Environmental, 

Social, and Governance

 Report2022
ESG REPORT / TABLE OF CONTENTS

Published June 30, 2023

Table of Contents

Introduction 2

Letter From the CEO 2

At a Glance 3

About Fannie Mae 5

About This Report 7

Our Approach to ESG 8

Spotlight: Connecting Investors to Our Mission 9

Social 13

Housing Affordability 13

Housing Stability 20

Spotlight: Racial Equity in Housing Finance 23

Community Engagement 25

Human Capital Management 28

Environment 32

Climate Risk & Resilience 32

Green Homes 39

Governance 41

Corporate Governance & ESG Oversight 41

Risk Management 43

Business Ethics 45

Data Privacy & Security 46

Regulatory Engagement 48

Appendix 49

Additional Resources 49

Data Tables 50

Assurance Report 68

SASB Index 69

TCFD Index 75

Disclaimers 76

© 2023 Fannie Mae 2022 ESG Report | 1
Letter From the CEO 

On behalf of all my Fannie Mae colleagues, I am excited 

to present our second annual Environmental, Social, and 

Governance (ESG) report. 

For Fannie Mae, ESG is more than a priority as a leading financial 

company. It is a framework that helps us manage our business 

and prioritize our actions, powered by our mission: to facilitate 

equitable and sustainable access to homeownership and quality, 

affordable rental housing across America. 

You will see our social responsibility come to life in the many ways 

we serve renters, homebuyers, and homeowners. 

Housing affects all aspects of society — from where we grow 

up and live our lives, to the stability of our communities and 

our financial well-being. Fannie Mae is passionate about serving 

people across the country, including by knocking down barriers 

to affordable rental housing and homeownership for historically 

underserved populations. 

To that end, Fannie Mae is pursuing new ways to inform 

and educate homebuyers and new solutions to lower down 

payments and closing costs. We believe our breakthrough 

initiatives to help renters build credit to potentially become 

homeowners hold incredible promise. World 50, a global 

community of business leaders, honored Fannie Mae for 

“innovation in creating scalable solutions and systemic change 

in diversity, equity, and inclusion.” It shows how Fannie Mae’s 

workforce helps us better see and serve a diverse nation.

Our housing mission also drives our environmental actions. 

Among the credit, market, and other risks we monitor and 

manage in our business operations, Fannie Mae is actively 

working to understand our climate risk exposures and promote 

resiliency strategies to mitigate the impact of climate change for 

the people whose homes we finance. This helps to protect our 

company and the housing finance system.

Also, our pioneering Green Bond issuances are helping to meet 

the demand for more efficient and sustainable homes. We are 

pleased that the U.S. Environmental Protection Agency and U.S. 

Department of Energy awarded Fannie Mae their 2023 ENERGY 

STAR® Sustained Excellence designation for being “Partner of the 

Year” for nine years running.

Finally, we recognize that Fannie Mae cannot achieve our housing 

mission and ESG goals without the strong corporate governance

we describe in this report. Our governance structure reinforces the 

foundation of our enterprise and helps ensure that we achieve our 

housing mission with safety, soundness, and sustainability.

All in all, this report is a tribute to our talented and dedicated 

colleagues across Fannie Mae who keep driving our business, 

housing mission, and ESG performance forward. I am proud 

of their work and inspired by their relentless commitment to 

America’s housing. 

Priscilla Almodovar, Chief Executive Officer

Introduction

© 2023 Fannie Mae 2022 ESG Report | 2

TABLE OF CONTENTS

2022 ESG Report

INTRODUCTION / LETTER FROM THE CEO
At a Glance

1 Based on rents reported at loan origination. Rents may change following loan origination.

2 Based on internal estimates using data from the Federal Reserve Board of Governors’ “Financial Accounts of the United States” (Z.1) release, Q4 2022.

3 Sum of single-year projected savings for each loan. Savings are likely to continue beyond one year. kBtu is one thousand British thermal units, a unit of energy measurement. MtCO2e is metric 

tons of carbon dioxide equivalent.

4 Multifamily Green Bonds only.

5 Officers are employees with job titles that include Fellow, Vice President, Senior Vice President, Executive Vice President, President, and CEO. Supporting the transition to greener buildings

Our financing can be used to improve the 

sustainability of single-family and multifamily 

properties by increasing energy and water efficiency 

and reducing greenhouse gas emissions.

$10.5B

in Green Bonds issued in 2022

backed by loans that were estimated to achieve:

59K

more energy- and water-efficient 

housing units financed in 2022

through our Green Rewards and Green Building 

Certification multifamily financing products and 

mortgages backing our Single-Family Green Bonds.

Read more on Sustainable Bonds, 

Green Financing, and Their Impacts >

888M

kBtu

of projected source

energy savings3

41K

mtCO2e

of projected 

greenhouse gas 

emissions prevented3

116M

gallons

of projected water 

savings3,4

Fostering an engaged 

and inclusive workforce

We value a diverse workforce and an inclusive 

workplace, and we leverage Fannie Mae’s position in 

the marketplace to promote diversity and inclusion 

in the housing finance industry.

9 in 10

employees

would recommend Fannie 

Mae to friends and family 

as a great place to work. 

as of October 2022

Read more >

Increased our paid 

parental leave benefit to 

12 weeks 

of paid leave 

and added a caregiver benefit 

with the same amount to take 

care of a seriously ill family 

member(s). 

Read more >

Racial or

ethnic minorities

as of December 2022

Women

as of December 2022

58%

of our

workforce

28%

of officer-level 

employees5

44%

of our

workforce

39%

of officer-level 

employees5

Fannie Mae at a glance

In 2022, Fannie Mae acquired mortgages supporting: As of Dec. 31, 2022, Fannie Mae owned or 

guaranteed approximately: 

1.2M

single-family

home purchases

of which nearly half were 

for first-time homebuyers

886K

single-family refinancings

598K

multifamily units

of which a significant 

majority reported rents 

affordable to low-to-moderateincome households1

27%

of U.S. single-family

mortgage debt outstanding2

21%

of U.S. multifamily

mortgage debt outstanding2

© 2023 Fannie Mae 2022 ESG Report | 3

TABLE OF CONTENTS INTRODUCTION / AT A GLANCE
Helping homeowners, homebuyers, and renters

We help make access to housing in the United States more attainable, affordable, 

and stable for low- and moderate-income borrowers and renters.

Enabling access to affordable housing

In 2022, we acquired loans 

enabling home purchases6 for

539K

first-time homebuyers

and

276K

low- and very low-income households

Read more >

$10.3B

in financing

provided in 2022 for Multifamily 

Affordable Housing properties 

with restrictions that limit 

rents or impose income limits 

on renters. 

Read more >

2.9K 

single-family mortgage 

applications

benefited in 2022 from our 

innovative new program enabling 

lenders to consider timely rent 

payments as a positive factor in 

mortgage underwriting. 

Read more >

Advancing equity in housing finance

$32.7B

single-family 

mortgages acquired 

in 2022

from minority- and/or 

women-owned firms.

Read more >

Released our 

Equitable Housing 

Finance Plan

which outlines a range of 

specific actions we are 

taking to help knock down 

housing barriers faced by 

historically underserved 

communities.

Read more >

330

scholarships provided

to aspiring appraisal 

professionals in 2022 through the 

Appraisal Diversity Initiative, which 

is designed to help make a housing 

appraisal career accessible to a 

diverse pool of talent. 

Read more >

Launched the 

Single-Family 

Social Index

Framework

aimed at providing 

insights into sociallyoriented activities in the 

residential real estate 

financing market. 

Read more >

Building financial and credit confidence

179K

people completed the HomeView®

homeownership education course in 2022

which Fannie Mae developed to help equip aspiring 

homebuyers with information to become successful 

and confident homeowners. 

Read more >

105K 

rental units onboarded

into our Multifamily Positive Rent Payment Reporting 

Pilot program in the last four months of 2022, enabling 

these households to make their on-time rent payments 

count toward building their credit. 

Read more >

6 First-time homebuyer and low- and very low-income homebuyer categories are not mutually exclusive. If applicable, a loan may be included in both categories.

© 2023 Fannie Mae 2022 ESG Report | 4

TABLE OF CONTENTS INTRODUCTION / AT A GLANCE
About Fannie Mae

Who we are

The Federal National Mortgage Association, better known as 

Fannie Mae, is a purpose-driven company by charter and by 

choice. Our business supports mortgage lenders by providing 

mortgage financing to help people buy or rent a home. We help 

make the popular 30-year fixed-rate mortgage possible, enabling 

predictable mortgage payments over the life of the loan and 

giving homeowners stability and peace of mind. 

Our charter, an act of Congress, establishes our purposes: 

to provide liquidity and stability to the residential mortgage 

market and to promote access to mortgage credit. This mandate 

includes facilitating mortgages on housing for low- and 

moderate-income families involving a reasonable economic 

return that may be less than the return earned on other 

activities. Congress declared that our operations should be 

financed by private capital to the maximum extent feasible. With 

these Congressional intentions in mind, we have, principally 

using private capital, provided liquidity in the secondary market 

and expanded housing opportunities throughout the U.S. Fannie 

Mae is committed to maintaining safety and soundness as we 

work to fulfill this mission.

We do not originate mortgage loans or lend money directly to 

borrowers. Rather, we work primarily with lenders who originate 

loans to borrowers. We acquire and securitize those loans into 

mortgage-backed securities that we guarantee (which we refer 

to as Fannie Mae MBS or our MBS). Our revenues are primarily 

driven by guaranty fees we receive for assuming the credit risk on 

loans underlying our MBS. As of December 31, 2022, we owned 

or guaranteed mortgage assets representing an estimated 

27% of single-family mortgage debt outstanding and 21% of 

multifamily mortgage debt outstanding in the U.S.7

7 Based on internal estimates using data from the Federal Reserve Board of Governors’ “Financial Accounts of the United States” (Z.1) release, Q4 2022.

© 2023 Fannie Mae 2022 ESG Report | 5

TABLE OF CONTENTS INTRODUCTION / ABOUT FANNIE MAE
Our business segments

We have two reportable business segments: Single-Family 

and Multifamily. 

Single-Family

Our Single-Family Business acquires mortgage loans secured 

by properties containing one to four residential dwelling units, 

delivered by over a thousand lenders across the U.S. in 2022. 

Fannie Mae’s position in the housing finance value chain means 

that we help set standards that apply nationally to conventional 

mortgage financing.8 Those standards include lender business 

requirements, credit and underwriting guidelines for loans we 

acquire, eligibility requirements for properties underlying the 

loans, servicer requirements for ongoing administration of the 

loans, and standards for borrower assistance and loss mitigation. 

Our Single-Family Business provided $615 billion in liquidity 

to the mortgage market in 2022, enabling the financing 

of 1.2 million home purchases and 886,000 refinancings. 

Macroeconomic trends pushed mortgage interest rates higher 

in 2022, leading to a decrease in the volume of refinance loan 

acquisitions. Housing affordability constraints plus limited 

8 Our acquisitions of single-family conventional mortgage loans are subject to maximum original principal balance limits, known as “conforming loan limits,” which are adjusted 

each year based on the Federal Housing Finance Agency’s (FHFA) housing price index. In most of the U.S., the conforming loan limit for mortgages secured by one-family 

residences was set at $647,200 for 2022.

9 Low-income borrowers are those with incomes of 80% of Area Median Income (AMI) or below; low-to-moderate-income borrowers are those with incomes of 100% of AMI or 

below. Percentages are based on number of loans and not unpaid principal balance.

10 U.S. Census Bureau, 2021 American Community Survey 1-Year Estimates.

11 Based on rents reported at loan origination. Rents may change following loan origination. For additional information on multifamily affordable housing acquisitions, see Table 3. 

Multifamily Housing Mortgage Acquisitions by Year, by Select Characteristics in the Data Tables section of the Appendix.

supply also decreased the volume of loans for home purchase. 

Most outstanding mortgage borrowers as of late 2022 had 

mortgage loans with rates well below prevailing market rates, 

which creates a strong disincentive to refinance.

Of the single-family mortgages we acquired in 2022, over a third 

financed primary residences affordable to low-to-moderateincome households.9

 Approximately 539,000 of the mortgages 

we acquired in 2022 were to first-time homebuyers.

Multifamily

Our Multifamily Business provides mortgage market liquidity 

primarily for properties with five or more residential units, which 

may be apartment communities, cooperative properties, seniors 

housing, dedicated student housing, or manufactured housing 

communities. Multifamily housing is an essential part of the U.S. 

housing supply: there are 44 million renter households in the 

U.S., and 46% of those households live in multifamily units.10

Overall, our Multifamily Business provided $69 billion in 

multifamily mortgage market liquidity in 2022. A significant 

majority of units financed were affordable to low-to-moderateincome households.11

Single-family 

refinance loans

Single-family home 

purchase loans

Multifamily loans

$614.9

$1,358.9

$76.0 $411.1

$947.8

$1,354.8

$69.5 $69.2

$451.4

2019 2020 2021 2022

$903.4

$378.0

$236.9

$596.0

$312.7 $70.2

$283.3

MORTGAGE LOANS ACQUIRED DURING THE YEAR BY UNPAID PRINCIPAL BALANCE AT ACQUISITION

(Dollars in billions)

© 2023 Fannie Mae 2022 ESG Report | 6

TABLE OF CONTENTS INTRODUCTION / ABOUT FANNIE MAE
About This Report

This annual Environmental, Social, and Governance (ESG) 

report provides information on Fannie Mae’s business and 

operations with a focus on social impact, sustainability, and 

responsible governance. 

Some of the information included in this report has been 

previously disclosed in other voluntary and mandated reporting, 

including on our website, in our annual reports on Form 10-K 

filed with the Securities and Exchange Commission (SEC), and 

in previous ESG reporting. Additional details may be available in 

those and other complementary disclosures. Please see the list 

of Additional Resources in the Appendix to this report.

Scope of the report

The information included in this report is as of and for the 

year ended December 31, 2022, unless otherwise noted. This 

report focuses on our priority ESG topics identified through 

internal and external stakeholder engagement and additional 

topics relevant to investors, ESG reporting standards, and ESG 

ratings organizations.

Alignment to independent 

reporting standards

The report includes specified information prepared in 

accordance with the SASB Standards for Mortgage Finance 

(our primary SASB industry), Commercial Banks, and 

Investment Banking and Brokerage as set forth in Note 1: 

Basis of Presentation in the SASB Index of this report.12

In addition, we refer to the Task Force on Climate-related 

Financial Disclosures (TCFD) framework to inform this report’s 

preparation. Please see the SASB and TCFD indexes in the 

Appendix for more information. 

12 We have modified certain metrics to reflect Fannie Mae’s position in the secondary mortgage market. The SASB Index in the Appendix of this report explains these modifications 

as well as changes from our 2021 ESG Report. See our 2021 ESG Report for an explanation of changes from our 2020 SASB Report.

Portions of this report that are aligned to the SASB Standards 

are denoted by banners indicating the associated metric.

SASB Example

Text responsive to SASB Standards appears within the SASB tags.

SASB Example

Limited assurance

Fannie Mae engaged Deloitte & Touche LLP (Deloitte) to 

perform a review engagement on management’s assertion 

related to the specified information referenced in the SASB Index 

as of and for the years ended December 31, 2022, 2021, and 2020. 

Deloitte’s report can be found on p. 68 of this ESG Report.

Our approaches to the disclosures included in this report 

may be different from those included in mandatory 

regulatory reporting, including under SEC regulations, 

and we can provide no representation or assurance that 

our internal approach is consistent with other investment 

criteria, taxonomies, standards, or guidelines. Any goals 

presented in this report are aspirational; as such, we make 

no guaranty or promise that these goals will be met. While 

this report describes events, including potential future 

events, and priorities that may be significant from an ESG 

perspective, any significance does not necessarily equate 

to the level of materiality of disclosures required under 

U.S. federal securities laws.

© 2023 Fannie Mae 2022 ESG Report | 7

TABLE OF CONTENTS INTRODUCTION / ABOUT THIS REPORT
Our Approach to ESG

13 For more information on our strategic plan, see our 2022 Form 10-K, p. 4.

Fannie Mae exists to make affordable housing a reality for 

millions in the U.S. by providing stability and liquidity in the 

housing market. Fannie Mae’s strategy builds on this mission, 

set forth in our charter, while keeping the safety and soundness 

of the housing market at the forefront. Our strategic plan is 

designed around two core objectives — improving access 

to equitable and sustainable housing and enhancing our 

financial and risk positions.13 Our corporate strategy integrates 

our environmental, social, and governance priorities, which 

are informed by market analysis and internal and external 

stakeholder engagement.

Since 2018, we have conducted assessments periodically 

to deepen our understanding of the overall housing finance 

landscape, prioritize the topics that are most relevant to our 

business and stakeholders from an ESG perspective, and adapt 

our ESG strategy and disclosures accordingly. The 14 priorities 

below that emerged from that assessment guide and focus our 

work to realize our mission and positively impact the lives of 

millions of borrowers and renters in the U.S.

Realizing scalable, positive impact while mitigating risk 

requires thoughtful integration of our ESG priorities 

throughout our business. Our ESG team works to deepen 

our understanding of our ESG priorities and solutions to 

the challenges they present, benefiting from enterprisewide connectivity and visibility, engagement with external 

stakeholders, and Board-level oversight.

Fannie Mae’s priority ESG topics (in alphabetical order):14

14 Topics were identified based on their relevance to our business from an ESG perspective, their impact on society, and our capacity to impact the 

issue at scale, among other factors.

• Business ethics

• Climate resilience

• Climate risk

• Community engagement

• Data privacy & security

• Diversity & inclusion

• ESG integration

• Green homes

• Housing affordability

• Housing stability

• Human capital management

• Racial equity in housing finance

• Regulatory engagement

• Risk management

© 2023 Fannie Mae 2022 ESG Report | 8

TABLE OF CONTENTS INTRODUCTION / OUR APPROACH TO ESG
SPOTLIGHT

Connecting Investors to Our Mission

15 Please see the CICERO Shades of Green second opinions for multifamily and single-family frameworks.

Fannie Mae’s mission has long been to facilitate equitable and 

sustainable access to homeownership and quality, affordable 

rental housing across the U.S. 

Green and Social Bonds

Fannie Mae issues labeled Green Bonds backed by single-family 

loans and labeled Green and Social Bonds backed by multifamily 

loans. These securities abide by our Sustainable Bond Framework, 

which is aligned to global standards set forth in the International 

Capital Markets Association (ICMA) Green Bond Principles and 

Social Bond Principles. 

