department of Housing and Urban Development, and FHFA 

announced an initiative on October 19, 2009, to provide $23.4 billion of liquidity for HFAs. This 

initiative was designed in collaboration with Fannie Mae and Freddie Mac, and consisted of two 

primary programs: a temporary credit and liquidity facilities (“TCLF”) program and the new 

issue bond program (“NIBP”). The NIBP program ended in 2012. The TCLF program balance 

continued to decrease in 2014 with two additional HFA’s completely exiting the program. Two 

HFAs remain in the program as of December 31, 2014, with a total outstanding balance 

remaining of $779 million. The program will terminate on December 31, 2015. 

 Fannie Mae purchased 23,899 loans from HFAs in 2014, with an unpaid principal balance of 

$3,614,250,000. 

 In 2014, Fannie Mae volunteer activities included over 300 projects supporting homeless service 

providers, staffing foreclosure prevention events, rebuilding homes in hard-hit neighborhoods, 

refurbishing inner-city schools, and conducting food and clothing drives. 

 Fannie Mae facilitated the sale of three multifamily real estate owned properties with 450 units to 

nonprofits and/or public entities involved in providing affordable housing. 

 Approximately 13 foreclosed multifamily properties, with over 1,700 units, were marketed to at 

least 23 non-profits, public entities and/or affordable housing developer organizations for 

potential purchase to convert into affordable housing. 

 Fannie Mae helped provide financing for almost 9,000 Low-Income Housing Tax Credit 

(“LIHTC”) units of housing by providing $639 million for debt financing on LIHTC projects via 

our lending partners. 

 Fannie Mae supported its existing investment in over 3,498 affordable housing LIHTC projects, 

which provide 209,880 units at LIHTC properties. Almost 1,700 of these projects were 

developed and/or are managed, by local not-for-profit developers. In 2014, Fannie Mae funded 

over $18 million in deferred capital contributions to its LIHTC partners for the benefit of the 

projects. 

One of the purposes of the Cranston-Gonzalez National Affordable Housing Act is to extend and 

strengthen partnerships among all levels of government and the private sector in the production and 

operation of housing that is affordable to low- and moderate-income families. Fannie Mae believes that 

the activities listed above support the objectives of the legislation. 

 

22 Under Section 105, comprehensive housing affordability strategies include, among other things: (1) efforts to address 

homelessness and meet the needs of homeless persons; (2) the provision of housing for different categories of residents, such as 

very low-income, low-income, and moderate-income families, the elderly, single persons, large families, residents of nonmetropolitan areas, families who are participating in an organized program to achieve economic independence and selfsufficiency, and other categories of persons; (3) combined efforts with private industry, nonprofit organizations and public 

institutions to deliver safe and adequate housing; (4) encouraging public housing residents to become homeowners; and (5) 

efforts to provide affordable housing through the production of new units, rehabilitation, or acquisition of existing units.
Total Total Total Qualifying Low- Total

Mortgages Qualifying Mortgages Qualifying Very Mortgages Qualifying Low- Income Area Mortgages Qualifying

Eligible To Low-Income Eligible To Low-Income Eligible To Income Area Purchase Eligible To Low-Income All Mortgage

Qualify As Purchase Qualify As Very Purchase Qualify As Low- Purchase Money Qualify As Refinance Purchases

Low-Income Money Low-Income Money Income Area Money Goal Subgoal Low-Income Mortgages1

Purchase Mortgages Purchase Mortgages Purchase Mortgages Mortgages Refinance1

Money Money Money

Purchase of Single-Family Mortgages

 Owner-Occupied 1-Unit Properties/Mortgages:

 UPB ($ Millions) $167,144 $23,284 $167,144 $4,155 $167,144 $27,996 $19,800 $160,624 $27,556 $344,812 

 Number of Mortgages 752,270 176,267 752,270 42,548 752,270 168,912 114,732 828,776 218,028 1,669,829

 Owner-Occupied 2-4 Unit Properties/Mortgages:

 UPB ($ Millions) $1,599 $251 $1,599 $34 $1,599 $775 $698 $2,960 $733 $4,668 

 Number of Mortgages 5,600 1,579 5,600 324 5,600 2,977 2,609 11,730 4,200 17,650

Missing Affordability Data Adjustments

 Owner-Occupied Mortgages in 1-4 Unit Properties:

 Number of Mortgages With Missing Data 64 64 64 483

 Mortgages Where Income Estimation is Possible

 Not subject to the Cap 0 0 0 0 0 0 0 0 0

 Subject to the Cap 1 0 1 0 0 0 0 416 101

 Market Determined Cap 8,269 8,269 8,269 28,938

 Missing Data Adjustment for Affordability Estimation 0 0 0 0 101

Total Single Family Owner-Occupied Mortgages in 1-4 Unit 

 UPB ($ Millions) $168,742 $23,535 $168,742 $4,189 $168,742 $28,771 $20,498 $163,584 $28,289 $349,480 

 Number of Mortgages 757,870 177,846 757,870 42,872 757,870 171,889 117,341 840,506 222,228 1,687,479

 Number of Mortgages (Adjusted) 757,870 177,846 757,870 42,872 757,870 171,889 117,341 840,506 222,329 1,687,479

Goals Performance

 Fannie Mae's Single-Family Goals 23% 7% 18% 20%

 Goals Performance Percentage 23.47% 5.66% 22.68% 26.45%

 Fannie Mae's Single-Family Subgoal 11%

 Subgoal Performance Percentage 15.48%

Mortgages may count toward more than one goal. On certain tables, sum of entries may not equal totals due to rounding.

1

MHA Modification loans are included in all Single-Family tables where applicable. An Enterprise's modification of a loan in accordance with the Make Home Affordable program announced on March 4, 2009, that is held in the Enterprise's portfolio or that is

in a pool backing a security guaranteed by the Enterprise, shall be treated as a purchase of a refinance mortgage for the purposes of the housing goals.

Table 1A

Fannie Mae's Mortgage Purchases by Mortgage Type and Housing Goal Status

Summary Table on Single-Family Housing Goal Performance

For Calendar Year 2014
All Mortgage 

Purchases

Purchases of Multifamily Mortgages

Multifamily 5-50 Unit Properties: 

UPB ($ Million) $365 $126 $1,079 

Number of Mortgages* 257 176 367

Number of Properties 266 181 377

Number of Units 6,732 2,272 11,880

Multifamily > 50 Unit Properties:

UPB ($ Million) $13,124 $2,277 $26,690 

Number of Mortgages* 1,561 1,114 1,748

Number of Properties 1,570 1,123 1,757

Number of Units 246,489 53,933 360,209

Missing Affordability Data Adjustments

Rental Unit Affordability Estimation 

Eligible Units Qualifying Units Eligible Units Qualifying Units

Units in Multifamily Properties:

Number of Units with Missing Data 14,287 14,287 N/A

Units Where Rent Estimation is Not Possible 0 0 N/A

Units Where Rent Estimation is Possible 14,287 14,287 N/A

Not Subject to Cap 14,234 8,788 14,234 4,303 N/A

Subject to Cap 53 41 53 34 N/A

10% Cap 37,209 37,209 N/A

Adjustments to Number of Units for:

Missing Data 8,829 4,337 N/A

Total Multifamily:

UPB ($ Million) $13,489 $2,403 $27,769 

Number of Mortgages 1,816 1,288 2,113

Number of Mortgages with both 5-50 and >50 Unit 

Properties*

2 2 2

Number of Properties 1,836 1,304 2,134

Number of Units 253,221 56,205 372,089

Number of Units (Adjusted) 262,050 60,542 372,089

Goals Performance

Fannie Mae's Multifamily Goals (units) 250,000 60,000

Goal Performance (units) 262,050 60,542

Units may count toward more than one goal. On certain tables, sum of entries may not equal totals, due to rounding.

* Mortgages can double count when secured by both 5-50 and > 50 unit properties.

Table 1B

Fannie Mae's Mortgage Purchases by Property Size and Housing Goal Status

Summary Table on Multifamily Housing Goal Performance

For Calendar Year 2014

Qualifying Low-Income Purchases Qualifying Very Low-Income 

Purchases
Total Mortgages Eligible Qualifying Low-Income

To Qualify as Refinance Mortgages1 All Mortgage Purchases

Low-Income Refinance1

Purchase of Loan Modifications of AtRisk Mortgages

 Owner-Occupied 1-Unit 

Properties/Mortgages:

 UPB ($ Millions) $1,758 $1,016 $2,705 

 Number of Mortgages 8,791 6,269 13,197

 Owner-Occupied 2-4 Unit 

Properties/Mortgages:

 UPB ($ Millions) $166 $53 $267 

 Number of Mortgages 497 234 785

 Total Loan Modifications of At-Risk 

Mortgages:

 UPB ($ Millions) $1,924 $1,069 $2,972 

 Number of Mortgages 9,288 6,503 13,982

1

An Enterprise's modification of a loan in accordance with the Make Home Affordable program announced on March 4, 2009,

that is held in the Enterprise's portfolio or that is in a pool backing a security guaranteed by the Enterprise, shall be treated as

a mortgage purchase for the purposes of the housing goals.

Table 1C

Fannie Mae's Mortgage Purchases by Mortgage Type and Housing Goal Status

Mortgages from At-Risk Loans that were Modified

For Calendar Year 2014
Qualifying Qualifying Very Qualifying Low- Qualifying Total Purchase Total Refinance Total Mortgages

Low-Income Low-Income Income Area Low-Income Money Mortgages Acquired

Purchase Money Purchase Money Purchase Money Refinance Mortgages Acquired

Mortgages Mortgages Mortgages Mortgages Acquired

Income No More Than 50% of Median Income

 $UPB(Millions) $4,189 $4,189 $2,340 $7,803 $4,233 $8,075 $12,308 

 Number of Mortgages 42,872 42,872 24,040 72,546 43,387 74,892 118,279

 Portion of Qualifying or Total Mortgages Acquired 24.11% 100.00% 13.99% 32.63% 5.29% 8.64% 7.01%

Income More Than 50% But No More Than 60% of 

Median Income

 $UPB(Millions) $4,853 $0 $2,507 $5,370 $4,911 $5,519 $10,430 

 Number of Mortgages 38,872 0 19,977 43,423 39,449 44,369 83,818

 Portion of Qualifying or Total Mortgages Acquired 21.86% 0.00% 11.62% 19.53% 4.81% 5.12% 4.97%

Income More Than 60% But No More Than 80% of 

Median Income

 $UPB(Millions) $14,493 $0 $7,020 $15,116 $14,731 $15,447 $30,178 

 Number of Mortgages 96,102 0 46,457 106,259 98,140 108,110 206,250

 Portion of Qualifying or Total Mortgages Acquired 54.04% 0.00% 27.03% 47.79% 11.96% 12.47% 12.22%

Income More Than 80% But No More Than 100% of 

Median Income

 $UPB(Millions) $0 $0 $8,060 $0 $18,388 $18,673 $37,062 

 Number of Mortgages 0 0 44,099 0 101,517 112,474 213,991

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 25.66% 0.00% 12.37% 12.98% 12.68%

Income More Than 100% But No More Than 120% of 

Median Income

 $UPB(Millions) $0 $0 $2,132 $0 $19,883 $19,404 $39,287 

 Number of Mortgages 0 0 10,514 0 95,678 104,045 199,723

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 6.12% 0.00% 11.66% 12.00% 11.84%

Income More Than 120% of Median Income

 $UPB(Millions) $0 $0 $6,712 $0 $118,527 $101,568 $220,095 

 Number of Mortgages 0 0 26,802 0 442,384 422,419 864,803

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 15.59% 0.00% 53.91% 48.73% 51.25%

Missing

 $UPB(Millions) $0 $0 $0 $0 $17 $103 $120 

 Number of Mortgages 0 0 0 101 94 521 615

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 0.00% 0.05% 0.01% 0.06% 0.04%

All Income Levels2

 $UPB(Millions) $23,535 $4,189 $28,771 $28,289 $180,691 $168,789 $349,480 

 Number of Mortgages 177,846 42,872 171,889 222,329 820,649 866,830 1,687,479

 Portion of Qualifying or Total Mortgages Acquired 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