Our Sustainable Bond Framework

Our Sustainable Bond Framework, first published in 2020 

and updated in 2022, details the processes and criteria we 

use to distinguish our Social and Green Bond offerings. The 

Sustainable Bond Framework received a second-party opinion

from Sustainalytics. Fannie Mae’s sustainable bonds finance 

assets that we believe align to the following United Nations 

Sustainable Development Goals: Goal 1 (No Poverty), Goal 7 

(Affordable and Clean Energy), Goal 10 (Reduced Inequalities), 

and Goal 11 (Sustainable Cities and Communities). Under our 

Sustainable Bond Framework, eligible categories for use of 

proceeds of social bonds include Access to Essential Services, 

Socio-Economic Advancement and Empowerment, and 

Affordable Housing, per the ICMA Social Bond Principles 2020.

Our Sustainable Bond Framework also incorporates our 

Multifamily and Single-Family Green Bond Frameworks, which 

received Light Green and Good Governance Second Opinions 

from CICERO Shades of Green.

15 In addition, CICERO gave our 

multifamily Green Rewards Mortgage Loan product (see below) 

a Light to Medium Green rating. 

ANNUAL GREEN AND SOCIAL MBS ISSUANCE

(UPB at issuance, Dollars in billions)

0.0

13.9

27.8

MF Green MF Green and Social MF Social SF Green

2012-16 2017 2018 2019 2020 2021 2022

$3.9

$27.8

$20.2

$22.8

$13.0

$0.1

$12.9

$8.5

$11.2

$0.6

$1.4

$0.6

$9.8

$0.5

© 2023 Fannie Mae 2022 ESG Report | 9

TABLE OF CONTENTS INTRODUCTION / CONNECTING INVESTORS TO OUR MISSION
The Social and Green Bond designations are not mutually 

exclusive. In the chart above, the “MF Green” category represents 

MBS that only met the criteria for Multifamily Green Bonds; the 

“MF Social” category represents MBS that only met the criteria 

for Multifamily Social Bonds; and the “MF Green and Social” 

category represents MBS that met the criteria for both Multifamily 

Green Bonds and Multifamily Social Bonds.

Green Bonds

Fannie Mae began issuing Green Bonds in 2012, and through 

2022 we cumulatively issued $112.1 billion in Green MBS. 

The balance of Fannie Mae Green MBS outstanding as of 

December 31, 2022 was $93.8 billion. According to the Climate 

Bonds Initiative, as of December 2022, Fannie Mae was the 

largest cumulative issuer of green bonds in the world.

Multifamily Green Bonds

We issue Multifamily Green Bonds through two types of 

securities: Multifamily Green MBS and Green Fannie Mae 

Guaranteed Mortgage Structures (GeMSTM). To be included in 

Fannie Mae Multifamily Green MBS, the underlying loan must 

be either a Green Rewards Mortgage Loan or a Green Building 

Certification Mortgage Loan. 

Multifamily Green MBS are generally backed by one loan and 

one property. These bonds benefit from the same features 

as our other Multifamily MBS, including certain prepayment 

protections, credit policies, and Fannie Mae’s guaranty of timely 

principal and interest payments. The underlying mortgage 

loans must also conform to Fannie Mae’s Multifamily Green 

16 More information can be found on our website’s Single-Family Green MBS page.

17 “About the ENERGY STAR Residential New Construction Program,” 2019. Energystar.gov.

Bond Framework, which outlines our requirements and 

commitment to accountability, transparency, and impact 

reporting in green financing. In 2022, Fannie Mae issued 

$9.1 billion in Multifamily Green MBS.

Green GeMS are pools of Multifamily Green MBS that are 

resecuritized in a real estate mortgage investment conduit 

(REMIC). Green GeMS offer investors geographic or propertytype diversity, larger-size investments, and customized cash 

flows to fit investor preferences. GeMS deals are backed by 

the same Fannie Mae guaranty of timely payment of principal 

and interest as the underlying MBS pools. In 2022, Fannie Mae 

issued $781 million in Green resecuritizations. 

Single-Family Green Bonds

Single-Family Green MBS are backed by pools of mortgage 

loans secured exclusively by newly constructed single-family 

homes with green building certifications.16 To be eligible, 

these homes must meet or exceed the national program 

requirements for ENERGY STAR® Certified Homes, Version 3.0.17

Fannie Mae’s Single-Family Green Bond program relies on green 

building certifications that have stringent requirements as to 

what constitutes an energy-efficient residence and requires 

independent validation of the certifications. In 2022, Fannie 

Mae issued $1.4 billion in Single-Family Green MBS.

For more information on our financing energy- and waterefficiency improvements in multifamily and single-family 

housing, see the Green Homes chapter, Table 11. Green Bond 

Issuance, and Table 12. Projected Green Bond Impacts in the 

Data Tables section of the Appendix.

Supporting greater diversity in the investor community

Fannie Mae developed the ACCESS® program in 1992 to promote diversity within the capital markets. ACCESS provides 

opportunities for diverse-owned broker-dealer firms to distribute Fannie Mae’s fixed-income securities to the investor 

community. We include ACCESS dealers in our debt issuance transactions, single-family and multifamily MBS trading, 

and credit risk transfer transactions. Please see our Community Engagement chapter for more information.

© 2023 Fannie Mae 2022 ESG Report | 10

TABLE OF CONTENTS INTRODUCTION / CONNECTING INVESTORS TO OUR MISSION
Multifamily Social Bonds

Fannie Mae issued its first Multifamily Social Bonds in 2021 to 

better connect interested investors to our loans financing the 

creation and preservation of affordable housing. Securities 

eligible for our Multifamily Social MBS designation include 

those composed of loans financing affordable housing 

units with and without rent and/or income restrictions, 

manufactured housing communities, and Healthy Housing 

RewardsTM properties. 

As with our Multifamily Green MBS, our Multifamily Social MBS 

are generally backed by one loan and one property and benefit 

from the same features as our other Multifamily MBS. We 

also resecuritize Multifamily Social MBS for investors seeking 

geographic or property-type diversity, larger-size investments, 

and customized cash flows to fit investor preferences. 

See Table 4. Multifamily Social Bond Issuance in the Data 

Tables section of the Appendix.

The Social and Green Bond designations are not mutually 

exclusive — in 2022, $587 million of the multifamily bonds 

we issued met our criteria for both Social and Green labels. 

A substantial majority of the units at the properties backing 

these securities were affordable (at the time of issuance) to 

tenants with incomes of 60% of Area Median Income (AMI) 

or less. The owners’ commitment to install energy-efficient 

improvements with Green Rewards or secure a Green Building 

Certification with energy-efficiency prerequisites resulted in 

the creation of sustainable housing alternatives for low- and 

very low-income households.

18 As of the date of this report’s publication, Fannie Mae has not labeled any Single-Family MBS issuances as “social” bonds. In February 2023, FHFA issued a Request for Input on 

Fannie Mae’s and Freddie Mac’s Single-Family social bond policies and program design. Feedback from investors, second-party opinion providers, and other market participants 

will inform how to approach potential social-labeled issuance. For more discussion about privacy and disclosure, see Fannie Mae’s “Disclosure and Privacy: A Delicate Balance,” 

published in August 2022.

Security-Level Reporting

Because many fixed-income investors are interested in 

environmental and social metrics related to their specific 

investments, Fannie Mae provides a variety of ESG information 

at the security level: 

• At-issuance and ongoing annual metrics on whole 

multifamily property energy and water performance, 

including ENERGY STAR Score and EPA’s Water Score, are 

available in DUS Disclose®.

• Projected impacts of Green and Social Bonds are available 

on our website, published each year to include the 

previous year’s issuance.

• Single-Family Social Index scores are available in PoolTalk® 

and Data Dynamics®.

• Multifamily Restricted and Rent-based Affordability (as of 

loan acquisition) are available in DUS Disclose.

For more details about Fannie Mae’s existing Green Bond 

disclosures, please see our Green Bond Disclosures At a Glance

guide on our website. 

Social Index

In 2022, Fannie Mae introduced the Single-Family Social Index

as a flexible and scalable solution to provide investors with 

insights into our mission-oriented activities in the residential 

real estate financing market, while also being designed to help 

preserve the confidentiality of mortgage consumers’ personal 

information.18 We designed the index so that it can be refined 

over time to suit the needs of investors and evolving market 

practices and standards.

© 2023 Fannie Mae 2022 ESG Report | 11

TABLE OF CONTENTS INTRODUCTION / CONNECTING INVESTORS TO OUR MISSION
We provide Social Index scores on our single-family MBS pools 

based on a pool’s concentration of loans meeting certain 

criteria that reflect lending in service of Fannie Mae’s mission.19

The Social Index currently evaluates loans against eight social 

criteria, grouped under three dimensions. We do not disclose 

individual loan scores. We evaluate loans at time of acquisition, 

and we calculate pool-level metrics based on the composition 

of pools when they are issued.

We score MBS pools on two pool-level metrics: 

• Social Criteria ShareTM (SCS) is the percentage of loans in a 

pool that meet at least one of our eight social criteria. 

• Social Density ScoreTM (SDS) reflects the layering of social 

attributes. Each loan is scored on a zero-to-three scale 

based on the number of dimensions its criteria matches 

fall in. The SDS is the average score of the loans in the pool. 

Pool-level SDS is capped at 2.5.

HISTORICAL SHARE OF FANNIE MAE ACQUISITIONS 

MEETING CURRENT SOCIAL INDEX CRITERIA

19 We provide Social Index scores for most active and inactive pools issued since January 2010.

20 Loans on second homes are not eligible for any criteria. Households with income greater than 120% of Area Median Income are not eligible for most social criteria, with the 

exception of the “minority borrower” criterion, reflecting the homeownership gap between minority consumers and non-Hispanic white consumers that is persistent across 

household income levels.

ELEMENTS OF SOCIAL INDEX METHODOLOGY

Dimension Current Criteria20

Income Low-income borrowers (household income is 

80% of Area Median Income (AMI) or below)

Borrower Minority borrowers (at least one borrower 

identifies as a racial or ethnic minority)

First-time homebuyers (at least one borrower is 

a first-time homebuyer and household income 

is 120% of AMI or below) 

Property Low-income area (home located in designated 

low-income area and household income is 

120% of AMI or below)

Minority tract (home located in designated 

minority tract and household income is 120% 

of AMI or below)

High-needs rural (home located in designated 

high-needs rural area and household income is 

120% of AMI or below)

Designated disaster area (home located in 

designated disaster area and household 

income is 120% of AMI or below)

Manufactured housing (home is manufactured 

housing and household income is 120% of AMI 

or below)

2010

2011

201220132014

2015201620172018

201920202021

2022

25%

30%

35%

40%

45%

50%

55%

60%

65%

% of Loans % of UPB

© 2023 Fannie Mae 2022 ESG Report | 12

TABLE OF CONTENTS INTRODUCTION / CONNECTING INVESTORS TO OUR MISSION
Social

Housing Affordability

Fannie Mae supports the U.S. housing market by acquiring 

and guaranteeing mortgage loans made by lenders and 

issuing MBS backed by those mortgage loans. Our business 

model helps to bring housing affordability to renters and 

borrowers around the country. 

Single-family housing affordability

Fannie Mae acquires single-family mortgage loans from lenders 

who originate those loans to borrowers. Single-family mortgage 

loans finance properties with one to four residential units. 

We are working to enable aspiring homeowners to overcome 

barriers to affordable homeownership. The mortgage loans we 

acquire include options for low down payment financing and 

consumers with limited or no credit history.

Easing the burden of upfront costs

For low-income and first-time homebuyers, covering the upfront 

costs for down payment and closing can be a major barrier.21

Fannie Mae eases this burden by allowing low down payments 

and down payment assistance. 

Loans with as little as 3% down are eligible for financing 

under Fannie Mae’s guidelines. HomeReady® is a Fannie Mae 

loan product designed to help our lender partners serve 

creditworthy low-income borrowers.22 In 2022, Fannie Mae 

acquired over 79,000 HomeReady loans.

21 For more information on closing costs as an obstacle to homeownership, see Nuno Mota and Mark Palim, “Barriers to Entry: Closing Costs for First-Time and Low-Income 

Homebuyers,” Fannie Mae Working Paper, 2021.

22 The income limit for HomeReady eligibility is 80% of Area Median Income (AMI). Both first-time and repeat homebuyers are eligible. Eligibility requirements for HomeReady also 

apply to our related product HFA PreferredTM.

Fannie Mae also allows funds for part or all of down payment 

and closing costs to come from a variety of sources, including 

gifts, grants, Community Seconds®, or sweat equity. Our 

Community Seconds program makes it possible for borrowers 

to get conventional mortgage financing while also receiving 

home purchase assistance through certain secondary mortgage 

financing programs that meet Fannie Mae’s responsible lending 

requirements. In 2022, we acquired over 26,000 loans that had 

received Community Seconds assistance.

NUMBER AND SHARE OF OWNER-OCCUPIED HOME-PURCHASE

MORTGAGES ACQUIRED, BY LTV RATIO AT ORIGINATION

(in thousands)

Population: single-family loans on the consolidated balance sheet

 ≤ 60% LTV Ratio > 60% to 70% > 70% to 80% 

 > 80% to 90% > 90% to 95% > 95%

0

300

600

900

1200

2020 2021 2022

1,235 1,279

1,002

98 (8%)

62 (5%)

370 (30%)

192 (16%)

362 (29%)

151 (12%)

112 (9%)

108 (11%)

303 (30%)

158 (16%)

113 (11%)

259 (26%)

60 (6%)

67 (5%)

397 (31%)

191 (15%)

354 (28%)

158 (12%)

© 2023 Fannie Mae 2022 ESG Report | 13

TABLE OF CONTENTS

2022 ESG Report

SOCIAL / HOUSING AFFORDABILITY 
Payment History program — borrowers were deemed eligible for 

Fannie Mae financing when they otherwise might not have been.

NUMBER AND SHARE OF OWNER-OCCUPIED 

MORTGAGES ACQUIRED, BY FICO SCORE AT ORIGINATION

(in thousands)

Population: single-family loans on the consolidated balance sheet

 < 680 680 – 719 720 – 739 740 – 759 760 – 779

 780 – 850 FICO Not Available23

23 From 2020 to 2022, there were about 1,000 mortgage acquisitions without FICO 

scores per year, which were less than 0.1% of total owner-occupied single-family 

mortgage acquisitions for any individual year.

Making rent payments count

Rental payments can be one of the largest recurring monthly expenses for most households, but they are not 

currently widely reported to credit bureaus. We are helping more renters demonstrate their creditworthiness 

by making rental payments count toward their credit scores. Individuals with stronger credit scores may have 

an easier time qualifying for rental housing or mortgage financing, have lower security deposit requirements, 

and be offered lower costs for auto, small business, or education financing.

Our Multifamily Positive Rent Payment Reporting pilot program, launched in 2022, connects participating 

multifamily property owners with three fintech companies that enable rent payment reporting to credit 

bureaus. By facilitating this connection, Fannie Mae aims to accelerate the adoption of rent payment reporting 

throughout the multifamily industry. The program is designed to impact participants’ credit profiles in a 

positive direction only. Participants may opt out of the program if they prefer, and those who miss a payment 

are automatically unenrolled to preserve their credit standing. Between September and December 2022, 

105,000 rental units were onboarded under our Multifamily Positive Rent Payment Reporting pilot. Over 7,000 

renters established credit scores during that period.

Overcoming credit history barriers

The vast majority of Fannie Mae’s single-family loan acquisitions 

are mortgages for which borrower credit score information is 

available. However, historically underserved consumers are 

underrepresented by traditional methods of credit scoring, which 

can reinforce racial disparities in access to credit. Fannie Mae is 

focused on enabling the assessment of borrower creditworthiness 

in an inclusive, equitable, and responsible manner.

Fannie Mae has a solution for homebuyers with a history of 

on-time rent payments — even if their credit profiles have not 

previously captured such payments. Beginning in 2021, we 

enabled mortgage lenders to incorporate a borrower’s positive 

rent payment history in the mortgage credit evaluation process 

through our proprietary automated underwriting system, 

Desktop Underwriter® (DU®). With permission from mortgage 

applicants, lenders can electronically pull and submit a report 

with 12 months of bank account data to the underwriting 

platform, and DU identifies rental payments appearing in 

the statement data. Only on-time monthly rent payments 

are considered to improve eligibility; any records of missed 

or inconsistent rent payments do not negatively affect the 

applicant’s ability to qualify for a loan eligible for sale to Fannie 

Mae. In 2022, approximately 2,900 single-family mortgage 

applications benefited from the Single-Family Positive Rent 

0

1000

2000

3000

4000

5000

2020 2021 2022

222 (5%) 321 (8%)

650 (15%)

426 (10%)

568 (13%)

723 (17%)

1,583 (37%)

505 (28%)

290 (16%)

261 (15%)

210 (12%)

330 (18%)

190 (11%)

594 (14%)

436 (10%)

580 (14%)

742 (18%)

1,618 (39%)

4,193 4,272

1,787

TABLE OF CONTENTS SOCIAL / HOUSING AFFORDABILITY 

© 2023 Fannie Mae 2022 ESG Report | 14
In 2022, Fannie Mae also made enhancements to its automated 

underwriting system to enable an evaluation of a borrower’s 

monthly cash flow to responsibly expand access for homebuyers 

who do not have a credit score. The improvements simplify the 

evaluation of a borrower’s monthly cash flow in the credit risk 

assessment and automate the documentation of nontraditional 

sources of credit.

Putting quality housing within reach

The supply of housing influences home prices and affordability. 

Fannie Mae is committed to unlocking the potential of properties 

in need of repair and enabling financing for affordable options 

like manufactured housing. 

The cost of renovation and repair may limit the attractiveness 

of otherwise affordable properties. Fannie Mae’s HomeStyle® 

Renovation loans improve affordability and flexibility by allowing 

financing based on the value of the home after improvements are 

made, enabling homeowners to access additional upfront funds to 

finance improvements as part of a home purchase or refinancing. 

To help preserve housing supply, Fannie Mae also invests 

directly in improvements to our real estate owned (REO) 

properties, conducting repairs on a majority of the properties 

we acquire.24 We invested approximately $65 million in the 

repair and rehabilitation of the REO properties we sold in 2022. 

Improvements, which may include installation of energyand water-efficient products and remediation to address 

environmental or health issues, help make the homes more 

sustainable and support sales to owner-occupant buyers. 

Our First LookTM program provides homebuyers and nonprofit 

organizations access to properties on HomePath®, our online 

platform for REO sales, without competition from investors 

for the first 30 days a property is listed for sale. To support 

opportunities for affordable homeownership, in 2022 we also 

began marketing a closing cost concession of up to 3% of the 

HomePath property sales price to owner-occupant buyers with 

a household income equal to or less than the Area Median 

Income. In 2022, 76% of our single-family REO property sales 

were to owner-occupant homebuyers.

24 REO refers to residential properties owned by Fannie Mae as a result of servicer-completed foreclosures or deeds-in-lieu of foreclosure.