1

Based on actual Borrower Incomes before affordability estimation. Mortgage where affordability was estimated are included in "Missing"

2

Includes Missing

Table 2

Distribution of Single-Family Owner-Occupied Mortgages

Purchased by Fannie Mae

By Income Class of Mortgagor(s)1

For Calendar Year 2014
Qualifying Low-Income 

Purchases

Qualifying Very LowIncome PurchasesTotal Units Financed

Affordable At No More Than 30% Of Median Income

$UPB(MILLIONS) $1,065 $1,065 $1,065 

Number of Units 18,396 18,396 18,396

Affordable At More Than 30% but No More than 50% Of Median Income

$UPB(MILLIONS) $1,338 $1,338 $1,338 

Number of Units 37,809 37,809 37,809

Affordable At More Than 50% but No More than 60% Of Median Income

$UPB(MILLIONS) $3,254 $3,254 

Number of Units 77,330 77,330

Affordable At More Than 60% but No More than 80% Of Median Income

$UPB(MILLIONS) $7,833 $7,833 

Number of Units 119,686 119,686

Affordable At More Than 80% but No More than 100% Of Median Income

$UPB(MILLIONS) $5,684 

Number of Units 58,423

Affordable At More Than 100% but No More than 120% Of Median Income

$UPB(MILLIONS) $3,132 

Number of Units 25,426

Affordable At More Than 120% Of Median Income

$UPB(MILLIONS) $3,930 

Number of Units 20,715

Tenant Rent Missing

$UPB(MILLIONS) $1,533 

Number of Units 14,304

All Income Levels2

$UPB(MILLIONS) $13,489 $2,403 $27,769 

Number of Units 253,221 56,205 372,089

Portion of Qualifying or Total Units Financed 100.00% 100.00% 100.00%

1

Based on actual rents before affordability estimation. Units where affordability was estimated, including all units in senior housing facilities and cooperatives, are 

included in "Tenant Rent Missing."

2

Includes Missing.

Portion of Qualifying or Total Units Financed 5.57%

Portion of Qualifying or Total Units Financed 3.84%

Portion of Qualifying or Total Units Financed 15.70%

Portion of Qualifying or Total Units Financed 6.83%

Portion of Qualifying or Total Units Financed 30.54% 20.78%

Portion of Qualifying or Total Units Financed 47.27% 32.17%

Portion of Qualifying or Total Units Financed 7.26% 32.73% 4.94%

Portion of Qualifying or Total Units Financed 14.93% 67.27% 10.16%

Table 3

Distribution of Rental Units

Financed by Multifamily Mortgages Purchased by Fannie Mae

By Affordability of Rent1

For Calendar Year 2014
Total Mortgages

Qualifying Low- Eligible To Qualify

Family Income <= 

100% of Area 

Median1

Family Income > 

100% of Area 

Median1

Family Income <= 

100% of Area 

 Median1

Family Income >

100% of Area 

 Median1

Income Area 

Purchase Money 

Mortgages1

As Low-Income 

 Area Purchase 

Money

Tract Income <= 80% of Area Median

 $UPB(Millions) $1,823 $2,146 $5,752 $6,697 $16,418 $16,418 

 Number of Mortgages 13,905 9,282 40,470 28,034 91,691 91,691

 Percentage of Eligible 15.17% 10.12% 44.14% 30.57% 100.00% 100.00%

80% < Tract Income < 100% of Area Median and Tract >= 30% Minority

 $UPB(Millions) $937 $0 $3,143 $0 $4,079 $11,288 

 Number of Mortgages 6,541 0 19,109 0 25,650 53,154

 Percentage of Eligible 12.31% 0.00% 35.95% 0.00% 48.26% 100.00%

80% < Tract Income < 100% of Area Median and Tract < 30% Minority

 $UPB(Millions) $1,371 $0 $0 $0 $1,371 $13,848 

 Number of Mortgages 10,433 0 0 0 10,433 83,896

 Percentage of Eligible 12.44% 0.00% 0.00% 0.00% 12.44% 100.00%

Tract Income >= 100% of Area Median2

 $UPB(Millions) $6,902 $0 $0 $0 $6,902 $127,188 

 Number of Mortgages 44,115 0 0 0 44,115 529,129

 Percentage of Eligible 8.34% 0.00% 0.00% 0.00% 8.34% 100.00%

Total

 $UPB(Millions) $11,032 $2,146 $8,895 $6,697 $28,771 $168,742 

 Number of Mortgages 74,994 9,282 59,579 28,034 171,889 757,870

 Percentage of Eligible 9.90% 1.22% 7.86% 3.70% 22.68% 100.00%

1

Includes mortgages where affordability was estimated.

2

Includes tracts with missing median incomes or missing percent minority.

Tract is in a Designated Disaster Area Tract is not in a Designated Disaster Area

Table 4

Fannie Mae Single-Family Owner-Occupied Mortgage Purchases

Qualifying for the Low-Income Area Purchase Goal

by Method of Qualification

For Calendar Year 2014
Qualifying Qualifying Very Qualifying Low- Qualifying Total Purchase Total Refinance Total Mortgages

Low-Income Low-Income Income Area Low-Income Money Mortgages Acquired

Purchase Money Purchase Money Purchase Money Refinance Mortgages Acquired

Mortgages Mortgages Mortgages Mortgages Acquired

American Indian or Alaskan Native2

 $UPB(Millions) $204 $33 $226 $271 $1,245 $1,266 $2,510 

 Number of Mortgages 1,369 303 1,256 2,072 5,327 6,339 11,666

 

 Portion of Qualifying or Total 

Mortgages Acquired

0.77% 0.71% 0.73% 0.93% 0.65% 0.73% 0.69%

 

Asian2

 $UPB(Millions) $1,867 $348 $2,809 $1,490 $15,644 $11,399 $27,043 

 Number of Mortgages 11,204 2,952 13,030 8,623 55,876 41,558 97,434

 

 Portion of Qualifying or Total 

Mortgages Acquired

6.30% 6.89% 7.58% 3.88% 6.81% 4.79% 5.77%

 

Black or African American2

 $UPB(Millions) $814 $173 $1,167 $1,853 $4,452 $6,454 $10,906 

 Number of Mortgages 6,174 1,732 7,535 14,936 21,574 38,531 60,105

 

 Portion of Qualifying or Total 

Mortgages Acquired

3.47% 4.04% 4.38% 6.72% 2.63% 4.45% 3.56%

 

Native Hawaiian or Other Pacific 

Islander2

 $UPB(Millions) $88 $14 $115 $129 $552 $718 $1,270 

 Number of Mortgages 565 134 584 810 2,235 2,987 5,222

 

 Portion of Qualifying or Total 

Mortgages Acquired

0.32% 0.31% 0.34% 0.36% 0.27% 0.34% 0.31%

 

White - Hispanic or Latino3

 $UPB(Millions) $2,061 $440 $3,068 $2,967 $12,319 $13,708 $26,028 

 Number of Mortgages 15,633 4,383 18,883 21,394 58,550 71,765 130,315

 

 Portion of Qualifying or Total 

Mortgages Acquired

8.79% 10.22% 10.99% 9.62% 7.13% 8.28% 7.72%

 

White - Non Hispanic or Latino

 $UPB(Millions) $16,772 $2,908 $18,728 $17,969 $128,339 $112,173 $240,513 

 Number of Mortgages 130,543 30,642 116,266 147,136 602,224 592,000 1,194,224

 

 Portion of Qualifying or Total 

Mortgages Acquired

73.40% 71.47% 67.64% 66.18% 73.38% 68.29% 70.77%

 

Two or More Minority Races4

 $UPB(Millions) $15 $3 $20 $33 $80 $126 $206 

 Number of Mortgages 88 25 104 227 321 631 952

 

 Portion of Qualifying or Total 

Mortgages Acquired

0.05% 0.06% 0.06% 0.10% 0.04% 0.07% 0.06%

 

Joint - either Borrower or Co-Borrower 

are of a Minority Group5

 $UPB(Millions) $146 $14 $405 $245 $3,559 $2,979 $6,539 

 Number of Mortgages 984 135 1,838 1,719 13,125 12,867 25,992

 

 Portion of Qualifying or Total 

Mortgages Acquired

0.55% 0.31% 1.07% 0.77% 1.60% 1.48% 1.54%

 

Information not Provided by Borrower 

or Co-Borrower6

 $UPB(Millions) $1,568 $255 $2,232 $3,153 $14,501 $19,560 $34,060 

 Number of Mortgages 11,286 2,566 12,393 23,858 61,415 97,224 158,639

 

 Portion of Qualifying or Total 

Mortgages Acquired

6.35% 5.99% 7.21% 10.73% 7.48% 11.22% 9.40%

 

Not Applicable

 $UPB(Millions) $0 $0 $0 $9 $0 $21 $21 

 Number of Mortgages 0 0 0 57 0 112 112

 

 Portion of Qualifying or Total 

Mortgages Acquired

0.00% 0.00% 0.00% 0.03% 0.00% 0.01% 0.01%

 

Data not Provided by Loan Seller

 $UPB(Millions) $0 $0 $0 $170 $0 $385 $385 

 Number of Mortgages 0 0 0 1,497 2 2,816 2,818

 

 Portion of Qualifying or Total 

Mortgages Acquired

0.00% 0.00% 0.00% 0.67% 0.00% 0.32% 0.17%

 

Total

 $UPB(Millions) $23,535 $4,189 $28,771 $28,289 $180,691 $168,789 $349,480 

 Number of Mortgages 177,846 42,872 171,889 222,329 820,649 866,830 1,687,479

 

 Portion of Qualifying or Total 

Mortgages Acquired

100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

 

5

If either the borrower or co-borrower is identified as one or more minority race(s) and the other borrower is identified as White, the loan is classified as "Joint."

6

This category consists of mortgages where borrower and co-borrower race information is not provided in mail, internet, or telephone application, even if ethnicity data are reported.

Hispanic or Latino. In this table, the White race category is further categorized as either "Hispanic or Latino," or "Not Hispanic or Latino." Table 5B shows the ethnicity distribution of all loans acquired.

2

If the borrower and co-borrower are both identified as the same minority race or different minority races, the loan is classified as the race of the borrower.

3

If the loan is classified as White (see footnote 1) and if either borrower or co-borrower is identified as Hispanic or Latino, the loan is classified as "White - Hispanic or Latino." The category "White - NonHispanic or Latino" includes loans where borrower and co-borrower are both identified as "Not Hispanic or Latino" or when the ethnicity is missing for both borrowers.

4

The loan is classified as "Two or More Minority Races" where: the borrower is identified as two or more minority races and either there is no co-borrower or the co-borrower is identified as one or more

minority races, or one borrower's race is missing and the other borrower is identified as two or more minority races.

1

Borrowers are asked to report both Race and Ethnicity. Race associated with the loan is based on data for the borrower and, if any, co-borrower. Borrower and co-borrower may be identified with any

combination of, and up to, 5 race categories: (1) American Indian or Alaska Native, (2) Asian, (3) Black or African American, (4) Native Hawaiian or Other Pacific Islander, and (5) White. A borrower or coborrower identified as both White and one minority race is classified as the minority race. If race is known for one borrower but not the other borrower, the loan is classified according to the known race. A

loan where one borrower is identified as White and the race of the other borrower is missing, or where both the borrower and co-borrower are identified as White, is categorized in one of the two White

categories. Separately, ethnicity associated with a loan also is based on data for the borrower and, if any, co-borrower. Borrower and co-borrower may choose either (1) Hispanic or Latino or (2) Not

Table 5A

Distribution of Single-Family Owner-Occupied Mortgage Purchases

By Race of Borrower(s) on Loan Application1

For Calendar Year 2014
Qualifying Qualifying Very Qualifying Low- Qualifying Total Purchase Total Refinance Total Mortgages

Low-Income Low-Income Income Area Low-Income Money Mortgages Acquired

Purchase Money Purchase Money Purchase Money Refinance Mortgages Acquired

Mortgages Mortgages Mortgages Mortgages Acquired

Borrower and Co-Borrower are Hispanic or Latino:

 $UPB(Millions) $2,083 $460 $2,952 $3,242 $10,073 $12,499 $22,572 

 Number of Mortgages 15,834 4,579 18,530 23,590 50,091 68,112 118,203

 