© 2023 Fannie Mae 2022 ESG Report | 15

TABLE OF CONTENTS SOCIAL / HOUSING AFFORDABILITY 
Understanding affordability 

We use the term “affordable” in multiple contexts in this report. In general, it describes housing costs at a level 

that typically should not strain the budget of a given household. 

For single-family mortgages, we use the mortgage borrower’s household income as an indicator 

of affordability. For renters, we consider either rental cost or rent restrictions reported at mortgage 

origination. To account for variations in regional costs of living and incomes, we categorize household 

incomes relative to Area Median Income (AMI).

Some of the multifamily properties we finance have restrictions that limit the rents that can be charged 

to renters and/or impose income limits on the individuals or households who reside in the units. These 

restrictions may be part of a federal, state, or local policy or program that encourages the production or 

preservation of affordable housing. In some cases, preferential financing terms or availability of financing are 

contingent on an owner maintaining a certain number of rental units at a certain rent or income-eligibility level. 

Affordable housing is not limited to rent- or income-restricted units or properties; units that are within budget 

of low- or moderate-income residents even without rent or income limits or subsidy-related restrictions in 

place are sometimes referred to as “naturally occurring affordable,” “unrestricted affordable,” or “market-rate 

affordable.” Properties without rent or income restrictions that are affordable at the prevailing market rate are 

a vital component of the overall supply of affordable housing.

We measure unit affordability based on restrictions and rent rolls reported at loan origination. Rent-based 

measures of affordability also include rents for any restricted-affordable units.27 Rents may change subsequent 

to origination, and restrictions may expire.

27 We evaluate affordability of reported rents according to FHFA guidance (12 CFR part 1282).

We also partner with other organizations who are investing in 

their communities. Community First by Fannie MaeTM provides 

approved public entities and community-minded organizations 

that leverage REO properties to support their housing-related 

missions exclusive purchase access for a limited time prior to 

Fannie Mae pursuing repairs or listing the property for sale.

Manufactured homes (MH) also serve as a significant source 

of affordable housing available for low- and moderate-income 

borrowers. The cost to purchase or rent MH tends to be lower 

than for site-built homes. However, certain factors can make 

25 For more information on the manufactured housing market in the U.S., see Fannie Mae’s Duty to Serve Underserved Markets Plan, 2022 – 2024.

26 This figure includes loans eligible under Fannie Mae’s Duty to Serve program and those financed outside of Duty to Serve eligibility.

purchasing MH more difficult, including difficulty obtaining 

financing.25 Fannie Mae markets MH loan products as a suite of 

options (MH Advantage®, standard MH, and single-wide MH). In 

2022, Fannie Mae provided $4.4 billion in liquidity to the singlefamily manufactured housing market.26

TABLE OF CONTENTS SOCIAL / HOUSING AFFORDABILITY 

© 2023 Fannie Mae 2022 ESG Report | 16
Multifamily housing affordability

Scarce supply of affordable rental units is one of the primary 

barriers to housing affordability for renters, resulting in competition 

for available units. Fannie Mae is focused on supporting the 

preservation, rehabilitation, and creation of more affordable rental 

homes for renters. Of the approximately 598,000 multifamily units 

we financed in 2022, a significant majority were affordable to 

low-to-moderate-income households.28

We also support the development and preservation of housing 

in the underserved manufactured housing and rural markets, 

and our products and programs reflect our commitment to these 

markets. We are innovating with programs that make it easier for 

households to afford and maintain suitable rental housing.

28 Unit count reflects new multifamily units financed by first liens; excludes second liens on multifamily units for which we had financed the first lien, as well as manufactured 

housing rentals. Affordability is based on rents reported at origination. Rents may change following loan origination. For additional information on affordable housing 

acquisitions, see Table 3. Multifamily Housing Mortgage Acquisitions by Year, by Select Characteristics in the Data Tables section of the Appendix.

NUMBER OF MULTIFAMILY UNITS WITH REPORTED 

RENTS AFFORDABLE AT OR BELOW 120% AMI

(in thousands)

NUMBER OF MULTIFAMILY UNITS WITH RENT OR 

INCOME RESTRICTIONS AT OR BELOW 120% AMI

(in thousands)

0

100

200

300

400

500

600

2020 2021 2022 2020 2021 2022

576

66 71 77

504 516

Income

 ≤ 50% AMI > 50% to 60% AMI > 60% to 80% AMI > 80% to 100% AMI > 100% to 120% AMI

© 2023 Fannie Mae 2022 ESG Report | 17

TABLE OF CONTENTS SOCIAL / HOUSING AFFORDABILITY 
Programs to produce and preserve 

affordable units

Fannie Mae takes an active role in preserving and improving 

affordable housing for low-income renters. We work to make it 

easier for lenders to finance the production and preservation of 

rental housing by providing standardized, consistent, and scalable 

multifamily financing products. We also provide innovative 

products to meet market needs that help preserve affordability.

Housing with rent- or income-based restrictions remains an 

essential source of affordable housing for many. Fannie Mae’s 

financing for Multifamily Affordable Housing, which includes 

loans on properties with a minimum level of rent- and incomerestricted units and properties receiving other federal and state 

subsidies, totaled $10.3 billion in 2022.

The Low-Income Housing Tax Credit (LIHTC) program is a 

federal program incentivizing equity investments in affordable 

rental housing for low- and very low-income households. The 

program awards tax credits to affordable housing developers, 

who then exchange the tax credits for equity contributions 

from investors, including corporate investors like Fannie Mae, 

to create and preserve affordable housing. The LIHTC program 

provides a reliable source of capital for affordable rental housing 

and underserved markets nationwide. 

From our reentry into LIHTC equity investment in 2018 

through 2022, Fannie Mae has provided approximately $3.2 

billion in LIHTC equity investments, supporting the creation or 

preservation of nearly 80,000 rental units at over 1,000 properties 

in 49 of 50 states, Guam, Puerto Rico, the U.S. Virgin Islands, 

and Washington, D.C. We specifically target our investment 

activities toward underserved markets and underserved tenant 

populations. More than 370 of these properties were in rural 

communities, including over 90 properties in high-needs rural 

regions. Tenants served through our investments include 

Native American tribal members, people who have experienced 

homelessness, youth aging out of foster care, LGBTQ seniors, 

and people who have experienced domestic violence. Properties 

focusing on these tenants may include supportive services 

such as counseling, after-school programs, and job training in 

addition to providing high-quality, affordable housing.

29 HUD, “Assisted Housing: National and Local” dataset, 2021

Fannie Mae also provides debt financing for properties whose 

affordability stems from others’ LIHTC equity investments. Over 

the past four years, we have increased our loan purchase targets 

on LIHTC properties and focused efforts on the innovative 

MBS as Tax-Exempt Bond Collateral (MTEB) mortgage loan 

solution. This offering allows Fannie Mae-issued multifamily MBS 

to support new issuance or refunding of municipal tax-exempt 

bonds, which helps to subsidize LIHTC affordable properties.

Our Sponsor-Initiated Affordability (SIA) program, launched in 

2021, offers pricing and underwriting incentives for multifamily 

borrowers and lenders to voluntarily set aside at least 20% of 

units for households with income less than 80% of AMI through 

the life of the Fannie Mae loan. The SIA program protected the 

affordability of nearly 2,300 rental units, out of over 4,900 total 

rental units financed under the program, in 2022.

Expanding choices for voucher recipients

The Housing Choice Voucher (HCV) Program, run by the U.S. 

Department of Housing and Urban Development (HUD), 

is a key resource for providing direct affordable housing 

subsidies to very low-income households, seniors, historically 

underserved populations, and people with disabilities. 

Vouchers predominantly serve households of color and 

women-led households.29 Accessing quality rental housing 

can be challenging for households that use HCVs. While some 

jurisdictions prohibit landlords from denying applicants based 

on the source of income, this is not universally the case. 

In 2022, Fannie Mae launched the Expanded Housing Choice 

Initiative, a pilot program aiming to enlarge the pool of 

multifamily units that accept HCVs. The pilot allows multifamily 

property owners in two states, North Carolina and Texas, to 

access lower-priced financing terms as an incentive for their 

commitment to accept HCVs. We believe the program can be 

mutually beneficial for property owners, who unlock a new 

market of potential renters, and for low-income renters, who 

gain more choice in where they can use their voucher.

© 2023 Fannie Mae 2022 ESG Report | 18

TABLE OF CONTENTS SOCIAL / HOUSING AFFORDABILITY 
Fair lending and fair housing

SASB FN-MF-270b.3

Fannie Mae is committed to complying with both the letter and spirit of applicable laws and regulations related to 

fair housing and lending (“Fair Lending Laws”). The Fair Lending Laws include the Equal Credit Opportunity Act, the 

Fair Housing Act, and the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended, 

and their implementing regulations, as well as similar state and local laws. These laws prohibit discrimination in 

housing and lending on the basis of certain characteristics.30

Fannie Mae operates in the secondary mortgage market and does not originate mortgage loans or lend money 

directly to borrowers. However, we require our lender partners, who lend money directly to single-family or 

multifamily borrowers, to comply with: 

• Our Selling Guides, which prescribe the requirements lenders must follow in order to sell loans to us.

• All federal, state, and local laws and regulations that apply to their origination practices, including the Fair 

Housing Act and the anti-discrimination provisions of the Equal Credit Opportunity Act.

• All other related state and federal regulations.

When delivering loans to Fannie Mae, lenders provide representations and warranties that assert their compliance 

with our Selling Guide and all applicable laws, including anti-discrimination laws and regulations. Thereafter, 

lenders must attest to us on an annual basis that they have policies and procedures in place, including regular 

training for employees and contractors, to facilitate and monitor compliance with these laws. Those who service 

loans for Fannie Mae are also required to abide by applicable laws and regulations dealing with loan servicing, as 

well as the provisions of our Servicing Guides. 

In addition to the lender and servicer requirements related to compliance with Fair Lending Laws, Fannie Mae 

has developed a Fair Lending Program designed to prevent, identify, measure, mitigate, and manage enterprisewide fair lending risks. The program promotes fair and responsible housing practices on an enterprise-wide level 

covering both Fannie Mae’s Single-Family and Multifamily Businesses, including underwriting standards, business 

practices, pricing policies, fee structures, and procedures. The Fair Lending Program is administered by Fannie 

Mae’s Fair Lending Group under the direction of the Fair Lending Officer. The Fair Lending Group reviews new and 

ongoing policies and initiatives, such as policies that impact the eligibility of loans sold to Fannie Mae, mortgage 

servicing policies, appraisal guidelines, and marketing materials, not only for compliance with the Fair Lending 

Laws, but also with a view toward increasing equity in the home lending and rental markets. The group also 

conducts enterprise monitoring of fair lending risk as well as periodic testing and targeted reviews to evaluate fair 

lending compliance. The Fair Lending Group develops and delivers fair lending training to employees, taking into 

consideration their job responsibilities and Fannie Mae’s fair lending risks. Fair lending is also covered as part of our 

enterprise-wide training provided to all employees.

SASB FN-MF-270b.3

In February 2022, Fannie Mae settled a lawsuit brought by the National Fair Housing Alliance and other 

organizations alleging that from 2011 to 2015 Fannie Mae’s foreclosed properties were maintained and marketed in 

a discriminatory manner. Fannie Mae denied the plaintiffs’ allegations but agreed to pay $53 million to resolve the 

case, of which more than $35 million was designated for investment in Black and Latino communities to address 

homeownership, access to credit, property rehabilitation, and residential development.

30 Characteristics include, but are not limited to, race, color, national origin, sex, religion, marital status, age (provided the applicant has the capacity to 

contract), receipt of public assistance, familial status (children under the age of 18 living with parents or legal custodians, pregnant women, people 

securing custody of children under the age of 18), disability, sexual orientation/gender identity, or military status.

TABLE OF CONTENTS SOCIAL / HOUSING AFFORDABILITY 

© 2023 Fannie Mae 2022 ESG Report | 19
Housing Stability

Our funding helps preserve the 30-year fixed-rate mortgage, an 

industry standard for many homebuyers in the U.S. This popular 

mortgage loan helps enable homeownership by offering stable, 

predictable mortgage payments over the life of the loan.

Promoting sustainable 

homeownership

Fannie Mae creates underwriting, eligibility, and risk 

management standards to help protect borrowers and maintain 

our safety and soundness. We also invest in homeownership 

and financial education and work to prevent displacement and 

insecurity — and market disruption — when disasters strike.

Responsible underwriting

We believe that Fannie Mae’s rigorous underwriting standards 

help ensure that borrowers are prepared to meet the 

obligations of homeownership. Fannie Mae’s Single-Family 

Selling and Servicing Guides set out the current eligibility and 

ongoing administration requirements for loans we can acquire. 

We built and support the automated underwriting system, DU, 

that lenders can use to determine whether a specific loan is 

eligible for sale to Fannie Mae. DU performs a comprehensive 

evaluation of the primary and contributory risk factors of a 

mortgage. The substantial majority of single-family loans we 

acquire are assessed by DU. 

In 2022, Fannie Mae made several enhancements to our 

eligibility, underwriting, and pricing guidelines, which we believe 

will enable greater access to credit for mortgage borrowers 

from historically underserved populations. For example, we 

introduced a cash-flow assessment feature within DU that uses a 

borrower’s bank account statements to provide a comprehensive 

picture of their financial health when none of the borrowers 

applying for the loan has a credit score. By updating our eligibility 

criteria for borrowers with no credit score and delivering lenders 

the tools to perform a cash-flow analysis as part of the overall 

credit assessment with DU, we are enabling access to mortgage 

financing for creditworthy borrowers in a safe and sound manner.

31 For more information on National Industry Standards for Homeownership Education and Counseling, see: https://www.homeownershipstandards.org/Home/Home.aspx.

32 The number of HomeView completions was not subject to Deloitte & Touche LLP’s review and, accordingly, Deloitte & Touche LLP does not express a conclusion or any form of 

assurance on such information.

Homeownership education

SASB FN-CB-240a.4

Fannie Mae aims to facilitate a continuum of educational and 

counseling resources, where multiple approaches at distinct 

points in an individual’s renting or homeownership journey can 

build upon each other for cumulative effect. 

To address knowledge gaps for aspiring homeowners, in 

January 2022 we launched Fannie Mae HomeView®, a free 

online consumer-facing homeownership education course that 

aligns with National Industry Standards for Homeownership 

Education and Counseling.31 The award-winning course, 

available in both English and Spanish, was designed to address 

misperceptions or a lack of knowledge about homebuying 

and the mortgage qualification process that discourages some 

renters from pursuing homeownership. In its first year, 179,000 

people completed the HomeView course.32

© 2023 Fannie Mae 2022 ESG Report | 20

TABLE OF CONTENTS SOCIAL / HOUSING STABILITY 
To ensure households taking steps toward purchasing a 

home are armed with the right information when it is most 

relevant, Fannie Mae requires certain borrowers to complete 

homeownership education prior to loan closing.33

For more information see Table 7. Education & Counseling in the 

Data Tables section of the Appendix.

SASB FN-CB-240a.4

Post-purchase counseling

For borrowers and renters who experience a financial hardship 

or find their lives upended by a natural disaster, Fannie Mae 

partners with housing counseling agencies to offer services to 

help them understand their options and pursue a path that 

reduces disruption to their housing and finances. In 2022, 

Fannie Mae supported over 11,000 housing counseling sessions 

for borrowers and renters.

Our Here to Help program, accessible at 1-855-HERE2HELP, 

provides support for Fannie Mae borrowers experiencing financial 

distress and any borrower or renter experiencing the effects of 

a natural disaster.34 Homeowners whose loans are owned by 

Fannie Mae and who are experiencing financial distress may 

access free foreclosure prevention assistance, whereby borrowers 

work directly with a HUD-approved counselor who reviews their 

situation and explains their options in one-on-one sessions.

33 For certain Fannie Mae loans, at least one borrower on a loan must complete homeownership education prior to loan closing: if all borrowers on the loan are relying solely on 

nontraditional credit to qualify, regardless of loan product or first-time homebuyer status; with HomeReady and HFA Preferred purchase transactions when all occupying borrowers 

are first-time homebuyers; or for purchase transactions with loan-to-value (LTV), combined LTV, or home equity combined LTV ratios greater than 95% when all borrowers are first-time 

homebuyers. Qualified providers must be independent of the lender, with homeownership education content that is aligned with National Industry Standards for Homeownership 

Education and Counseling or offered by a housing counseling agency approved by HUD. HomeView can be used to satisfy these homeownership education requirements.

34 Here to Help consolidates the services of what were formerly known as the Mortgage Help Network and the Disaster Response Network.

For renters and borrowers who face disasters, a dedicated 

counselor can help them complete a needs assessment, create 

a personalized recovery plan, and request financial relief 

from the Federal Emergency Management Agency (FEMA), the 

Small Business Administration, insurance providers, and other 

sources. Counselors continue to check in with clients for up to 

18 months. Anyone experiencing the impacts of a disaster can 

receive support; Fannie Mae facilitates services for renters and 

borrowers whether we own their mortgages or not. 

We also offer post-modification counseling, wherein 

borrowers receiving a Fannie Mae modification are offered 

comprehensive financial coaching to aid them in sustaining the 

modification. For more information on loan workout options, 

including modifications, see below.

Single-family loss mitigation and 

loan workouts

Fannie Mae’s single-family loss mitigation strategy sets 

standards for timely resolution when borrowers experience 

financial distress. Servicers are responsible for following our 

delinquency management and loss mitigation protocols 

throughout the loan life cycle, in accordance with our Servicing 

Guide requirements and applicable law. Our standards 

are designed to help promote housing stability and create 

consistent and equitable standards for servicers to follow.

TABLE OF CONTENTS

Support for homeowners, renters, and the market during the 

COVID-19 pandemic

As the COVID-19 pandemic unfolded, Fannie Mae took action to help people maintain their housing. Our 

response included halting foreclosures, providing forbearance plans to homeowners struggling to make 

mortgage payments as a result of the pandemic, and prohibiting evictions for nonpayment of rent in 

multifamily properties that received loan forbearance. Many homeowners and renters received one-on-one 

support from housing counselors to navigate the unprecedented events. For more details on our COVID-19 

response and outcomes, please see our Annual Housing Activities Report (AHAR). 

© 2023 Fannie Mae 2022 ESG Report | 21

SOCIAL / HOUSING STABILITY 
We maintain and enforce specific standards and requirements 

that servicers must follow regarding outreach timelines when a 

mortgage becomes delinquent. Our policies require the servicer 

to intervene early to address mortgage loan delinquency and 

provide alternatives to foreclosure. First and foremost, the 

servicer is required to attempt to establish contact with the 

borrower to discuss workout options that may be available 

to bring the mortgage loan current and allow the borrower to 

avoid foreclosure.

The servicer is required to determine whether a borrower 

qualifies for a home retention workout option before considering 

liquidation alternatives (unless the borrower requests 

otherwise). If the borrower needs time to resolve their hardship, 

they may be eligible for a forbearance plan, which allows them 

to make a reduced mortgage payment or no mortgage payment 

during the forbearance plan term. Once the borrower’s hardship 

is resolved, if the servicer has determined that the borrower does 

not have the ability to bring the mortgage loan current through 

a reinstatement, then the servicer must evaluate the borrower 

for a workout option in accordance with Fannie Mae’s Servicing 

Guide’s workout option evaluation hierarchy. 

A borrower may be eligible for a repayment plan if their hardship 

has been resolved but they are unable to bring the mortgage 

loan current through a reinstatement. A repayment plan is an 

agreement that provides the borrower with an opportunity 

to repay past due amounts on the mortgage loan by making 

additional monthly payments along with the regular monthly 

mortgage payments. 

Alternatively, if the borrower does not have the ability to afford 

a repayment plan, and if certain eligibility parameters are met, a 

payment deferral allows a borrower who can afford to resume their 

monthly mortgage payment to bring the mortgage loan current by 

deferring certain delinquent amounts into a non-interest-bearing 

balance due at loan maturity or payoff, whichever is earlier. 

If a borrower needs payment relief, they may be eligible for a 

Fannie Mae Flex Modification, which is an agreement to change 

terms of the loan such as payment amount, length of loan, 

interest rate, etc. in order to create a more affordable payment.

Upon the borrower’s request or when the borrower is not eligible 

for a retention workout option, the servicer must evaluate the 

borrower for a liquidation workout option. These liquidation 

workout options include a Fannie Mae Short Sale (preforeclosure sale) or a Fannie Mae Mortgage Release (Deed-inLieu of Foreclosure), each of which allows the borrower to leave 

the home while avoiding foreclosure. 

To promote consistency across servicers and improved outcomes 

for borrowers, Fannie Mae offers Servicing Management Default 

UnderwriterTM (SMDUTM), an application that incorporates the 

requirements within Fannie Mae’s workout option hierarchy and 

automates loss mitigation workout option evaluations.

For borrowers struggling with mortgage payments, Fannie Mae 

also offers free housing counseling through partnerships with 

nonprofit housing counseling organizations. In addition, we 

provide a consumer website with resources for consumers to 

understand the options that may be available for resolving loan 

delinquencies. 

See Table 6. Single-Family Loan Modifications, Foreclosure 

Alternatives, and Foreclosures in the Data Tables section of the 

Appendix. See also Table 7. Education & Counseling for information 

on counseling sessions provided to borrowers and renters.

Protecting manufactured housing 

community tenants

Residents in MH communities often own their homes 

but rent the land (known as the pad or site) on which 

their homes sit. For properties with Fannie Mae 

multifamily financing, Tenant Site Lease Protections

(TSLPs) contribute to more stable housing, whether MH 

community residents own or rent their dwelling. TSLPs 

address site lease terms, minimum grace periods for rent 

payments, unit sale and associated site lease assignment 

rights, advance notice of rent increases, and advance 

notice of a planned sale or closure of the MH community. 

For MH community loans committed in and after 2022, 

we require that TSLPs be implemented on 100% of site 

leases — both owner-occupied and renter-occupied.

© 2023 Fannie Mae 2022 ESG Report | 22

TABLE OF CONTENTS SOCIAL / HOUSING STABILITY 
SPOTLIGHT

Racial Equity in Housing Finance

35 For more information, see Fannie Mae’s “Knocking Down Barriers: A people-centered approach to advancing equity in housing,” 2022.

Consistent with the public purposes set forth in our charter, 

Fannie Mae is committed to doing what is in our power to 

build a more equitable housing finance system that yields 

better outcomes for future generations. Unfortunately, the 

U.S. housing finance system is marked by a history of racial 

discrimination and persistent racial disparities, and barriers 

still endure for historically underserved groups. For example, 

lower rates of homeownership lead to less accumulation 

of wealth, leading to lower levels of homeownership for 

subsequent generations and other disparate economic 

outcomes that accumulate over time.

Identifying and knocking down 

barriers

Our approach is first to acknowledge the obstacles to 

affordable and stable housing that consumers face, including 

those that disproportionately affect people of historically 

underserved groups due to race or ethnicity, and then 

identify appropriate interventions where we can leverage our 

products, policies, practices, and influence to support more 

equitable outcomes. 

We developed a framework we call the Consumer Housing 

Journey to capture insights from our research into the 

experience of renters, homebuyers, and homeowners.35

This framework enables us to identify areas of opportunity 

for Fannie Mae to help more consumers become successful 

renters and homeowners. Our first use case of the Consumer 

Housing Journey was to document the obstacles that Black 

renters and homeowners face as they secure and maintain 

housing. We expanded the research to focus on Latino renters 

and homeowners in 2023. 

Equitable Housing Finance Plan

Fannie Mae’s first-ever Equitable Housing Finance Plan, 

published in 2022, outlined specific steps we are taking to 

further our commitment to advancing racial equity in housing 

finance. We updated the Plan in 2023 to add new actions and 

also released a performance report detailing our actions and 

outcomes in the first year of implementation.

We are developing actions to help address the enduring 

effects of systemic discrimination against Black and Latino 

homeowners and renters. Our Equitable Housing Finance 

Plan represents a deeper level of strategic coordination and 

program maturity, but it builds upon established programs 

Fannie Mae has fostered over decades. 

© 2023 Fannie Mae 2022 ESG Report | 23

TABLE OF CONTENTS SOCIAL / RACIAL EQUITY IN HOUSING FINANCE
Our Equitable Housing Finance Plan focuses on three areas 

where we believe we can make the most impact: 

• Housing Preparation: helping consumers prepare early for 

sustainable homeownership and access to quality rental 

housing through establishing strong financial and credit 

foundations. 

• Renting or Buying: removing unnecessary obstacles in 

shopping for, acquiring, renting, or financing the purchase 

of a home. 

• Moving In and Maintaining: improving the services that 

help sustain homeownership so that homeowners and 

renters can withstand disruptions or crises and remain 

stably housed.

While our solutions seek to address the key obstacles faced 

by Black and Latino homeowners and renters as they secure 

housing, we expect our actions will benefit borrowers and 

renters in all populations. Some more narrowly targeted 

programs include working to increase the number of loans we 

purchase from lenders implementing Special Purpose Credit 

Programs specifically intended to benefit borrowers in areas 

with a legacy of redlining. 

We expect to continue to update our Equitable Housing 

Finance Plan as housing and economic factors evolve and to 

address additional populations historically underserved due to 

their race, ethnicity, geographic location, or other attributes.

Combating appraisal bias

Fannie Mae believes inequity in home value appraisals based on race or ethnicity is unacceptable, and this issue can 

limit opportunity for homeowners from underserved populations to build equity and wealth.36 Our goal is for the 

appraisal process and outcomes to be fair, reliable, and efficient. Our strategy includes researching the origins and 

impacts of appraisal inequities, using our quality control and monitoring functions to detect potential bias within our 

loan pipeline, developing technology solutions that lead to more equitable outcomes, and working with the appraisal 

profession directly to accelerate improvements.

In 2021 and 2022, we stepped up our monitoring of appraisal practices that are susceptible to bias and took steps 

to eliminate these practices. In each of these years, we performed a large-scale appraisal text scanning review to 

detect subjective terminology in home appraisals, including terms prohibited by our Selling Guide, such as “good 

neighborhood” or “pride of ownership.” This practice has already generated fairer outcomes for homeowners; of 

the appraisers notified of the use of subjective terminology in their reports in 2021, 79% had no new text findings on 

appraisals submitted after the letter date through end of June 2022. Our commitment to eradicating appraisal bias also 

resulted in 16 case referrals to state regulators in 2022.

To learn more about our work to make the appraisal profession more accessible to a diverse pool of aspiring 

professionals, see the Appraisers section of the Community Engagement chapter.

36 Learn more about the appraisal gap in this Fannie Mae research publication examining unequal appraisal valuation outcomes for Black consumers: 

“Appraising the Appraisal.” 

© 2023 Fannie Mae 2022 ESG Report | 24

TABLE OF CONTENTS SOCIAL / RACIAL EQUITY IN HOUSING FINANCE
Community 

Engagement

Fannie Mae operates at a crucial position within the broader 

housing finance system. Our external stakeholders include 

borrowers and renters; mortgage lenders; mortgage servicers; 

investors in our securities; government entities at federal, 

state, local, and tribal levels; insurers; housing policymakers; 

homeownership educators and counselors; researchers and 

economic observers; home builders and manufacturers; 

industry trade organizations and collectives; suppliers and 

contractors; technology providers; and the many diverse 

communities across the U.S. We engage stakeholders via 

multiple channels and venues to learn from them, share 

relevant information, and advance shared interests.

Evolving and diversifying the industry

We seek to leverage Fannie Mae’s position as an industry 

leader to drive positive change throughout the housing finance 

industry. Our strategies support industry best practices in 

ethics, sustainability, inclusion, and equity — including growing 

representation of historically underrepresented groups within 

the housing industry broadly.

Lenders

Fannie Mae maintains business relationships with over 1,600 

single-family primary market lenders. We created the Lender 

Diversity Council to support diversity within the single-family 

housing finance system by providing tools, training, and other 

resources to minority- and women-owned lenders. Our hope 

is that our engagement with these lenders better equips them 

to scale their businesses and expand access to financing within 

their communities. In 2022, Fannie Mae acquired $32.7 billion in 

single-family mortgage volume from minority- and/or womenowned firms.

We also maintain a robust network of multifamily lender 

partners. This includes Delegated Underwriting and Servicing 

(DUS®) lenders who underwrite, close, and deliver loans on our 

behalf, and other specialty multifamily lenders. We continuously 

seek new opportunities to ensure liquidity and foster economic 

inclusion in the multifamily market. In 2022, we added Basis 

Multifamily Finance, a subsidiary of Basis Investment Group, LLC, 

as our 24th DUS lender, expanding the suite of products that the 

company can offer to the market. Basis Investment Group is a 

certified minority- and women-owned business.

Capital markets

Fannie Mae’s ACCESS program, which celebrated its 30-year 

anniversary in 2022, provides opportunities for diverse-owned 

broker-dealer firms to distribute our fixed-income securities 

to the investor community. As of year-end 2022, the ACCESS 

program included 20 firms classified as women-, minority-, 

or service-disabled veteran-owned, or a combination of 

those classifications. 

Appraisers

We created the Appraiser Diversity Initiative in 2018 to help 

promote diversity in the real estate appraisal field. We have 

partnered with the National Urban League, the Appraisal Institute, 

and Freddie Mac on this initiative to attract new entrants to the 

residential appraisal field and foster increased diversity through 

outreach, scholarships, and mentoring. In 2022, Fannie Mae 

engaged with over 600 aspiring appraisers working through 

© 2023 Fannie Mae 2022 ESG Report | 25

TABLE OF CONTENTS SOCIAL / COMMUNITY ENGAGEMENT
the National Urban League’s affiliate Entrepreneurship Centers, 

hosting 7 workshops and 8 higher education outreach events — 

including 5 at Historically Black Colleges and Universities (HBCUs). 

The Appraiser Diversity Initiative awarded 330 scholarships and 

secured 11 new industry sponsors in 2022, exceeding our goal 

and bringing the total number of sponsors to 20. This initiative 

complements our work to combat appraisal bias. (See “Combating 

Appraisal Bias” in Spotlight: Racial Equity in Housing Finance.)

Housing finance

Widening access to housing finance industry education is 

a key tool to close the workforce diversity gap and build an 

industry that better reflects the diversity of our country. In 

2018, we created Future Housing Leaders (FHL) to help 

create a pipeline of diverse talent and to provide experiential 

and professional development opportunities at a formative 

time in participants’ early careers. FHL connects college 

students from historically underrepresented groups to 

opportunities for paid summer internships and early career 

opportunities in the housing industry. Fannie Mae and 86 

participating employers enrolled over 1,000 Future Housing 

Leaders in 2022. Future Housing Leaders program participant 

eligibility is not limited by race or ethnicity. 

Business partners and suppliers

We are committed to the principles of equal opportunity in 

contracting and the inclusion and utilization of diverse suppliers, 

vendors, and business partners in Fannie Mae’s procurement 

of goods and services, as outlined in our Equal Opportunity 

in Employment and Contracting statement. For a discussion 

of our expectations of our business partners set forth in our 

Business Partner Code of Conduct, see “Business Partner Code 

of Conduct” in the Business Ethics chapter.

Fannie Mae’s Supplier Diversity program is designed to promote 

the consideration, inclusion, and utilization of diverse suppliers, 

vendors, and business partners in relevant business activities 

and contracting opportunities. Efforts to support this objective 

are primarily focused on contracts where Fannie Mae has a direct 

influence on supplier selection and the population of bidding 

suppliers, where appropriate. 

In 2022, Fannie Mae performed various outreach activities to 

inform such suppliers of our contracting process and to solicit or 

advertise for proposals or bids to enter into business with Fannie 

Mae. Outreach included a diverse supplier summit aiming to 

create connections between internal stakeholders and suppliers 

that have capabilities we may be able to leverage in the future.

TABLE OF CONTENTS

© 2023 Fannie Mae

SOCIAL / COMMUNITY ENGAGEMENT

2022 ESG Report | 26
Building connections and advancing 

shared understanding

Fannie Mae benefits from engagement with our stakeholders, 

just as borrowers, renters, and industry participants can benefit 

from the collaboration and innovation that such engagement 

can generate. Partnerships can help amplify our impact.

Sustainable Communities Innovation 

Challenge 

We recognize that stable, affordable housing has benefits that 

extend to all aspects of life. Our Sustainable Communities 

Innovation Challenge forges partnerships in sectors adjacent 

to housing — such as employment, education, and health — to 

explore and launch innovative ways to support sustainable and 

affordable housing for households with low-to-moderate incomes.

Building on the foundation laid by our first challenge round, in 

2022 Fannie Mae launched Sustainable Communities Innovation 

Challenge 2022: Advancing Racial Equity in Housing. With this 

focus, we aim to help support innovative, scalable initiatives 

that remove barriers that currently prevent many households, 

including Black households, from purchasing or renting a 

home — barriers like the insufficient supply of quality, affordable 

housing options, insufficient funds for upfront and unexpected 

housing costs, and consumer credit challenges, including low 

credit scores and credit invisibility. The impacts enabled by 

Innovation Challenge 2022 awardees will help support the goals 

of Fannie Mae’s Equitable Housing Finance Plan. 

With Innovation Challenge 2022, Fannie Mae committed 

a total of $5 million to five organizations that are tackling 

challenges related to the historic inequities in housing that 

many homebuyers and renters face today. Awardees receive 

expert mentorship and participate in virtual learning sessions 

to support implementation and ongoing project management, 

as well as technical assistance to increase capacity to scale 

their projects. For more information on the project proposals 

received as part of the Innovation Challenge, view the 

searchable database we maintain to promote learning, sharing, 

and advancement of the goals of these initiatives. 

Employee volunteerism and giving

At Fannie Mae, serving is a part of our culture. Our policies and 

programs encourage volunteerism at many levels. We regularly 

organize a broad range of hands-on community volunteer 

opportunities for our employees. These experiences enable 

Fannie Mae to forge partnerships with organizations making an 

impact at the local level, and they give employees greater insight 

into community challenges, while providing tangible benefit to 

our neighbors.

We also support employees’ self-led giving and volunteering. 

Fannie Mae matches up to $5,000 per year in charitable gifts to 

eligible U.S.-based nonprofit organizations and offers employees 

up to 10 hours of paid volunteer leave per month to give their 

time and talents to causes they support individually. Through 

the company’s Matching Gifts program, employees, Board 

members, and the company collectively donated $4.1 million to 

eligible nonprofits in 2022.

© 2023 Fannie Mae 2022 ESG Report | 27

TABLE OF CONTENTS SOCIAL / COMMUNITY ENGAGEMENT
Human Capital 

Management

Our employees are key to ensuring our long-term success and 

meeting our strategic objectives. We had approximately 8,000 

employees as of December 31, 2022. We believe a motivated 

and inclusive workforce generates more creative ideas, better 

business decisions, and better products that serve the mission 

embedded in our charter and the needs of our diverse country. 

To that end, we are focused on three key areas: attracting and 

rewarding a talented workforce, engaging and developing our 

employees, and fostering an inclusive workplace.

Attracting and rewarding 

a talented workforce

We believe many current and prospective employees are 

attracted by our mission and the compelling nature of our 

work. We seek to foster and develop talent and create an 

employee base that feels empowered to speak up, explore new 

opportunities, and embrace challenges. 

Compensation and employee benefits

We offer a competitive total rewards package, which delivers 

a variety of cash and non-cash rewards designed to motivate 

employees and improve company performance. We utilize 

a “Live Well” framework to provide choices for employees to 

thrive. These programs are organized into five areas: Health, 

Finances, Career, Work-Life Fit, and Community. All regular 

Fannie Mae employees are eligible for benefits. 

In January 2023, we implemented enhancements to many of 

our benefit offerings to meet employees’ needs and attract the 

best talent. One highlight was expanding our paid parental leave 

policy to 12 weeks.37

Health: Fannie Mae provides quality physical and mental health 

benefits and emotional health resources for employees and their 

eligible dependents. Eligibility for our health insurance plans 

and certain other benefits includes qualified domestic partners 

of any gender and their children. Beyond the robust mental 

health benefits embedded in our medical insurance plans, our 

37 In addition to paid parental leave, employees may be eligible for fully paid short-term disability leave relating to the birth of a child.

Employee Assistance Program provides confidential counseling, 

relationship support, and other resources.

Finances: We provide opportunities for employees to achieve 

future financial goals and benefits that allow employees to invest 

in their financial and personal well-being. Eligible employees are 

automatically enrolled in a 401(k) plan. Fannie Mae automatically 

contributes 2% of eligible earnings to employees’ 401(k) plan 

accounts and matches employee contributions up to an additional 

6% of eligible earnings, for a total of 8% of eligible earnings.

To align with our mission and support employee homeownership, 

we provide eligible employees with a one-time grant of $10,000 

to assist with the purchase of a primary residence. We maintain 

a scholarship program for eligible employees’ dependents and 

provide tuition assistance for eligible employees furthering their 

own educational goals. We also provide financial support for 

adoption and surrogacy of up to $10,000.

Fannie Mae is committed to pay equity. We regularly review our 

pay practices and compensation structure for any potential 

pay disparities across gender or race. We analyze whether pay 

disparities may exist for comparable work (after controlling 

for objective factors that determine pay, such as job level and 

function, time in job, location, and performance) and how such 

disparities can be addressed. 

Career: Employees can advance their career and support Fannie 

Mae’s mission and be recognized for their work. We offer a 

dedicated virtual training platform, development programs, and 

reimbursements for educational expenses. See the Engaging and 

developing our employees section below for more information.