 Portion of Qualifying or Total Mortgages Acquired 8.90% 10.68% 10.78% 10.61% 6.10% 7.86% 7.00%

 

Borrower and Co-Borrower are not Hispanic or Latino:

 $UPB(Millions) $19,779 $3,466 $23,289 $21,867 $153,001 $134,574 $287,575 

 Number of Mortgages 150,068 35,686 139,609 174,553 696,971 692,023 1,388,994

 

 Portion of Qualifying or Total Mortgages Acquired 84.38% 83.24% 81.22% 78.51% 84.93% 79.83% 82.31%

 

Joint - Either Borrower or Co-Borrower are Hispanic or Latino:2

 $UPB(Millions) $160 $17 $416 $263 $3,561 $3,404 $6,965 

 Number of Mortgages 1,091 156 2,030 1,844 14,075 15,288 29,363

 

 Portion of Qualifying or Total Mortgages Acquired 0.61% 0.36% 1.18% 0.83% 1.72% 1.76% 1.74%

 

Information not Provided by Borrower or Co-Borrower:3

 $UPB(Millions) $1,513 $246 $2,114 $2,731 $14,056 $17,881 $31,936 

 Number of Mortgages 10,853 2,451 11,720 20,736 59,511 88,354 147,865

 

 Portion of Qualifying or Total Mortgages Acquired 6.10% 5.72% 6.82% 9.33% 7.25% 10.19% 8.76%

 

Not Applicable:

 $UPB(Millions) $0 $0 $0 $13 $0 $35 $36 

 Number of Mortgages 0 0 0 87 1 192 193

 

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 0.00% 0.04% 0.00% 0.02% 0.01%

 

Data Not Provided by Loan Seller:

 $UPB(Millions) $0 $0 $0 $173 $0 $396 $396 

 Number of Mortgages 0 0 0 1,520 0 2,861 2,861

 

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 0.00% 0.68% 0.00% 0.33% 0.17%

 

Total:

 $UPB(Millions) $23,535 $4,189 $28,771 $28,289 $180,691 $168,789 $349,480 

 Number of Mortgages 177,846 42,872 171,889 222,329 820,649 866,830 1,687,479

 

 Portion of Qualifying or Total Mortgages Acquired 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

 

1

If ethnicity is known for one borrower but not the other, loan is classified according to the known ethnicity.

2

Joint means one Borrower is of Hispanic or Latino ethnicity and the other is not, in any order.

3

This category consists of mortgages where borrower and co-borrower ethnicity (as Hispanic/Latino or not) information is not provided in mail, internet, or telephone application, even if race data are reported.

Table 5B

Distribution of Single-Family Owner-Occupied Mortgage Purchases

By Ethnicity of Borrower(s) on Loan Application1

For Calendar Year 2014
Qualifying Low-Income 

Purchase Money 

Mortgages

Qualifying Very LowIncome Purchase 

Money Mortgages

Qualifying Low-Income 

Area Purchase Money 

Mortgages

Qualifying Low-Income 

Refinance Mortgages

Total Purchase Money 

Mortgages Acquired

Total Refinance 

Mortgages Acquired

Total Mortgages 

Acquired

All Male: 

 $UPB(Millions) $9,134 $1,648 $10,498 $9,007 $53,515 $44,438 $97,953 

 Number of Mortgages 69,034 16,665 64,109 70,203 251,449 230,005 481,454

 Portion of Qualifying or Total 

Mortgages Acquired

38.82% 38.87% 37.30% 31.58% 30.64% 26.53% 28.53%

 

All Female: 

 $UPB(Millions) $9,204 $1,941 $8,647 $10,194 $33,419 $32,148 $65,567 

 Number of Mortgages 71,684 20,391 57,018 83,442 179,456 190,428 369,884

 Portion of Qualifying or Total 

Mortgages Acquired

40.31% 47.56% 33.17% 37.53% 21.87% 21.97% 21.92%

 

Male and Female: 

 $UPB(Millions) $4,401 $475 $8,553 $7,307 $86,088 $80,952 $167,040 

 Number of Mortgages 31,308 4,540 44,718 54,753 356,748 388,300 745,048

 Portion of Qualifying or Total 

Mortgages Acquired

17.60% 10.59% 26.02% 24.63% 43.47% 44.80% 44.15%

 

Not Applicable: 

 $UPB(Millions) $0 $0 $0 $6 $0 $15 $15 

 Number of Mortgages 0 0 0 34 1 66 67

 Portion of Qualifying or Total 

Mortgages Acquired

0.00% 0.00% 0.00% 0.02% 0.00% 0.01% 0.00%

 

Not Provided: 

 $UPB(Millions) $795 $125 $1,072 $1,772 $7,669 $11,226 $18,895 

 Number of Mortgages 5,820 1,276 6,044 13,870 32,995 57,945 90,940

 Portion of Qualifying or Total 

Mortgages Acquired

3.27% 2.98% 3.52% 6.24% 4.02% 6.68% 5.39%

 

Missing: 

 $UPB(Millions) $0 $0 $0 $2 $0 $10 $10 

 Number of Mortgages 0 0 0 27 0 86 86

 Portion of Qualifying or Total 

Mortgages Acquired

0.00% 0.00% 0.00% 0.01% 0.00% 0.01% 0.01%

 

Total: 

 $UPB(Millions) $23,535 $4,189 $28,771 $28,289 $180,691 $168,789 $349,480 

 Number of Mortgages 177,846 42,872 171,889 222,329 820,649 866,830 1,687,479

 Portion of Qualifying or Total 

Mortgages Acquired

100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

 

1

Borrower and Co-Borrower with a Not Provided or Not Applicable are placed in the specific gender of the Borrower or Co-Borrower.

Table 6

Distribution of Single-Family Owner-Occupied Mortgage Purchases

By Gender of Borrower(s)1

For Calendar Year 2014
Qualifying Low-Income 

Purchase Money 

Mortgages

Qualifying Very LowIncome Purchase 

Money Mortgages

Qualifying Low-Income 

Area Purchase Money 

Mortgages

Qualifying Low-Income 

Refinance Mortgages

Total Purchase Money 

Mortgages Acquired

Total Refinance 

Mortgages Acquired

Total Mortgages 

Acquired

Minority < 10% 39,418 9,407 19,829 51,265 187,321 199,040 386,361

10% <= Minority < 20% 43,853 10,015 29,465 45,458 218,228 197,276 415,504

20% <= Minority < 30% 28,579 6,754 22,808 30,083 137,326 129,509 266,835

30% <= Minority < 50% 33,085 7,921 42,245 38,502 155,545 159,347 314,892

50% <= Minority < 80% 23,058 6,090 37,881 33,324 90,353 116,325 206,678

80% <= Minority <= 100% 9,851 2,685 19,622 23,693 31,716 65,164 96,880

Tract Missing / Unable to Classify 2 0 39 3 160 169 329

Total: 177,846 42,872 171,889 222,329 820,649 866,830 1,687,479

Table 7

Distribution of Single-Family Owner-Occupied Mortgage Purchases

By Minority Concentration of Census Tract

For Calendar Year 2014
Qualifying Low- Qualifying Very LowIncome Units Income Units Total Units Financed