© 2023 Fannie Mae 2022 ESG Report | 28

TABLE OF CONTENTS SOCIAL / HUMAN CAPITAL MANAGEMENT
Work-life fit: Fannie Mae provides several options to help 

employees balance work and life. Most employees are able 

to decide when they work on-site or remotely. We also offer 

a variety of leave options, Half-Day Flexible Fridays, and Flex 

Hours, so employees can adjust their normal work schedule to 

allow more flexibility for their personal needs outside of work. 

Community: Employees have opportunities to maintain and 

strengthen connections to people and community causes that 

matter to them. For more information, see the Community 

Engagement chapter and the Fostering an inclusive workplace

section below.

Engaging and developing our 

employees

We believe that investing in our employees is key to our success 

as a business and our value proposition as an employer. 

Fannie Mae University (FMU), our platform for employee 

development, supports employees in building knowledge and 

skills by offering thousands of web-based courses, videos, and 

other resources. FMU is organized by several education tracks, 

including the School of Housing, School of Leadership and 

Culture, School of Analytics, School of Digital, and School of 

Continuing and Professional Development.

For employees who seek out higher education, our Assistance 

for Collegiate Education program may reimburse a maximum of 

$10,000 per calendar year of an eligible employee’s education 

expenses. Degree programs must relate to either Fannie Mae’s 

business and/or an employee’s current position. 

Performance reviews are a fundamental part of our employees’ 

development. Employees receive annual performance 

reviews, and the results are factored into compensation 

decisions. We also set the expectation for managers to have 

regular development discussions with their team members 

to ensure that growth is a continual priority, and we support 

our employees in advancing their career growth through 

internal mobility with career navigation training and internal 

recruitment support.

We regularly seek employee feedback through surveys that 

demonstrate our commitment to the value of listening and 

provide an entry point for managers and leaders of all levels 

to engage their teams in meaningful discussion. We believe a 

workforce that feels valued, engaged, respected, and part of a 

bigger purpose is more likely to stay and invest in our work and 

shared mission. We survey our workforce multiple times a year 

to monitor engagement and as one method to identify ways to 

improve our programs and work culture. In 2022, we conducted 

three employee engagement surveys. As of the final survey of 

2022, nine in ten employee respondents would recommend 

Fannie Mae to friends and family as a great place to work.

© 2023 Fannie Mae 2022 ESG Report | 29

TABLE OF CONTENTS SOCIAL / HUMAN CAPITAL MANAGEMENT
Fostering an inclusive workplace

SASB FN-IB-330a.1

We seek to foster an environment in which all employees are 

treated with dignity and respect and have the opportunity 

to contribute to meaningful work and grow their careers 

in an inclusive environment, free from discrimination, 

harassment, and retaliation. We support these critical concepts 

by establishing and promoting policies that articulate the 

importance of, and the value we place on, diversity and 

inclusion, by establishing a comprehensive diversity and 

inclusion strategy, by providing training to help our employees 

internalize the concepts in our policies, and by facilitating 

opportunities for engagement and partnership.

Policies, statements, and other 

governing documents

Fannie Mae’s D&I policies, statements, and other governing 

documents are accessible to employees on our intranet.

Our Equal Opportunity in Employment and Contracting

statement and our Employment Policy outline our prohibition 

against discrimination, harassment, and retaliation in 

the workplace and our commitment to the principles of 

equal opportunity for all employees. They articulate our 

commitment to providing reasonable accommodations 

to individuals with disabilities and to those who require 

workplace accommodations due to their sincerely held 

religious beliefs, observances, or practices. They prohibit 

workplace discrimination on any basis protected by federal, 

state, or local law, including race, color, religion, sex, national 

origin, disability or disability status, genetic information, age, 

sexual orientation, gender identity/gender expression, marital 

or parental status, family responsibilities, political affiliation, 

personal appearance, veteran status, or matriculation. They 

also prohibit discrimination on characteristics not covered 

under the law, such as bullying and systems of social 

stratification (including caste or class-based discrimination). 

These principles are also embedded in our Employee Code of 

Conduct, which all employees must commit to upon hire and 

annually thereafter. (See our chapter on Business Ethics for 

additional details on the Employee Code of Conduct.)

Structures

In 2022, to ensure a continued strong leadership focus 

on diversity and inclusion, we appointed a Chief Diversity 

& Inclusion Officer who reports to the President and is a 

member of our management committee. The Chief Diversity 

& Inclusion Officer leads our Office of Minority and Women 

Inclusion (OMWI), which is responsible for driving the 

development of our diversity and inclusion strategic plan in 

partnership with leaders across the company and reporting 

on our progress against the plan. 

Our annually updated D&I Strategic Plan includes outlines 

of key actions to cultivate an inclusive environment in 

which all employees have the opportunity to realize their 

full potential and receive support for their professional 

development goals. Key actions focus on inclusive leadership 

principles, talent development, enterprise-wide accessibility, 

and a transparent communications strategy that reinforces 

the practices of driving inclusion to achieve innovative 

solutions. Examples of actions include developing and 

implementing tools and resources to mitigate potential 

biases in employment decisions and creating targeted 

development actions for identified talent through succession 

plans and talent discussions. We also sponsor programs 

and activities to cultivate a diverse and inclusive work 

environment by focusing on inclusive leadership principles, 

talent development, enterprise accessibility, team and 

group dynamics, and a consistent communications strategy 

that reinforces the practice of driving inclusion to achieve 

innovative solutions. Our Diversity Advisory Council, 

Employee Inclusive Culture Council, and Employee Resource 

Groups also support our D&I commitments and broader 

enterprise culture initiatives. 

Our Diversity Advisory Council is an advisory working group 

of officers whose mission is to aid in the successful delivery 

of the company’s D&I Strategic Plan at the divisional and 

enterprise levels through the identification of opportunities 

and corresponding actions. The Diversity Advisory Council 

© 2023 Fannie Mae 2022 ESG Report | 30

TABLE OF CONTENTS SOCIAL / HUMAN CAPITAL MANAGEMENT
assists in monitoring and advising on the progress of the 

company’s D&I Strategic Plan and associated practices and 

initiatives, shares learnings among business areas, and works 

to disseminate D&I information.

Our Employee Inclusive Culture Council is comprised of a 

cross-section of employees who focus on defining behaviors 

that support our mission and values, reviewing and helping 

to align corporate initiatives and programs to the desired 

culture, and developing culture communication and 

sustainability strategies. 

Our Employee Resource Groups — grassroots organizations 

of employees aligned around a dimension of identity — are 

instrumental in creating a culture of inclusion and supporting 

the business on key initiatives. These voluntary groups are 

open to all employees and provide a forum for members to 

come together for professional growth and development, 

cultural awareness, education, community service, and 

networking across the organization.

Training and other programs

Fannie Mae’s D&I training program provides comprehensive 

learning opportunities for employees to build important skills 

and competencies to promote inclusion. Employees have 

access to courses, toolkits, and reference material to support 

their learning journeys. Virtual and in-person professional 

development and training opportunities are available.

SASB FN-IB-330a.1

RACIAL OR ETHNIC MINORITIES

As of December 31, 2022

WOMEN

As of December 31, 2022

58% 28% 44% 39%

of our 

workforce

of officer-level 

employees38

of our 

workforce

of officer-level 

employees38

38 Officers are employees with job titles that include Fellow, Vice President, Senior Vice President, Executive Vice President, President, and CEO.

Note: See Table 9 in the Data Tables section of the Appendix for more information.

© 2023 Fannie Mae 2022 ESG Report | 31

TABLE OF CONTENTS SOCIAL / HUMAN CAPITAL MANAGEMENT
Task Force on Climate-related 

Financial Disclosures (TCFD)

Our approach to identifying, assessing, mitigating, and reporting on 

climate-related risks is informed by the recommendations of the 

TCFD. Additionally, we are building our capabilities to comply 

with the SEC’s anticipated rule relating to the enhancement and 

standardization of climate-related disclosures for investors. See 

the Corporate Governance & ESG Oversight and Risk Management

chapters and our TCFD Index in the Appendix for more information.

Environment

Climate Risk 

& Resilience

Climate change presents both immediate and long-term risks 

to Fannie Mae and other stakeholders in the housing system, 

including borrowers, renters, lenders, investors, and insurers. 

We believe the frequency and intensity of major weatherrelated events in recent years are indicative of climate change, 

the impacts of which are expected to persist and worsen in 

the future. The Intergovernmental Panel on Climate Change, 

the United Nations’ climate science research group, states 

in its recent Synthesis Report: Climate Change 2023 that it is 

unequivocal that human activities have warmed the climate.39

Fannie Mae is focused on understanding and addressing 

the physical and transition risks of climate change to our 

business. We are also focused on how climate change and 

responses to climate change could affect the homeowners 

and renters we serve.

Climate strategy

Our climate strategy is designed to help us understand and 

address our financial and business exposure to climate-related 

risks and opportunities as we respond to the impacts of climate 

change. To meet this need, our climate strategy is built around 

three pillars: 

39 See Intergovernmental Panel on Climate Change, “Synthesis Report of the IPCC Sixth Assessment Report (AR6) Summary for Policymakers,” 2023.

Exposure: quantify and continue to refine methods for 

quantifying our financial and business exposure to climaterelated risks and opportunities. 

Mitigation: develop mitigation capabilities to address these 

risks and leverage opportunities. 

Awareness: communicate with our employees and stakeholders 

(e.g., regulators, lenders, investors, and consumers) about these 

important issues to enable more informed decision-making. 

© 2023 Fannie Mae 2022 ESG Report | 32

TABLE OF CONTENTS

2022 ESG Report

ENVIRONMENT / CLIMATE RISK & RESILIENCE
As we execute and evolve our strategy, we emphasize a few key 

immediate challenges and gaps, including resiliency, insurance, 

and awareness. We are working to enhance the resiliency of 

current and future U.S. housing stock, with a long-term aim of 

making properties better able to either withstand or recover 

quickly from climate-related events. Additionally, we aim to raise 

awareness so that homeowners, renters, and property owners 

are adequately insured and prepared for climate-related risks, 

especially for flooding, to reduce the likelihood of significant 

financial loss or housing instability. 

We are also mindful of the intersection of climate risk with 

issues of housing affordability and racial equity.40 The costs of 

insurance, resiliency and retrofit measures, and rebuilding could 

put quality housing out of reach for many more people. As part 

of our mission, we aim to promote and facilitate responses to 

climate change that preserve and enhance affordability and 

equity. These perspectives inform both our understanding of 

climate-related risks and our approach to mitigating them.

40 See Enterprise Community Partners, Inc., “The Link Between Historic Redlining and Current Climate Risks,” 2021.

Identifying and assessing 

climate-related risks

We align our classification of climate risks impacting our 

business and the broader housing finance system with TCFD’s 

categorization of physical and transition risks. Physical risks 

resulting from climate change are those arising from eventdriven (acute) disasters and longer-term (chronic) shifts in 

climate patterns. Transition risks are those resulting from a 

potential transition to a lower-carbon economy.

A major disruptive event that damages or destroys real estate 

securing mortgage loans or negatively impacts the ability 

of borrowers to make principal and interest payments on 

mortgage loans could increase the delinquency rates, default 

rates, and average loan loss severity in the affected region or 

regions. Further, a major disruptive event or a long-lasting 

increase in the vulnerability of an area to disasters could affect 

borrowers’ ability to make payments on their mortgages or 

CLIMATE-RELATED PHYSICAL AND TRANSITION RISKS

Risk type Description

Physical risk Acute Event-driven risks related to shorter-term extreme weather events, such as from flooding (coastal, 

fluvial, and pluvial), wildfires, and major storms (e.g., hurricanes, tornadoes).

Chronic Risks resulting from longer-term shifts in climate patterns and related effects, such as sea level rise 

(which may contribute to nuisance flooding), sustained higher temperatures (resulting in more 

severe and/or extended droughts, heat waves, etc.), as well as related effects such as decreased 

arability of farmland, decreased habitability of land, and decreased availability of fresh water.

Transition risk Policy & legal risks Risks of new or evolving requirements at the international, national, and/or state level (e.g., changing 

federal/state regulations, home and flood insurance, litigation).

Technology risks Risks of new technologies and investments related to the transition to a lower-carbon economy 

(which may include disruption to existing industries, organizations, etc.).

Market risks Risks of policies to encourage a shift to a lower-carbon economy (resulting in, e.g., changes in 

consumer perceptions of value on home location, price, and other characteristics).

Reputational risks Risks of changing customer or community perceptions of an organization’s contribution to or 

detraction from the transition to a lower-carbon economy. 

© 2023 Fannie Mae 2022 ESG Report | 33

TABLE OF CONTENTS ENVIRONMENT / CLIMATE RISK & RESILIENCE
insurance policies, discourage homebuilding or homebuying, 

or cause a deterioration in housing conditions or the general 

economy in the affected region. This in turn could lower the 

volume of originations in the mortgage market, influence home 

prices and property values in the affected region or in adjacent 

regions, and increase delinquency and default rates.

Recent years have seen frequent and severe natural disasters 

in the U.S., including hurricanes, wildfires, and floods. An 

increase in people living in high-risk areas, such as coastal areas 

vulnerable to severe storms and flooding, have worsened the 

potential impact of these events. Low- and moderate-income 

and minority households in particular are disproportionately 

exposed to risks from severe weather events, due in large 

part to historical under-investment in infrastructure in their 

communities.41 The continuation or increase in the severity and/

or frequency of weather trends could have a material impact on 

the results of our operations and financial condition. In addition, 

the unpredictability of natural disasters and the complexity of 

forecasting long-term climate change negatively affect our ability 

to predict the potential impacts from such events, particularly 

over the long term. 

In addition to the impact of these acute physical risks, longerterm shifts in climate patterns could result in chronic risks such 

as sustained higher temperatures, sea level rise, water scarcity, 

and increased wildfires that negatively affect certain regions, 

which could negatively affect home prices and multifamily 

property values in those regions, as well as the ability of 

borrowers in those regions to pay their mortgage loans. 

Regarding transition risks, legal or regulatory responses to 

concerns about global climate change may impact the housing 

market and, as a result, our business. Steps to mitigate the 

risks of climate change could result in a potentially disruptive 

transition away from carbon-intense industries. Such a transition 

could negatively impact certain industries and regional 

economies, affecting the ability of borrowers in those industries 

or regions to pay their mortgage loans. Transition risks also could 

include a change in borrower and renter preferences for certain 

areas of the country or certain types of housing. The migration 

of communities and individuals due to climate-related risk and 

economic factors could lead to changes in home prices and 

multifamily property values in affected regions or an increase 

41 EPA. 2021. Climate Change and Social Vulnerability in the United States: A Focus on Six Impacts. U.S. Environmental Protection Agency, EPA 430-R-21-003.

in lower-income households living in high-risk areas. Transition 

risks of climate change also include potential additional 

regulatory and legislative requirements that could increase our 

expenses or the cost of housing.

Physical and transition risk analysis

Given the long-term nature of both climate change and 

housing finance, it is important that we continually develop 

our thinking on how the risks discussed in the previous 

section could impact our business and financial results over 

the short, medium, and long term. We are working to improve 

our physical and transition risk analysis in order to better 

inform business decisions, while also reviewing the landscape 

of modeling approaches and data needs to improve predictive 

results. We continue to develop our climate scenario 

methodologies and assess the addition of third-party climate 

models. Together with our regulator and conservator, the 

© 2023 Fannie Mae 2022 ESG Report | 34

TABLE OF CONTENTS ENVIRONMENT / CLIMATE RISK & RESILIENCE
Federal Housing Finance Agency (FHFA), we are working to 

understand the impact that climate change may have on U.S. 

housing.

In the future, we aim to leverage scenarios from the Network 

for Greening the Financial System (NGFS) to provide a 

common reference point for understanding how climate 

change and climate policy and technology trends could 

evolve in different future scenarios across both physical 

and transition risks.42

Mitigating climate-related risk 

to Fannie Mae

Climate-related activity and other natural disasters expose 

us to risks (e.g., credit risk) in a variety of ways. For example, 

3.3% of single-family loans and 6.8% of multifamily loans 

Fannie Mae owned or guaranteed were located in a FEMAdefined Special Flood Hazard Area, as of December 31, 2022.43

The amount of losses we incur as a result of a major weather 

event or natural disaster depends significantly on the extent to 

which the resulting property damage is covered by hazard or 

flood insurance and whether borrowers are able and willing to 

continue making payments on their mortgages. The amount of 

losses we incur can also be affected by the extent that a disaster 

impacts the region, especially if it depresses the local economy, 

and by the availability of federal, state, or local assistance to 

borrowers affected by a disaster. To date, our losses from natural 

disasters have been limited by geographic diversity in our book 

of business; the availability of insurance coverage for damages 

sustained; the availability of federal, state, or local disaster 

assistance; and borrowers with equity in their homes continuing 

to pay their mortgages.

As a congressionally chartered entity, Fannie Mae is obligated 

to support residential mortgage liquidity nationwide. With very 

rare exceptions,44 Fannie Mae does not currently disqualify 

any single-family or multifamily property on the basis of its 

42 For further information, see the NGFS Scenarios Portal.

43 The percentage of multifamily loans that we own or guarantee located in a Special Flood Hazard Area cited here is based on updated flood maps to provide an estimate of 

exposure as of December 31, 2022, as disclosed in our 2022 Form 10-K. The multifamily data in Table 13. Single-Family and Multifamily Loans Requiring Flood Insurance in the 

Data Tables section of the Appendix of this report uses Special Feature Codes as reported by lenders at origination to compute the percentage of multifamily loans we own or 

guarantee that were located in a Special Flood Hazard Area, to use a consistent methodology over the three years reported in that table.

44 For example, at-risk properties in communities not participating in the National Flood Insurance Program, and homes in Hawaii in lava zones 3 – 9.

45 Fannie Mae’s single-family guidelines for general property insurance coverage and flood insurance can be found in the Single-Family Selling and Servicing Guides. Multifamily 

insurance requirements and guidance related to individual exposures are outlined in the Multifamily Selling and Servicing Guide. To protect both Fannie Mae and consumers, we 

permit only insurance companies meeting specified Fannie Mae requirements.

geographic location in the U.S. (including Puerto Rico, the U.S. 

Virgin Islands, and Guam).

Mitigating potential future climate-related 

financial losses

SASB FN-MF-450a.3

For physical hazards, insurance is our most important buffer 

and mitigation measure.45 Currently, for single-family loans, 

Fannie Mae requires coverage for the following hazards: flood, 

windstorm, hurricane, hail damages, or any other perils that 

normally are included under an extended coverage policyendorsement. 

For single-family borrowers, protection against flood damage is 

typically only covered via a separate policy through a program 

called the National Flood Insurance Program (NFIP). This 

program requires extension and reauthorization by Congress 

and was most recently extended through September 30, 2023. If 

Congress fails to extend or re-authorize the program upon future 

expirations, the Federal Emergency Management Agency (FEMA) 

may not have sufficient funds to pay claims for flood damage, 

and borrowers may not be able to renew their flood insurance 

coverage or obtain new policies through the NFIP. In addition, 

NFIP insurance does not cover temporary living expenses, 

and the maximum limit of coverage available under NFIP for a 

single-family residential property is $250,000, which may not be 

sufficient to cover all losses.

We require flood insurance only for loans in a FEMA-designated 

Special Flood Hazard Area, coastal barrier resources system, 

or otherwise protected area. Loan originators are responsible 

for determining whether flood insurance is required and must 

provide representations and warranties to us that all insurance 

is in compliance with our guidelines at loan delivery. In addition, 

loan servicers are required to monitor the FEMA maps for the life 

of the loans to identify instances where flood insurance was not 

needed at origination but is later required because of a mapping 

© 2023 Fannie Mae 2022 ESG Report | 35

TABLE OF CONTENTS ENVIRONMENT / CLIMATE RISK & RESILIENCE
change. Conversely, in instances where flood insurance is no 

longer required due to a FEMA map change or amendment, 

loan servicers are required to release coverage requirements. 

Following our acquisition of single-family loans, we check 

lenders’ determinations of flood insurance requirements against 

FEMA-sourced data. We also perform reviews of servicers to 

assess compliance on an ongoing basis. However, a significant 

number of homes outside areas where we require flood 

insurance are also at risk of flooding. We are working to increase 

awareness of flood and other climate-related risks and available 

mitigation measures for these risks, such as insurance.

For our Multifamily Business, each property must be covered 

by compliant property insurance and liability insurance for the 

term of the mortgage loan, including for windstorms and floods 

(if the property is located in a FEMA-designated Special Flood 

Hazard Area, coastal barrier resources system, or otherwise 

protected area) and earthquakes (where applicable). If the 

borrower fails to maintain required insurance on a property, the 

lender must obtain the required coverage and may do so at the 

borrower’s expense. Should a lender fail to satisfy any servicing 

requirements, Fannie Mae may take steps allowed in the lender’s 

contract to mitigate the risk of loss from the failure. Fannie Mae 

typically assesses each lender’s insurance compliance on a 

biennial basis and requires lenders to remedy deficient findings. 

Although not a climate-related risk, earthquakes are also 

a known hazard, and we are reevaluating our approach to 

insurance requirements as we work to mitigate the effects of 

this risk in housing nationwide. 

Another important means of risk mitigation to Fannie Mae is 

through risk sharing or credit risk transfers. Our multifamily 

lenders typically retain approximately one-third of the credit 

risk through our DUS program. For single-family and multifamily 

loans covered in credit risk transfer transactions executed 

after we acquire a loan, we retain a portion of the risk of future 

losses, including all or a portion of the first loss position in most 

transactions. To the extent weather- and disaster-related losses 

on loans covered by these transactions exceed the amount of 

first loss we retain, a portion of those losses would be covered by 

the transactions. 

An additional risk mitigant is Fannie Mae’s Incident Management 

Center, which sits within our Enterprise Resiliency & Security 

team and assesses Fannie Mae assets for potential impacts 

from natural disasters. When a disaster occurs, the Incident 

Management Center works with governmental agencies to map 

the impacted geographical area, identifying potentially impacted 

assets in real time to assist servicers with disaster relief and riskmitigation efforts. 

SASB FN-MF-450a.3

TABLE OF CONTENTS ENVIRONMENT / CLIMATE RISK & RESILIENCE

© 2023 Fannie Mae 2022 ESG Report | 36
Increases in the intensity or frequency of weather-related 

disasters could strain the mitigants we currently employ. For 

example, in some areas, some insurers have ceased writing new 

coverage or have significantly increased insurance premiums 

for flood insurance and homeowners insurance. As coverage 

for certain perils (e.g., wind, wildfire) becomes unavailable or 

prohibitively expensive in an area, home prices or multifamily 

property values may be negatively impacted, borrowers may 

face increased financial strain, and fewer loans in the area 

may be eligible for acquisition by Fannie Mae. Ultimately, the 

desirability of areas that frequently experience hurricanes, 

wildfires, or other natural disasters and face chronic physical 

risks may diminish over time, which can depress property values, 

adversely affect the region’s economy, and negatively impact our 

financial results. In addition, investors may place greater weight 

on climate-related risks when making investment decisions, 

which could increase our cost or ability to transfer credit risk. 

For more information on insurance against natural disasters, 

including the NFIP and information on FEMA’s update to the 

NFIP called Risk Rating 2.0, see “Risk Factors — Credit Risk” and 

“Management’s Discussion and Analysis of Financial Condition 

and Results of Operations (“MD&A”) — Risk Management — 

Climate and Natural Disaster Risk Management — ClimateRelated Risk Exposure and Risk Mitigation” in our 2022 Form 10-

K. For more information on our single-family credit risk transfer 

transactions, see “MD&A — Single-Family Business — SingleFamily Mortgage Credit Risk Management — Single-Family Credit 

Enhancement and Transfer of Mortgage Credit Risk — Credit 

Risk Transfer Transactions” in our 2022 Form 10-K, and for more 

information on our multifamily credit risk transfer transactions 

and our DUS program, see “MD&A — Multifamily Business — 

Multifamily Mortgage Credit Risk Management — Transfer of 

Multifamily Mortgage Credit Risk” in our 2022 Form 10-K.

Fostering resilience in households 

and communities

Fannie Mae is committed to helping homeowners, renters, 

and their communities prepare for and respond to natural 

disasters and other climate-related risks. This includes 

working to increase awareness of climate-related risks, 

protecting current and future housing stock, and supporting 

disaster recovery and rebuild efforts. 

Increasing awareness of climate-related risks

We see value in making homebuyers and renters more aware of 

risks due to natural hazards. In 2022, we continued to prioritize 

raising awareness on issues related to climate risk, including 

taking the following actions: 

• Assisted select communities with climate analytics as a 

part of our Equitable Housing Finance Plan, with the goal 

of trying to understand how climate information could be 

beneficial for potential future action.

• Launched a flood risk awareness campaign in select 

markets, focused on educating homeowners both inside 

and outside FEMA-designated Special Flood Hazard 

Areas about the risks of flooding. We hope to increase 

homeowners’ understanding of flood risk and hazards, as 

well as to educate them on the importance of taking flood 

risk mitigation measures. 

• Worked on updates to the disclosure process and 

documents for our REO sales to increase transparency on 

and access to flood-related information. Under current 

residential real estate disclosure rules, which vary from state 

to state, potential homebuyers rarely receive information 

related to historical flooding and flood risk during the 

homebuying process. To help reduce this information gap, 

Fannie Mae requires property listing agents to disclose 

known flood events to prospective purchasers of our REO 

properties where a listing agent has knowledge or reports of 

prior flooding events. 

• Initiated a new nationwide flood survey and aim to share 

our insights and analysis with external stakeholders in 2023.

Protecting current and future housing stock

One important way to mitigate climate-related risk is to ensure 

that more properties are built or renovated to withstand extreme 

weather and other effects of climate change. We are working 

to support these efforts in several ways, including through 

specialized loan products and collaboration to strengthen 

building standards. 

Fannie Mae’s HomeStyle® Energy loans provide homeowners 

with affordable options for financing upgrades that can 

improve the sustainability and resiliency of their homes. 

© 2023 Fannie Mae 2022 ESG Report | 37

TABLE OF CONTENTS ENVIRONMENT / CLIMATE RISK & RESILIENCE
In addition to energy upgrades such as new insulation or 

renewable energy systems, the loans can be used to finance 

resiliency improvements such as storm surge barriers, 

upgraded roofing, or wildfire home hardening. We are 

also working to help expand the construction of certified 

green homes. (For additional information, see the Green 

Homes chapter.) 

Improving building standards helps to ensure that climate 

risks are taken into account during construction and that best 

practices are shared across communities and the housing 

industry. As such, we are focused on external outreach to help 

protect current and future housing stock. For example, we 

are working with organizations such as the National Institute 

of Building Sciences and the Insurance Institute for Business 

and Home Safety to develop a roadmap on risk mitigation and 

resilience investment to help prepare for and better respond to 

the effects of climate change. 

Supporting disaster recovery and 

rebuild efforts

When disasters occur, it is vital for individuals and communities 

to have the tools they need to recover. In the event of a natural 

or other disaster, our servicers work with affected borrowers 

to develop a plan that addresses the borrower’s specific 

situation. In addition to coordinating with insurance companies 

for administration of insurance proceeds, when appropriate, 

servicers provide a variety of options to help borrowers return 

their loans to current status.

In addition, Fannie Mae, through its partners, offers renters and 

single-family borrowers free financial counseling from HUDapproved housing counselors, including help in developing a 

recovery assessment and action plan, filing claims, working with 

mortgage servicers, and identifying and navigating sources of 

federal, state, and local assistance. 

We also have a dedicated team at Fannie Mae focused on 

coordinating company-wide efforts to support communities 

affected by natural disasters as they recover. These activities are 

designed to assist renters and borrowers affected by disasters 

and also help reduce our losses, and we continue to evaluate 

their impact and seek new options and resources to deploy in 

response to disasters.

See the Housing Stability chapter for more information on how 

Fannie Mae supports borrowers and renters when disasters strike.

Operations and sustainability

Although the environmental impacts of our corporate 

operations are small in comparison to those of 

the broader housing system, managing them is an 

important element of our overall ESG strategy. Our 

physical offices are the primary sources of our direct 

environmental impacts, including their energy use and 

the resources used to build and operate them. Our 

facilities decisions also have indirect environmental 

impacts, such as via employee commutes.

In recent years, we have consolidated our physical 

footprint in the Washington, D.C., and Dallas, Texas, 

areas and transitioned the majority of our office space 

to certified green buildings, which employ leading-edge 

design, technology, and building practices to reduce 

energy and water use and minimize other negative 

environmental impacts. 

Since most of our offices are leased, we often do not 

have direct control over many aspects of their operation. 

However, where possible, we prioritize the use of energyand resource-efficient technologies and practices 

beyond those incorporated into base building design. For 

example, at our three largest facilities, we have installed 

building monitoring and control systems that track realtime usage of spaces and adjust light usage accordingly.

© 2023 Fannie Mae 2022 ESG Report | 38

TABLE OF CONTENTS ENVIRONMENT / CLIMATE RISK & RESILIENCE
Green Homes

Fannie Mae is leveraging our leading role in the mortgage 

finance market to encourage property owners and developers 

to make environmentally beneficial improvements to their 

properties. At the core of our approach is our support for 

single-family and multifamily green financing to improve the 

sustainability of properties by increasing energy and water 

efficiency and reducing greenhouse gas emissions.

Green mortgage financing

We offer financing to lenders for loans that help property owners 

and developers invest in greener technologies and building 

practices. This includes properties where owners are making 

energy and water efficiency improvements, installing renewable 

energy generation systems, or have received one of the thirdparty green building certifications recognized by Fannie Mae.

Multifamily green financing

Since 2012, Fannie Mae’s Green Financing program has 

supported multifamily owners as they increase the energy and 

water efficiency of multifamily housing by integrating green 

mortgage loan products into the standard financing process. We 

currently offer two Multifamily Green Financing products: Green 

Rewards Mortgage Loans and Green Building Certification 

Mortgage Loans. These products offer financial incentives for 

owners to improve the environmental performance of their 

properties. In addition, reduced utility costs improve net cash 

flow for property owners and/or increase affordability for renters.

Green Rewards Mortgage Loans encourage investments in 

efficiency improvements or renewable energy generation for 

existing multifamily properties. Owners commit to installing 

improvements — within 12 months of loan origination — that 

are projected to achieve specified reductions in the property’s 

energy usage and water usage that sum to at least 30%, of which 

a minimum of 15% must be projected energy savings. Fannie 

Mae supports owners in navigating the process of efficiency 

upgrades by paying for an energy and water audit, as well as a 

Technical Solar Assessment for owners committing to install a 

solar photovoltaic system. These reports, prepared by qualified 

third-party consultants, identify and quantify specific efficiency 

46 ENERGY STAR and WaterSense are registered trademarks of the U.S. Environmental Protection Agency.

and renewable energy improvements owners can make to 

qualify for a Green Rewards Mortgage Loan. Fannie Mae requires 

that all products, fixtures, and appliances be ENERGY STAR® or 

WaterSense® certified, if available.46 In 2022, Fannie Mae financed 

over 11,600 rental units with Green Rewards Mortgage Loans. 

Green Building Certification Mortgage Loans are loans on 

properties that have been built, retrofitted, or operated to high 

standards of efficiency and received a third-party green building 

certification recognized by Fannie Mae. We conduct an annual 

market analysis and a technical evaluation of green building 

certifications to determine which certifications are eligible for 

inclusion in the Green Building Certification program. For more 

information on the certifications we currently recognize and 

other requirements, see Fannie Mae Form 4250. In 2022, Fannie 

Mae financed over 43,600 rental units with Green Building 

Certification Mortgage Loans. 

Our Multifamily Green Bonds are backed by both Green Rewards 

Mortgage Loans and Green Building Certification Mortgage 

Loans. For more information on these, see Connecting Investors 

to Our Mission above.

Single-family green financing

Fannie Mae’s Single-Family Business offers products that support 

both improvements of existing buildings and development of 

more efficient new homes. 

Recognizing that enhancing environmental performance of 

existing homes often requires significant investments, Fannie 

Mae’s HomeStyle Energy® mortgage loan improves affordability 

We align our Green Bonds and eligibility requirements 

with industry standards and bodies, such as ENERGY STAR, 

WaterSense, the American Society of Heating, Refrigerating 

and Air-Conditioning Engineers (ASHRAE), and others. 

We annually reassess our Single-Family and Multifamily 

Green products and their eligibility criteria to evaluate 

opportunities to increase our impact.

© 2023 Fannie Mae 2022 ESG Report | 39

TABLE OF CONTENTS ENVIRONMENT / GREEN HOMES
and flexibility by allowing financing based on the value of the 

home after improvements are made, enabling homeowners to 

access additional upfront funds while potentially decreasing 

utility and repair costs in the future. In 2022, Fannie Mae acquired 

$128.1 million in HomeStyle Energy mortgage loans.

Our Single-Family Green Bonds are backed by loans on newly built 

homes with green building certifications. For more information 

on these, see Connecting Investors to Our Mission above.

Projected impacts of our green bonds

Based on third-party projections, we estimate the loans on 

properties underlying Fannie Mae’s 2022 Green Bond issuances will 

save approximately 888 million kilo British thermal units (kBtu) of 

energy. As a result, we estimate the loans on properties underlying 

our 2022 Green Bonds will prevent approximately 41,000 metric 

tons of carbon dioxide equivalent (mtCO2e) in greenhouse gas 

emissions. In addition, based on third-party projections, we 

47 For a description of our methodology for estimating the positive environmental impact of the loans backing our Green Bonds, see the impact methodology on our Green Bonds webpage.

48 Multifamily estimates based on Green Rewards loans only. See the impact methodology on our Green Bonds webpage for more details.

estimate the loans on properties underlying our 2022 Multifamily 

Green Bonds will save approximately 116 million gallons of water.

Our estimates of the positive environmental impacts of the loans 

backing the Green Bonds that we issue are based on a projected 

one-year impact, even though many of the environmental benefits 

of these loans may continue to be realized for more than one year.47

We believe the loans backing the Green Bonds we issue also 

generate positive social impact, including by reducing the energy 

costs faced by households. Based on third-party estimates, we 

project that our 2022 Green Bonds could result in average annual 

utility cost savings of approximately $219 for households in singlefamily housing and $205 for households in multifamily housing.48

See Table 12. Projected Green Bond Impacts in the Data 

Tables section of the Appendix, Connecting Investors to Our 

Mission above, and our Bond Impact Reporting webpage for 

more information. 

Evolving the industry’s approach

Fannie Mae works to expand knowledge about electrification and decarbonization for the multifamily 

industry.49 Electrification is the process of reducing or eliminating the need for fossil fuel-based systems in 

buildings and can also include on-site renewable energy generation and battery storage. Properties that 

electrify switch from fossil fuel-based systems to all-electric systems. The electric grid that powers those 

systems is becoming cleaner as more power is generated from renewable sources.50

Through active engagement in conferences, trainings, and roundtables, as well as published reports, we 

continue to invest in educating the market about the benefits of efficiency improvements, electrification, 

and decarbonization, and Fannie Mae’s Multifamily Green Financing program has created tools to support 

stakeholders pursuing these opportunities.

For example, Fannie Mae’s energy and water audit — the High Performance Building Assessment — was 

updated in 2022 to include a new electrification assessment and accompanying guide, intended to educate 

multifamily property owners, our DUS lenders, and the energy audit industry about the opportunities 

and barriers to electrification at the property level. Our goal in developing resources like this is to facilitate 

multifamily industry awareness of, and stimulate progress toward, a lower-carbon future.

49 For more information, see “Developing the Fannie Mae Multifamily Electrification and Decarbonization Roadmap,” 2023.

50 U.S. Department of Energy, “Reimagining and rebuilding America’s energy grid,” 2021.

TABLE OF CONTENTS

© 2023 Fannie Mae 2022 ESG Report | 40

ENVIRONMENT / GREEN HOMES
Governance

Corporate Governance 

& ESG Oversight

Fannie Mae maintains a corporate governance structure 

focused on upholding high standards of corporate conduct 

and compliance. Our Corporate Governance Guidelines and 

bylaws establish the structure, roles, and responsibilities 

of our Board of Directors and leadership team, along with 

other key governance policies and practices. Our governance 

framework also provides for oversight of our ESG strategy and 

performance. 

Because Fannie Mae is currently in conservatorship, its Board 

of Directors serves on behalf of Fannie Mae’s conservator, 

FHFA, and exercises its authority as directed by and with the 

approval of, where required, the conservator. See our 2022 

Form 10-K for more information on our Board of Directors and 

executive officers, including the composition of our Board and 

specified corporate governance matters, as of the 2022 Form 

10-K filing date. 

ESG and climate oversight

The Senior Vice President (SVP) of ESG reports to the Chief 

Administrative Officer and is responsible for the overall 

direction of our ESG strategy as well as oversight of our work 

to integrate ESG priorities throughout our business. The ESG 

team partners with internal and external stakeholders to 

develop and implement our ESG strategy in accordance with 

the policies and priorities set by our senior management and 

Board of Directors. 

Climate risk management and oversight

Our SVP Chief Climate Officer is responsible for developing our 

capabilities for managing risks and opportunities associated 

with the impact of climate change on housing and on our 

business. The Chief Climate Officer, who reports to the Chief 

Financial Officer, sets strategic direction, drives first-line 

integration and risk management, and develops the people, 

processes, and technology to identify, assess, manage, and 

monitor climate-related risks in alignment with our Enterprise 

Risk Management (ERM) framework. 