Minority < 10% 9,535 2,273 14,270

10% <= Minority < 20% 32,900 6,016 47,114

20% <= Minority < 30% 31,606 5,592 50,097

30% <= Minority < 50% 64,509 12,732 103,683

50% <= Minority < 80% 72,495 14,493 106,921

80% <= Minority <= 100% 42,176 15,099 50,004

Tract Missing / Unable to Classify 0 0 0

Total: 253,221 56,205 372,089

Table 8

Distribution of Fannie Mae's Multifamily Mortgage Purchases

By Minority Concentration of Census Tract

For Calendar Year 2014
Qualifying LowIncome Purchase 

Money Mortgages

Qualifying Very LowIncome Purchase 

Money Mortgages

Qualifying LowIncome Area 

Purchase Money 

Mortgages

Qualifying LowIncome Refinance 

Mortgages

Total Purchase 

Money Mortgages 

Acquired

Total Refinance 

Mortgages Acquired

Total Mortgages 

Acquired

Income <=50% of Median Income

 Minority < 10% 9,407 9,407 2,870 15,927 9,530 16,449 25,979

 10% <= Minority < 30% 16,769 16,769 7,325 23,941 16,936 24,658 41,594

 30% <= Minority < 50% 7,921 7,921 6,085 12,418 8,027 12,794 20,821

 50% <= Minority < 80% 6,090 6,090 5,208 11,479 6,173 11,841 18,014

 80% <= Minority <= 100% 2,685 2,685 2,552 8,781 2,721 9,150 11,871

 Tract Missing / Unable to Classify 0 0 0 0 0 0 0

 Subtotal 42,872 42,872 24,040 72,546 43,387 74,892 118,279

50% < Income <=60% of MSA Median Income

 Minority < 10% 8,710 0 2,407 10,403 8,865 10,597 19,462

 10% <= Minority < 30% 15,855 0 6,477 14,655 16,066 14,964 31,030

 30% <= Minority < 50% 7,202 0 5,165 7,313 7,298 7,449 14,747

 50% <= Minority < 80% 4,961 0 3,948 6,489 5,043 6,631 11,674

 80% <= Minority <= 100% 2,143 0 1,979 4,563 2,176 4,728 6,904

 Tract Missing / Unable to Classify 1 0 1 0 1 0 1

 Subtotal 38,872 0 19,977 43,423 39,449 44,369 83,818

60% < Income <=80% of MSA Median Income

 Minority < 10% 21,301 0 5,995 24,917 21,870 25,368 47,238

 10% <= Minority < 30% 39,808 0 15,515 36,918 40,544 37,498 78,042

 30% <= Minority < 50% 17,962 0 11,681 18,753 18,364 19,038 37,402

 50% <= Minority < 80% 12,007 0 8,831 15,344 12,260 15,636 27,896

 80% <= Minority <= 100% 5,023 0 4,434 10,324 5,101 10,567 15,668

 Tract Missing / Unable to Classify 1 0 1 3 1 3 4

 Subtotal 96,102 0 46,457 106,259 98,140 108,110 206,250

80% < Income <=100% of MSA Median Income

 Minority < 10% 0 0 6,016 0 22,807 26,236 49,043

 10% <= Minority < 30% 0 0 15,486 0 42,354 40,567 82,921

 30% <= Minority < 50% 0 0 10,706 0 19,218 19,913 39,131

 50% <= Minority < 80% 0 0 7,891 0 12,191 15,870 28,061

 80% <= Minority <= 100% 0 0 4,000 0 4,947 9,883 14,830

 Tract Missing / Unable to Classify 0 0 0 0 0 5 5

 Subtotal 0 0 44,099 0 101,517 112,474 213,991

100% < Income <=120% of MSA Median 

 Minority < 10% 0 0 723 0 21,700 24,281 45,981

 10% <= Minority < 30% 0 0 2,197 0 40,633 38,303 78,936

 30% <= Minority < 50% 0 0 2,343 0 18,062 18,889 36,951

 50% <= Minority < 80% 0 0 3,151 0 11,051 14,554 25,605

 80% <= Minority <= 100% 0 0 2,098 0 4,230 8,012 12,242

 Tract Missing / Unable to Classify 0 0 2 0 2 6 8

 Subtotal 0 0 10,514 0 95,678 104,045 199,723

120% MSA Median Income < Income

 Minority < 10% 0 0 1,818 0 102,548 96,007 198,555

 10% <= Minority < 30% 0 0 5,273 0 199,020 170,654 369,674

 30% <= Minority < 50% 0 0 6,265 0 84,575 81,189 165,764

 50% <= Minority < 80% 0 0 8,852 0 43,635 51,745 95,380

 80% <= Minority <= 100% 0 0 4,559 0 12,541 22,749 35,290

 Tract Missing / Unable to Classify 0 0 35 0 65 75 140

 Subtotal 0 0 26,802 0 442,384 422,419 864,803

Borrower Income Missing

 Minority < 10% 0 0 0 18 1 102 103

 10% <= Minority < 30% 0 0 0 28 1 141 142

 30% <= Minority < 50% 0 0 0 18 1 75 76

 50% <= Minority < 80% 0 0 0 12 0 48 48

 80% <= Minority <= 100% 0 0 0 25 0 75 75

 Tract Missing / Unable to Classify 0 0 0 0 91 80 171

 Subtotal 0 0 0 101 94 521 615

Total: 177,846 42,872 171,889 222,329 820,649 866,830 1,687,479

Table 9

Distribution of Single-Family Owner-Occupied Mortgage Purchases

Minority Percentage of Census Tract by Income of Borrower

For Calendar Year 2014
Qualifying LowIncome Purchase 

Money Mortgages

Qualifying Very 

Low-Income 

Purchase Money 

Mortgages

Qualifying LowIncome Area 

Purchase Money 

Mortgages

Qualifying LowIncome 

Refinance 

Mortgages

Total Purchase 

Money Mortgages 

Acquired

Total Refinance 

Mortgages 

Acquired

Total Mortgages 

Acquired

Alabama 1,919 475 2,650 2,758 9,284 10,815 20,099

Alaska 283 47 188 441 1,428 1,630 3,058

Arizona 4,856 1,244 3,476 6,824 24,883 25,072 49,955

Arkansas 876 234 1,384 1,404 5,115 5,765 10,880

California 11,557 2,070 17,418 29,988 82,332 153,459 235,791

Colorado 7,736 1,976 10,710 7,521 29,426 24,682 54,108

Connecticut 2,269 602 3,614 3,130 7,365 9,376 16,741

Delaware 643 192 390 952 3,005 2,995 6,000

District of Columbia 650 139 984 754 2,020 2,046 4,066

Florida 9,932 2,144 12,513 11,110 59,771 43,957 103,728

Georgia 4,079 1,016 4,090 5,878 24,215 23,273 47,488

Hawaii 423 66 549 851 2,319 3,152 5,471

Idaho 2,083 547 1,020 1,331 7,608 4,881 12,489

Illinois 10,447 2,935 14,579 9,013 36,334 35,723 72,057

Indiana 4,138 1,151 1,558 4,877 14,870 14,535 29,405

Iowa 3,066 882 1,141 2,850 9,214 8,426 17,640

Kansas 1,364 347 521 1,690 5,468 5,706 11,174

Kentucky 2,136 593 2,296 2,295 7,405 7,178 14,583

Louisiana 1,609 355 2,386 2,222 9,599 10,619 20,218

Maine 315 71 153 879 1,784 2,851 4,635

Maryland 4,203 1,220 2,775 7,096 13,864 19,701 33,565

Massachusetts 4,893 962 4,240 5,676 18,022 20,137 38,159

Michigan 6,255 1,756 2,033 8,953 25,114 32,035 57,149

Minnesota 6,983 2,166 2,783 5,950 19,930 18,314 38,244

Mississippi 547 121 725 1,117 3,604 5,249 8,853

Missouri 3,418 938 2,674 4,853 13,149 15,929 29,078

Montana 738 171 1,034 886 3,315 3,302 6,617

Nebraska 2,229 636 2,191 1,661 6,853 5,633 12,486

Nevada 2,143 533 1,287 2,500 9,870 9,224 19,094

New Hampshire 903 192 490 1,388 3,348 4,327 7,675

New Jersey 3,663 626 6,949 5,206 21,238 24,609 45,847

New Mexico 993 247 878 1,291 4,947 5,110 10,057

New York 5,486 959 9,261 6,474 28,922 30,626 59,548

North Carolina 4,718 1,193 5,244 6,011 24,718 22,010 46,728

North Dakota 456 104 356 445 2,159 1,746 3,905

Ohio 6,580 1,652 2,267 7,199 24,418 22,747 47,165

Oklahoma 1,811 380 2,269 1,800 9,808 7,641 17,449

Oregon 2,758 547 2,390 3,214 14,634 13,073 27,707

Pennsylvania 6,958 1,676 8,719 8,034 26,444 26,627 53,071

Rhode Island 562 111 370 747 2,043 2,412 4,455

South Carolina 2,556 566 1,719 2,850 14,487 10,751 25,238

South Dakota 873 236 317 736 2,892 2,425 5,317

Tennessee 2,967 690 3,137 4,063 14,952 14,707 29,659

Texas 10,563 1,953 11,550 11,798 80,816 61,358 142,174

Utah 3,993 916 1,738 2,939 13,408 10,488 23,896

Vermont 319 79 497 540 1,221 1,628 2,849

Virginia 5,393 1,462 3,918 8,096 20,336 25,476 45,812

Washington 7,223 1,829 5,583 6,589 28,060 24,464 52,524

West Virginia 320 89 357 713 1,531 2,643 4,174

Wisconsin 6,287 1,626 1,981 5,584 19,449 18,598 38,047

Wyoming 603 142 260 679 2,246 2,067 4,313

Guam 2 0 15 2 15 21 36

Puerto Rico 67 8 223 467 1,236 5,453 6,689

Virgin Islands 2 0 39 3 69 89 158

Unable to Geocode 0 0 0 0 86 69 155

Total 177,846 42,872 171,889 222,329 820,649 866,830 1,687,479

Table 10A

Distribution of Fannie Mae's

Single-Family Owner-Occupied Mortgage Purchases

By State and Territory

For Calendar Year 2014
Qualifying Low- Qualifying Very LowIncome Units Income Units Total Units Financed