The Climate Impact team, led by the Chief Climate Officer, is 

the centralized group responsible for understanding the risks 

climate change poses for Fannie Mae and coordinating Fannie 

Mae’s efforts to mitigate those risks. The team works closely with 

our first-line Single-Family and Multifamily Business teams and 

second-line ERM function. 

ERM develops and leads the enterprise integration of climaterelated risk into Fannie Mae’s risk management framework 

and supporting processes. ERM also provides oversight on and 

effective challenge to the Climate Impact team and first-line risk 

owners. Additionally, several management-level committees, 

including the Enterprise Risk Committee, oversee the company’s 

climate-related risk activities.

The table below provides more information on oversight and 

management of ESG and climate matters by our Board of 

Directors, senior management, selected corporate functions, 

and specialist teams.

© 2023 Fannie Mae 2022 ESG Report | 41

TABLE OF CONTENTS

2022 ESG Report

GOVERNANCE / CORPORATE GOVERNANCE & ESG OVERSIGHT
OVERSIGHT OF ESG ACTIVITIES AT FANNIE MAE

Board oversight Management oversight and accountability

ESG strategy The Community Responsibility and Sustainability 

Committee oversees development and 

implementation of strategy related to ESG and 

climate, including access to credit, affordable housing, 

climate risk and resilience, racial equity in housing 

finance, fair lending, and sustainability, including our 

green financing activities.

The Management Committee oversees the development and 

implementation of the company’s ESG strategy and goals. The 

Management Committee recommends annual management performance 

goals to the Board, including goals relating to ESG, and oversees 

management’s progress in achieving those goals. ESG strategy is led by the 

SVP of ESG, within our Chief Administrative Office. Climate strategy is led 

by our Chief Climate Officer, within the office of the Chief Financial Officer.

The ESG Advisory Council is a cross-functional senior management 

council whose primary roles are to promote transparency of ESG efforts 

across Fannie Mae, enable effective prioritization and resource allocation 

across ESG efforts, and inform decision-making for high-priority ESG issues.

Risk 

management

The Risk Policy and Capital Committee oversees 

the company’s risk management framework, which 

includes climate-related risks. 

The Enterprise Risk Committee oversees enterprise-wide risk 

management activities, including for strategic, reputational, compliance, 

credit (including counterparty), market, funding and liquidity, and 

operational (including model) risks. Fannie Mae has several other 

management-level committees that escalate to the Enterprise Risk 

Committee and cover specific areas of risk applicable to the company.

The Enterprise Risk Management (ERM) division is responsible for 

developing and maintaining the company’s integrated risk management 

program, including establishing appropriate policies and frameworks 

and cultivating a proactive corporate risk culture. ERM, Compliance & 

Ethics, and support functions such as Finance and Human Resources are 

charged with independent monitoring and oversight of risk associated 

with their areas of expertise.

ESG reporting 

& disclosures

The Audit Committee provides oversight of 

ESG-related reporting and disclosures, including 

approval of the company’s ESG Report, as well as 

any external assurance over that reporting.

The Nominating and Corporate Governance 

Committee oversees engagement with investors 

and ESG ratings agencies regarding ESG matters 

and related communications.

The Disclosure Committee reviews our annual ESG Report and evaluates 

the effectiveness of our controls relating to such report.

Development of the ESG Report is coordinated by the ESG team, in close 

partnership with the Climate Impact team and other relevant teams 

throughout our business.

Members of the ESG team, alongside Fannie Mae’s Investor Relations 

and Marketing team, engage with key stakeholders in a variety of venues.

Human Capital 

and D&I51

The Compensation and Human Capital 

Committee approves our Compensation Policy, 

oversees our diversity and inclusion program 

and related policies and practices, oversees 

other elements of the company’s human capital 

management, and assists the Board in its oversight 

of ESG-related compensation metrics. The 

Compensation and Human Capital Committee and 

the Board of Directors annually assess performance 

against the Board of Directors’ goals. In 2022, the 

Board of Directors’ goals included goals related to 

ESG and Housing Access strategic objectives.

The Board of Directors, upon the recommendation 

of the Compensation and Human Capital 

Committee, annually approves the company’s 

Diversity & Inclusion Strategic Plan and the 

company’s Diversity & Inclusion Policy, which 

together set the framework, goals, and targets for 

our diversity and inclusion program. The Board and 

the Compensation and Human Capital Committee 

also receive regular reporting from Fannie Mae’s 

Office of Minority and Women Inclusion.

The Management Committee reviews and recommends to the Board’s 

Compensation and Human Capital Committee the annual Board 

Goals and periodically monitors status toward achieving the goals. 

The Management Committee also oversees Fannie Mae’s diversity and 

inclusion program and activities.

Human Resources manages the development and implementation of 

policies concerning employee compensation and benefits, recruitment, 

training, and well-being. 

Our Office of Minority and Women Inclusion, which is led by Fannie 

Mae’s SVP and Chief Diversity & Inclusion Officer, coordinates our D&I 

Strategic Plan in close partnership with key stakeholders across our 

business.

51 For more information on ESG-related compensation metrics, see our 2022 Form 10-K, pp. 189 – 194.

© 2023 Fannie Mae 2022 ESG Report | 42

TABLE OF CONTENTS GOVERNANCE / CORPORATE GOVERNANCE & ESG OVERSIGHT
Risk Management

Effective risk management is essential to Fannie Mae’s ability 

to provide liquidity, stability, and access to credit to the U.S. 

housing market and to fulfill our mission to facilitate equitable 

and sustainable access to homeownership and quality, 

affordable rental housing across America. To ensure the safety 

and soundness necessary to advance our mission through all 

market cycles, we undertake activities that support integrated 

risk management across our business, promoting risk 

awareness and ensuring a consistent and disciplined approach 

to operating within an appropriate risk tolerance.

Risk culture and capabilities

Risk management is a responsibility shared by every Fannie Mae 

employee. That’s why we work to build and maintain a proactive 

risk culture and to provide employees with the knowledge 

and resources they need to recognize and respond to risks 

that arise in our business. This includes policies, procedures, 

tools, trainings, and other resources we use to embed risk 

management across the company, such as our enterprise-wide 

digital Governance, Risk, and Compliance platform for enabling 

efficient and effective management of risk and compliance.

For more information on Fannie Mae’s risk management, 

including a description of our ERM program and our primary 

areas of risk exposure, see the “MD&A — Risk Management” 

section of our 2022 Form 10-K. 

Climate risk management

We are actively taking steps to integrate climate risk considerations into our ERM framework as the risks 

associated with climate change become an increasing focus for our business. This section outlines our 

approach to climate risk management within our broader risk management framework. 

Notably, the timing and severity of climate change events and societal changes in reaction to them are 

difficult to predict. As a result, while we are taking steps to integrate climate risk considerations into our ERM 

framework, our risk management strategies may not be effective in mitigating our climate risk exposure. 

As regulators begin to mandate additional disclosure of climate-related information by companies across 

sectors, there may continue to be a lack of information needed for more robust climate-related risk analyses. 

Third-party exposures to climate-related risks and other data generally are limited in availability and variable 

in quality. Modeling capabilities to analyze climate-related risks and interconnections are improving but 

remain incomplete. We believe these limitations will affect our ability to manage climate-related risks.

For additional information on how we measure and respond to climate risks associated with our business, see 

the Climate Risk & Resilience chapter. For additional information on climate risk governance, see the Corporate 

Governance & ESG Oversight chapter.

Risk definition and taxonomy

Fannie Mae maintains a corporate risk taxonomy that aligns with our seven primary risk categories.52

We view climate risk as a transverse risk driver that can manifest through a variety of the existing risk 

categories across our risk taxonomy.

52 For more information on our primary risk categories, see our 2022 Form 10-K, p. 136.

TABLE OF CONTENTS

© 2023 Fannie Mae 2022 ESG Report | 43

GOVERNANCE / RISK MANAGEMENT
We are leveraging the TCFD categorization of physical and transition climate risks (see the Climate Risk & 

Resilience chapter). We have begun integrating physical and transition climate risks into our corporate risk 

taxonomy, building a foundation to inform more granular risk identification and assessment across the company. 

Establishing our climate-related risk management framework

Our ERM and Climate Impact teams continue to evolve Fannie Mae’s approach to climate-related risk 

management as the risks associated with climate change become an increasing focus for our business. 

We are integrating climate risk considerations into our ERM framework. We are focused on developing and 

implementing a comprehensive, integrated approach to the identification, assessment, and management 

of climate-related risks. In furtherance of this goal, during 2022 we took steps including establishing annual 

cadence guidelines for climate-related discussions at relevant management-level risk committees 

and incorporating climate-related considerations into our key business decision review process. 

Our focus for 2023 is to continue integration of climate-related risks into our ERM framework through:

• Establishing a management-level committee to govern and facilitate climate risk management.

• Continuing to pilot processes for climate-related risk identification, assessment, and monitoring. 

Internal climate training and support

Our strong risk management and governance depends upon employees being well-informed and aware 

of the risks facing our business and the housing industry. Led by the Climate Impact team, several climate 

management and awareness-building initiatives are in place to help increase understanding of climate-related 

matters and ensure business units are integrating climate-related risks into their day-to-day considerations 

and actions. This includes the development of a climate-related risk e-learning course and a growing Climate 

Action Working Group comprised of leaders across the enterprise.

© 2023 Fannie Mae 2022 ESG Report | 44

TABLE OF CONTENTS GOVERNANCE / RISK MANAGEMENT
Business Ethics

SASB FN-IB-510b.4

Earning and maintaining stakeholders’ trust is essential to our 

mission. We maintain high standards for ethical conduct for our 

employees, our Board, and those with whom we do business. 

Employee Code of Conduct

The Fannie Mae Employee Code of Conduct (the “Employee 

Code”) outlines the standards and behaviors we expect of all 

employees and is firmly rooted in our mission and values. In 

addition to guiding principles, the Employee Code establishes 

specific expectations for issues, including legal and regulatory 

compliance, non-discrimination, non-retaliation, workplace safety, 

anti-fraud, antitrust, conflicts of interest, and more. The Employee 

Code is supplemented by related internal policies, standards, 

and procedures, as well as the Employee Handbook, which 

together provide detailed guidance for identifying and managing 

compliance, legal, and ethical issues across our business. 

SASB FN-IB-510a.2

Each employee is responsible for understanding and upholding 

the Employee Code in their day-to-day work, including acting to 

prevent and/or immediately report inappropriate conduct. The 

Employee Code outlines several avenues by which employees 

may report suspicions of misconduct:

a. Employees may report questions or concerns to any 

member of their management team, Human Resources, 

and/or to our Compliance and Ethics team via the Fannie 

Mae Ethics hotline or webline.

b. Employees may report their concerns anonymously through 

our internal reporting hotline, webline, email, or regular mail.

c. Employees have the option to confidentially report potential 

wrongdoing directly to the Audit Committee of Fannie 

Mae’s Board of Directors. Employees are also informed that 

they may raise potential violations or other inappropriate 

conduct externally to FHFA’s Office of Inspector General.

Fannie Mae does not tolerate retaliation against any individual 

or company that raises a compliance and ethics concern in good 

faith or participates in an investigation.

SASB FN-IB-510a.2

Employees are required to take annual Employee Code of 

Conduct training and, as part of that training, certify that they 

have read and understand the Employee Code.

Director Code of Conduct

Fannie Mae’s Code of Conduct for the Board of Directors (the 

“Director Code”) outlines duties and responsibilities of members 

of the Board, provides guidance to help them recognize and deal 

with ethical issues, provides mechanisms to report unethical 

conduct, and helps foster a culture of honesty and accountability. 

Each member of the Board must annually certify their compliance 

with the Director Code. The Nominating and Corporate 

Governance Committee of the Board of Directors is charged with 

the implementation and regulation of the Director Code.

SASB FN-IB-510b.4

Business Partner Code of Conduct

Our partners — from lenders and servicers who connect our 

financing with borrowers and renters, to those providing goods 

and services that support our employees — all play a vital role in 

helping us achieve our mission. For this reason, Fannie Mae has 

worked to develop a Business Partner Code of Conduct, which 

formally launched in April 2023. The code outlines Fannie Mae’s 

expectations for our business partners, setting out 23 principles 

across four pillars: business ethics, diversity and inclusion, 

environmental sustainability, and equitable housing. It contains 

both required and aspirational practices and encompasses our 

partners’ interactions with their customers and next-tier suppliers. 

We also maintain Service Requirements for Contractors and 

Consultants (SRCC), which require workers employed by 

our vendor partners to demonstrate ethical behavior in the 

performance of services for Fannie Mae. The SRCC further 

outlines expected behaviors and guidance for supplier 

personnel, such as valuing and respecting others, avoiding 

conflicts of interest, supporting a productive and safe workplace, 

and raising compliance and ethics concerns. Supplier personnel 

are informed of the various channels through which they may 

contact our Compliance and Ethics team and/or our vendor 

partners to report any concerns.

© 2023 Fannie Mae 2022 ESG Report | 45

TABLE OF CONTENTS GOVERNANCE / BUSINESS ETHICS
Data Privacy & Security

Breaches in data and information security can lead to major 

disruptions that have the potential to cause significant business 

harm. Information security risks for large institutions like Fannie 

Mae have significantly increased in recent years, and from time 

to time Fannie Mae has been, and we expect will continue to 

be, the target of attempted cyber attacks and other information 

security threats. In addition, factors such as the evolving nature 

of these threats, our migration to cloud-based systems, and the 

interconnectivity and interdependence of third parties to our 

systems heighten these risks. As of publication of this report 

on June 30, 2023, we had not experienced any material losses 

relating to cyberattacks.

Cybersecurity risk management

SASB FN-CB-230a.2

Fannie Mae continually works to secure and protect the financial 

information of millions of borrowers, as well as information 

related to lenders, servicers, employees, investors, and website 

visitors. We have developed and continue to enhance our 

cybersecurity risk management program to protect the security of 

our computer systems, software, networks, and other technology 

assets against unauthorized attempts to access confidential 

information or to disrupt or degrade business operations. Our 

cybersecurity risk management program aligns with the National 

Institute of Standards and Technology (NIST) Framework for 

Improving Critical Infrastructure Cybersecurity and has evolved 

based on the changing needs of our business, the evolving threat 

environment, and FHFA regulatory guidance. Our cybersecurity 

risk management program extends to oversight of third parties 

that could be a source of cybersecurity risk, including lenders that 

use our systems and third-party service providers.

We examine the effectiveness and maturity of our cyber 

defenses through various means, including internal audits, 

targeted testing, incident response exercises, maturity 

assessments, and industry benchmarking. We continue to 

strengthen our partnerships with the appropriate government 

and law enforcement agencies and with other businesses and 

cybersecurity services in order to understand the full spectrum 

of cybersecurity risks in the environment, enhance our defenses, 

and improve our resiliency against cybersecurity threats. We also 

maintain insurance coverage relating to cybersecurity risks.

Fannie Mae’s Information Security team is responsible for 

detecting, investigating, and responding to information security 

threats and incidents that have a potential impact on Fannie 

Mae’s information and technology environment.

Cybersecurity risk is overseen by the Board of Directors and 

its Risk Policy and Capital Committee. The Board has also 

delegated oversight authority for specified cybersecurity 

risk matters to certain management-level committees. The 

Board and the Risk Policy and Capital Committee engage in 

discussions with management on cybersecurity risk matters and 

receive periodic reports from the company’s Chief Information 

Security Officer and other officers. Management also discusses 

cybersecurity developments with the Chair of the Risk Policy and 

Capital Committee and other Board members between Board 

and committee meetings, as appropriate. 

Data privacy

Everyone at Fannie Mae shares the responsibility to protect 

data and information. Our Employee Code and related 

policies — including our Confidential Information and Privacy 

Policy, Information Security Policy, Technology Use Standard, 

and Cyber Risk Policy — establish clear expectations, 

procedures, and other requirements for how we help protect 

and manage information. 

Our data privacy program, including our policies and 

procedures, is governed by our Compliance & Operational 

Risk Committee and Enterprise Risk Committee. The 

dedicated Privacy Office manages policy development and 

implementation, develops and provides training throughout 

the enterprise, performs privacy risk assessments and tests, 

and owns monitoring and incident management functions. 

Employees recertify their adherence to the data privacy policies 

and best practices annually. 

The Privacy Office initiates the Privacy Event Response Team 

(PERT) in the case of a privacy threat or incident that could 

have a significant impact on Fannie Mae. PERT is a crossfunctional team charged with leading, analyzing, escalating, 

and communicating to help ensure that clients, regulators, 

and/or other parties are appropriately notified of privacyrelated security incidents, where required by applicable law, 

contract, or regulation.

© 2023 Fannie Mae 2022 ESG Report | 46

TABLE OF CONTENTS GOVERNANCE / DATA PRIVACY & SECURITY
Consumer data

Fannie Mae’s business inherently relies on confidential 

information, including data related to individual consumers, 

collected directly by Fannie Mae or by a third party on our 

behalf. Our Employee Code is the basis for our employees’ 

understanding of their important responsibility to help 

safeguard the confidentiality, security, and integrity of all 

personal information and respect the privacy of others. Our 

procedures to implement this include using non-public personal 

information only for legitimate business purposes, using the 

minimum amount of data needed, and implementing robust 

access controls on this material. 

As reflected in our Online Privacy Notice, Fannie Mae enables 

individuals to request information regarding their personal data. 

Requests may include: to know what information the company 

possesses; to access that information; to correct or delete it; and 

to opt out of collection, sale, and sharing of that information.

Borrower privacy

We are dedicated to both the needs of our investor community 

and the protection of the borrowers of our mortgage loans 

and, as such, strive to develop creative solutions to provide 

the market with relevant, mortgage-related information 

while managing the delicate balance between privacy and 

transparency.

Fannie Mae is required by law to disclose to potential investors 

information related to the mortgage securities that it issues to 

the public. As we contemplate any new disclosures, we evaluate 

the potential implications for borrower privacy and look for ways 

to reduce the possibility of borrower identification by modifying, 

masking, or not disclosing certain data points. In addition, we 

periodically review our disclosures holistically to evaluate the 

potential of borrower deanonymization.

Employee training

Our staff is required to take annual training regarding the use 

of technology. This training covers protecting Fannie Mae 

confidential information and data, policy and standard controls, 

information security best practices, and identifying and reporting 

potential cyber threats. 

For more information on risks related to cybersecurity and 

Fannie Mae’s management of these risks, see the cybersecurityrelated risk factor in “Risk Factors” and the “MD&A — Risk 

Management — Operational Risk Management — Cybersecurity 

Risk Management” and “Corporate Governance — Risk 

Management Oversight — Board’s Role in Cybersecurity Risk 

Oversight” sections of our 2022 Form 10-K (pp. 47 – 49, 154 – 155, 

176), 2021 Form 10-K (pp. 46 – 47, 161, 184 – 185), and 2020 Form 

10-K (pp. 49 – 50, 164 – 165, 183 – 184). 