Alabama 5,441 578 6,409

Alaska 86 0 113

Arizona 8,304 1,576 11,482

Arkansas 3,616 1,279 4,080

California 12,305 3,140 44,766

Colorado 6,506 1,727 9,830

Connecticut 1,361 560 1,822

Delaware 502 3 810

District of Columbia 1,766 1,207 2,907

Florida 12,123 1,012 21,908

Georgia 10,144 1,199 12,328

Hawaii 144 23 730

Idaho 985 59 1,268

Illinois 5,221 1,976 8,705

Indiana 4,648 2,145 6,100

Iowa 1,847 417 1,897

Kansas 3,203 904 3,586

Kentucky 2,371 453 2,832

Louisiana 1,810 552 2,601

Maine 0 0 0

Maryland 8,103 1,636 9,959

Massachusetts 950 247 1,702

Michigan 7,738 1,016 10,497

Minnesota 3,380 515 3,948

Mississippi 2,129 798 2,766

Missouri 4,601 2,448 5,432

Montana 167 1 242

Nebraska 2,573 1,736 2,768

Nevada 2,234 168 3,391

New Hampshire 210 1 400

New Jersey 1,178 703 2,456

New Mexico 756 22 842

New York 4,082 2,000 10,230

North Carolina 15,494 2,721 18,430

North Dakota 0 0 223

Ohio 8,109 3,962 9,447

Oklahoma 6,943 1,743 7,801

Oregon 3,309 308 5,392

Pennsylvania 5,293 1,537 6,689

Rhode Island 98 0 600

South Carolina 4,188 355 5,523

South Dakota 521 369 521

Tennessee 9,128 831 10,726

Texas 59,077 11,479 83,175

Utah 2,270 260 2,295

Vermont 0 0 0

Virginia 8,640 980 10,144

Washington 7,418 637 9,008

West Virginia 299 172 343

Wisconsin 1,646 717 2,661

Wyoming 304 33 304

Guam 0 0 0

Puerto Rico 0 0 0

Virgin Islands 0 0 0

Other Territories 0 0 0

Unable to Geocode 0 0 0

Total 253,221 56,205 372,089

Table 10B

Distribution of Fannie Mae's

Multifamily Mortgage Purchases

By State And Territory

For Calendar Year 2014
Qualifying Low-Income 

Purchase Money 

Mortgages

Qualifying Very LowIncome Purchase Money 

Mortgages

Qualifying Low-Income 

Area Purchase Money 

Mortgages

Qualifying Low-Income 

Refinance Mortgages

Total Purchase Money 

Mortgages Acquired

Total Refinance Mortgages 

Acquired

Total Mortgages Acquired

0% < LTV <= 60%

 $UPB(Millions) $2,069 $553 $1,822 $8,075 $13,896 $40,993 $54,889 

 Number of Mortgages 19,471 6,624 14,105 73,125 75,633 242,763 318,396

 Portion of Total 10.95% 15.45% 8.21% 32.89% 9.22% 28.01% 18.87%

 

60% < LTV <= 80%

 $UPB(Millions) $10,050 $1,961 $12,616 $13,247 $87,624 $93,599 $181,223 

 Number of Mortgages 75,228 19,759 72,990 98,545 377,997 445,202 823,199

 Portion of Total 42.30% 46.09% 42.46% 44.32% 46.06% 51.36% 48.78%

 

80% < LTV <= 90%

 $UPB(Millions) $3,113 $479 $4,269 $3,159 $28,786 $18,973 $47,759 

 Number of Mortgages 21,907 4,706 23,116 23,455 122,211 94,936 217,147

 Portion of Total 12.32% 10.98% 13.45% 10.55% 14.89% 10.95% 12.87%

 

90% < LTV <= 95%

 $UPB(Millions) $7,219 $1,024 $9,073 $1,259 $47,672 $6,599 $54,271 

 Number of Mortgages 53,442 10,169 55,235 9,206 228,922 34,394 263,316

 Portion of Total 30.05% 23.72% 32.13% 4.14% 27.90% 3.97% 15.60%

 

95% < LTV <= 100%

 $UPB(Millions) $1,084 $173 $990 $715 $2,707 $2,347 $5,054 

 Number of Mortgages 7,798 1,614 6,443 5,128 15,834 13,715 29,549

 Portion of Total 4.38% 3.76% 3.75% 2.31% 1.93% 1.58% 1.75%

 

100% < LTV

 $UPB(Millions) $0 $0 $0 $1,833 $5 $6,270 $6,275 

 Number of Mortgages 0 0 0 12,870 52 35,761 35,813

 Portion of Total 0.00% 0.00% 0.00% 5.79% 0.01% 4.13% 2.12%

 

Missing LTV

 $UPB(Millions) $0 $0 $0 $0 $0 $9 $9 

 Number of Mortgages 0 0 0 0 0 59 59

 Portion of Total 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.00%

 

Total

 $UPB(Millions) $23,535 $4,189 $28,771 $28,289 $180,691 $168,789 $349,480 

 Number of Mortgages 177,846 42,872 171,889 222,329 820,649 866,830 1,687,479

 Portion of Total 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

 

1

 Does not include second mortgages and non-applicable categories.

Table 11

Distribution of Single-Family Owner-Occupied Mortgage Purchases1

By LTV Category

For Calendar Year 2014
Total Total Total Qualifying Low- Total

Mortgages Qualifying Mortgages Qualifying Very Mortgages Qualifying Low- Income Area Mortgages Eligible To Low-Income Eligible To Low-Income Eligible To Income Area Purchase Eligible To 

Qualify As Purchase Qualify As Very Purchase Qualify As Low- Purchase Money Qualify As 

Low-Income Money Low-Income Money Income Area Money Goal Subgoal Low-Income 

Purchase Mortgages Purchase Mortgages Purchase Mortgages Mortgages Refinance1

Money Money Money

HFA Initiative  Owner-Occupied Mortgages: UPB ($ Millions) $33.27 $17.21 $33.27 $3.73 $33.27 $18.09 $14.99 

 Number of Mortgages 224 137 224 37 224 134 110 50% Allowable population of HFA Initiative  Owner-Occupied Mortgages: UPB ($ Millions) $16.64 $8.61 $16.64 $1.87 $16.64 $9.05 $7.49 

 Number of Mortgages 112 69 112 19 112 67 55 Goals Performance Fannie Mae's Single-Family Goals 23% 7% 21%

 Goals Performance Percentage 61.16% 16.52% 59.82%

 Fannie Mae's Single-Family Subgoal 11% Subgoal Performance Percentage 49.11%

1 All loans associated with the HFA Initiative are purchase money mortgages.

Note: When loans financed through the HFA Initiative are included into our scores Fannie Mae's Single-Family Purchase Money goals performance is unchanged: Low-Income PMM - 23.47% vs. 23.47% , Very Low-IncomArea Goal - 22.68% vs. 22.69%, and Low-Income Area Subgoal - 15.48% vs. 15.49%.

For Calendar Year 2014

Supplemental AMR Table 

HFA Initiative Results

Summary Table on Single-Family Housing Goal Performance