SASB FN-CB-230a.2

© 2023 Fannie Mae 2022 ESG Report | 47

TABLE OF CONTENTS GOVERNANCE / DATA PRIVACY & SECURITY
Regulatory Engagement

53 For more information and to read our most recent Underserved Markets Plan document, please visit our website.

54 In our 2021 ESG Report, we included the amount of TCCA fees paid. In this publication, we report the fees accrued to align with our financial reporting. Payments lag 

accruals by one quarter.

As a federally chartered corporation and as a financial 

institution, Fannie Mae is subject to government regulation and 

oversight. FHFA, our primary regulator, regulates our safety and 

soundness and our fulfillment of our mission. FHFA also acts 

as our conservator. See our 2022 Form 10-K for a discussion of 

matters related to regulation, legislation, and conservatorship. 

As a government-sponsored enterprise, Fannie Mae is subject 

to special regulatory requirements to fulfill annual goals for 

supporting affordable housing and to set and achieve goals 

related to mortgage financing in underserved markets. The 

Financial Safety and Soundness Act of 1992, as amended (“the 

Act”), requires that FHFA establish affordable housing goals 

for Fannie Mae that a specified amount of mortgage loans 

we acquire meet standards relating to affordability, primarily 

measured by household income, or location. The Act also 

establishes Duty to Serve requirements for Fannie Mae to 

facilitate a secondary market for mortgages on housing for 

very low-, low-, and moderate-income households in three 

underserved markets: manufactured housing, affordable 

housing preservation, and rural housing.53

Fannie Mae, in conservatorship, does not engage any registered 

lobbyists. The company also does not make political contributions. 

Contributions to government 

and taxation

Fannie Mae contributes funding to the federal government in a 

number of ways, including:

• Treasury Capital Magnet Fund and HUD Housing Trust 

Fund. We are required by federal legislation to set aside 

in each fiscal year an amount equal to 4.2 basis points for 

each dollar of the unpaid principal balance of our total new 

business purchases and to pay this amount to the following 

funds: the U.S. Department of the Treasury’s Capital Magnet 

Fund, which finances affordable housing, economic 

development activities, and community service facilities, and 

HUD’s Housing Trust Fund, which finances the production or 

preservation of affordable housing through the acquisition, 

new construction, reconstruction, and/or rehabilitation of 

non-luxury housing. We paid $598 million to these funds in 

2022, based on our new business purchases in 2021. 

• Federal income taxes. Fannie Mae’s effective tax rate 

of 20.4% for 2022 is very close to the statutory federal 

corporate income tax rate of 21%. Fannie Mae is exempt by 

federal statute from state and local income taxes. For more 

information about Fannie Mae’s federal income taxes, refer 

to Note 9 — Income Taxes in the notes to consolidated 

financial statements in our 2022 Form 10-K.

• Dividend payments to Treasury. Fannie Mae has 

made $181.4 billion in cumulative dividend payments 

to Treasury since entering conservatorship in 2008. This 

exceeds the $119.8 billion in cumulative amounts Fannie 

Mae has drawn from Treasury. Under the terms of the 

senior preferred stock purchase agreement with Treasury, 

dividend payments we make to Treasury do not offset 

our draws of funds from Treasury. Under the current 

dividend provisions of the senior preferred stock, we 

are not required to pay further dividends on the senior 

preferred stock until our net worth exceeds the amount of 

adjusted total capital necessary for us to meet the capital 

requirements and buffers under the Enterprise Regulatory 

Capital Framework issued by FHFA. 

• TCCA fees. Pursuant to the Temporary Payroll Tax Cut 

Continuation Act of 2011, as amended by the Infrastructure 

Investment and Jobs Act of 2021 (“TCCA”), since April 2012 

we have collected 10 basis points in guaranty fees on the 

single-family residential mortgages delivered to us and 

remitted these fees to Treasury. In 2022, our TCCA fees 

accrued amounted to $3.4 billion.54

• FHFA expenses. Under federal legislation, FHFA 

establishes an annual assessment to Fannie Mae for FHFA’s 

costs and expenses. In 2022, Fannie Mae recorded an 

annual assessment of $132 million for FHFA expenses.

© 2023 Fannie Mae 2022 ESG Report | 48

TABLE OF CONTENTS GOVERNANCE / REGULATORY ENGAGEMENT
Appendix

Additional Resources

The resources provided below are included for readers seeking 

to learn more about some of the reports, policies, procedures, 

and practices referenced throughout this report. For more 

information on our environmental, social, and governance 

efforts, please visit Fannie Mae’s ESG website.

Reporting and data

Fannie Mae 2022 Form 10-K

Fannie Mae 2021 Form 10-K

Fannie Mae 2020 Form 10-K

Annual Housing Activities Report (AHAR)

and Annual Mortgage Report (AMR)

Equitable Housing Finance Plan Performance Report

Green Bond Impact Reporting

Data Dynamics 

DUS Disclose

PoolTalk

Policies, practices, and plans

Single-Family Selling Guide

Single-Family Servicing Guide

Multifamily Selling and Servicing Guide

Sustainable Bond Framework

Single-Family Green Bond Framework

Multifamily Green Bond Framework

Employee Code of Conduct

Code of Conduct for the Board of Directors

Business Partner Code of Conduct

Service Requirements for Contractors and Consultants

Equal Opportunity in Employment and Contracting

Online Privacy Notice for Fannie Mae

Duty to Serve Underserved Markets Plan

Equitable Housing Finance Plan

Mortgage product information

Single-Family Mortgage Products

Multifamily Mortgage Products and Specialty Financing

Pilot Activities

© 2023 Fannie Mae 2022 ESG Report | 49

TABLE OF CONTENTS

2022 ESG Report

APPENDIX / ADDITIONAL RESOURCES
Data Tables

Table Contents

Relevant SASB 

Indicator

1 Single-Family and Multifamily Loan Acquisitions FN-MF-000.B

2 Single-Family Housing Mortgage Acquisitions by Year, by Select Characteristics†

3 Multifamily Housing Mortgage Acquisitions by Year, by Select Characteristics†

4 Multifamily Social Bond Issuance FN-IB-410a.2

5 Certain Characteristics of Outstanding Single-Family Mortgage Loans FN-MF-270a.1

6 Single-Family Loan Modifications, Foreclosure Alternatives, and Foreclosures FN-MF-270a.2

7 Education & Counseling FN-CB-240a.4

8 Single-Family Mortgage Loan Acquisitions by Race or Ethnicity of Borrowers FN-MF-270b.1

9 Representation by Racial or Ethnic Group and Gender as a Percentage of Job Category FN-IB-330a.1

10 Board of Directors Representation by Racial or Ethnic Group and Gender†

11 Green Bond Issuance FN-IB-410a.2

12 Projected Green Bond Impacts†

13 Single-Family and Multifamily Loans Requiring Flood Insurance FN-MF-450a.1

†

 This table was not subject to Deloitte & Touche LLP’s review, and accordingly Deloitte & Touche LLP does not express a conclusion or any form of assurance on such information.

Note on loan-related metrics

Loan-related metrics in this report’s data tables are based 

primarily on mortgage loans on Fannie Mae’s consolidated 

balance sheet, unless otherwise noted. References in this report 

to mortgage loans on Fannie Mae’s consolidated balance sheet 

refer to those in Fannie Mae consolidated trusts and those in 

Fannie Mae’s retained mortgage portfolio that are reported as 

Held for Investment or Held for Sale. The loan-related metrics 

exclude certain loan populations for which we do not have 

relevant data, amounting to $9.6 billion in unpaid principal 

balance (UPB) as of December 31, 2022; the largest of these is 

reverse mortgages, with $9.3 billion in UPB (less than 0.3% of 

the total UPB of single-family mortgage loans on Fannie Mae’s 

consolidated balance sheet as of December 31, 2022). 

Data tables in this report related to our Multifamily Business 

generally include a small population of off-balance sheet credit 

enhancements Fannie Mae has provided. Our climate-related 

data tables also include small off-balance sheet populations of 

long-term standby commitments, credit enhancements, and 

government-insured mortgage loans.

Within this document, we report loan value in terms of unpaid 

principal balance, with no adjustments for fair value, cost basis 

adjustments, expected credit losses, or charge-offs.

© 2023 Fannie Mae 2022 ESG Report | 50

TABLE OF CONTENTS APPENDIX / DATA TABLES
TABLE 1. SINGLE-FAMILY AND MULTIFAMILY LOAN ACQUISITIONS

Number of Loans & Units Unpaid Principal Balance at Acquisition

For the Year Ended December 31, For the Year Ended December 31,

2022 2021 2020 2022 2021 2020

(Loans & units in thousands) (Dollars in millions)

Single-Family: 2,036.9 4,812.3 4,856.6 $ 614,861 $ 1,354,758 $ 1,358,851

Home purchase loans 1,150.9 1,486.9 1,481.3 $ 377,981 $ 451,392 $ 411,055

Refinance loans 885.9 3,325.4 3,375.3 $ 236,880 $ 903,366 $ 947,796

Multifamily:

Loans 3.6 4.2 5.1 $ 69,215 $ 69,460 $ 76,022

Units financed55 597.9 622.5 744.2

55 Reflects new multifamily units financed by first liens; excludes second liens on multifamily units for which we had financed the first lien, as well as manufactured housing rentals. 

Numbers of units financed in 2021 and 2020 have been updated in this report from the numbers reported in the company’s 2021 and 2020 Form 10-K filings to exclude previously 

included second liens and manufactured housing rentals. Second liens and manufactured housing rentals are included in loan count and unpaid principal balance. Numbers in 

table may not sum due to rounding.

SASB FN-MF-000.B

© 2023 Fannie Mae 2022 ESG Report | 51

TABLE OF CONTENTS APPENDIX / DATA TABLES
TABLE 2. SINGLE-FAMILY HOUSING MORTGAGE ACQUISITIONS BY YEAR, BY SELECT CHARACTERISTICS†

Number of Loans Unpaid Principal Balance at Acquisition

For the Year Ended December 31, For the Year Ended December 31,

2022 2021 2020 2022 2021 2020

(Loans in thousands) (Dollars in millions)

Single-Family Owner-Occupied Loans 

(1 – 4 housing units)56

1,786.6 4,272.0 4,192.6 $ 548,445 $ 1,212,242 $ 1,172,685

Home Purchase Loans 1,001.7 1,279.2 1,235.2 $ 337,253 $ 396,665 $ 347,644

Income ≤ 50% of Area Median Income (AMI) 69.1 96.0 92.5 $ 10,795 $ 14,713 $ 13,151

% of owner-occupied home purchase loans 6.9 % 7.5 % 7.5 % 3.2 % 3.7 % 3.8 %

Income > 50% to 60% AMI 59.8 80.3 81.1 $ 12,289 $ 15,873 $ 14,737

% of owner-occupied home purchase loans 6.0 % 6.3 % 6.6 % 3.6 % 4.0 % 4.2 %

Income > 60% to 80% AMI 146.6 194.0 192.5 $ 37,247 $ 46,436 $ 41,728

% of owner-occupied home purchase loans 14.6 % 15.2 % 15.6 % 11.0 % 11.7 % 12.0 %

Income > 80% to 100% AMI 150.7 189.0 180.7 $ 45,895 $ 53,533 $ 45,952

% of owner-occupied home purchase loans 15.0 % 14.8 % 14.6 % 13.6 % 13.5 % 13.2 %

Income > 100% to 120% AMI 134.5 165.2 156.9 $ 46,454 $ 52,718 $ 44,917

% of owner-occupied home purchase loans 13.4 % 12.9 % 12.7 % 13.8 % 13.3 % 12.9 %

Income >120% AMI 441.0 554.8 531.4 $ 184,572 $ 213,391 $ 187,159

% of owner-occupied home purchase loans 44.0 % 43.4 % 43.0 % 54.7 % 53.8 % 53.8 %

First-time homebuyers 539.2 703.4 639.9 $ 176,065 $ 211,668 $ 172,420

% of owner-occupied home purchase loans 53.8 % 55.0 % 51.8 % 52.2 % 53.4 % 49.6 %

†

 This table was not subject to Deloitte & Touche LLP’s review, and accordingly Deloitte & Touche LLP does not express a conclusion or any form of assurance on such information.

56 Household income as a percentage of AMI in this table is as of loan origination.

© 2023 Fannie Mae 2022 ESG Report | 52

TABLE OF CONTENTS APPENDIX / DATA TABLES
TABLE 3. MULTIFAMILY HOUSING MORTGAGE ACQUISITIONS BY YEAR, BY SELECT CHARACTERISTICS57 †

For the Year Ended December 31,58

2022 2021 2020

Multifamily Affordable Housing59

Number of loans for Multifamily Affordable Housing (thousands) 0.5 0.6 0.6

Value of loans for Multifamily Affordable Housing (UPB at acquisition, $ millions) $ 10,269 $ 9,585 $ 7,946

Number of units with rent and income restrictions considered affordable (thousands)60

Income ≤ 50% AMI 22.5 24.1 20.9

Income > 50% to 60% AMI 39.6 36.3 34.0

Income > 60% to 80% AMI 14.5 10.3 11.0

Income > 80% to 100% AMI 0.1 0.1 0.2

Income > 100% to 120% AMI 0.5 0.4 0.3

Income > 120% AMI 0.3 * 0.1

Number of units with reported rents considered affordable (thousands)61

Income ≤ 50% AMI 123.0 80.4 91.5

Income > 50% to 60% AMI 116.7 103.5 129.0

Income > 60% to 80% AMI 169.9 193.9 211.9

Income > 80% to 100% AMI 70.6 100.5 104.0

Income > 100% to 120% AMI 24.1 37.7 39.4

Manufactured Housing (MH) Communities

Number of loans for MH Communities (thousands)62 0.3 0.3 0.4

Value of loans for MH Communities (UPB at acquisition, $ millions) $ 2,363 $ 3,157 $ 5,243

Number of MH pads financed (thousands) 55.6 66.2 106.5

* Represents value less than 50 units.

†

 This table was not subject to Deloitte & Touche LLP’s review, and accordingly Deloitte & Touche LLP does not express a conclusion or any form of assurance on such information.

57 Multifamily figures in this table include both mortgage loans on our consolidated balance sheet and a small population of off-balance sheet credit enhancements provided by 

Fannie Mae. 

58 Based on the date of loan acquisition by Fannie Mae.

59 Financing for rent-restricted properties and properties receiving other federal and local subsidies. Affordable housing acquisitions reported here include loans with properties 

for which 20% or more of the units financed are restricted to be affordable at or below 80% AMI.

60 Affordable as defined by the individual program, e.g., LIHTC or HUD Section 8, based on rent and income restrictions reported at origination. This metric counts any units that 

are reported as restricted, with no excluded property types.

61 Affordable as defined by FHFA in CFR 1282.19, based on rents reported at loan origination. Rents may change following loan origination. Reported rents are prior to any use of 

tenant-based vouchers. This metric excludes manufactured, seniors, student, and co-op housing. Seniors, student, and co-op property types are included in FHFA housing goals 

calculations, as reported in our Annual Housing Activities Report.

62 In cases where multiple loans for MH communities are grouped into one structured transaction, they are counted here as a single loan.

© 2023 Fannie Mae 2022 ESG Report | 53

TABLE OF CONTENTS APPENDIX / DATA TABLES
TABLE 4. MULTIFAMILY SOCIAL BOND ISSUANCE63

For the Year Ended December 31,

2022 2021 2020

Number of Social Bonds issued 925 829 —

Number of loans (thousands)64 1.0 0.9 —

Value of Social Bonds issued (UPB at issuance, $ millions) $ 11,821 $ 10,456 $ —

Total number of housing units financed by loans that back Social Bonds (thousands)† 167.1 134.6 —

Number of units financed by loans that back Social Bonds with restricted and unrestricted 

affordability (thousands)65 †

Households ≤ 50% AMI† 47.5 24.1 —

Households > 50% to 60% AMI† 48.4 35.4 —

Households > 60% to 80% AMI† 8.1 15.5 —

Number of social bond resecuritizations 2 2 —

Value of social bond resecuritizations (UPB at issuance, $ millions) 773 955 —

† Numbers of units financed, including the affordability breakdown by income levels, were not subject to Deloitte & Touche LLP’s review, and accordingly Deloitte & Touche LLP 

does not express a conclusion or any form of assurance on such information.

63 Fannie Mae released its first labeled Social Bonds in 2021.

64 Within this table, loans are classified by the year in which they were securitized into a Social Bond, rather than the year Fannie Mae acquired them. 

65 Unit counts include the number of rent restricted units, as defined by the individual program, for Social Bonds financing Restricted Affordable Housing and the number of rent-based 

affordable units, as defined by FHFA in CFR 1282.19, for Social Bonds financing Unrestricted Affordable Housing. See our Sustainable Bond Framework for more information.

SASB FN-IB-410a.2

© 2023 Fannie Mae 2022 ESG Report | 54

TABLE OF CONTENTS APPENDIX / DATA TABLES
TABLE 5. CERTAIN CHARACTERISTICS OF OUTSTANDING SINGLE-FAMILY MORTGAGE LOANS66

MGMT FN-MF-270a.167 Number of Loans Unpaid Principal Balance

As of December 31, As of December 31,

2022 2021 2020 2022 2021 2020

(Loans in thousands) (Dollars in millions)

Hybrid or Option ARM68 39.4 48.2 62.0 $ 4,047 $ 5,366 $ 7,549

FICO ≤ 660 4.4 5.2 6.5 $ 365 $ 463 $ 636

As a % of total outstanding single-family 

mortgage loans

* * * * * *

FICO > 660 33.2 40.7 52.5 $ 3,630 $ 4,834 $ 6,821

As a % of total outstanding single-family 

mortgage loans

0.2 % 0.2 % 0.3 % 0.1 % 0.1 % 0.2 %

FICO not available69 1.8 2.3 2.9 $ 51 $ 68 $ 92

As a % of total outstanding single-family 

mortgage loans

* * * * * *

Higher Rate70 410.1 403.0 437.5 $ 73,002 $ 68,072 $ 66,633

FICO ≤ 660 79.6 82.5 100.1 $ 12,107 $ 11,733 $ 14,288

As a % of total outstanding single-family 

mortgage loans

0.5 % 0.5 % 0.6 % 0.3 % 0.3 % 0.5 %

FICO > 660 330.0 320.0 336.8 $ 60,832 $ 56,288 $ 52,285

As a % of total outstanding single-family 

mortgage loans

1.9 % 1.8 % 2.0 % 1.7 % 1.6 % 1.6 %

FICO not available 0.5 0.5 0.6 $ 63 $ 52 $ 60

As a % of total outstanding single-family 

mortgage loans

* * * * * *

* Represents a value of less than 0.05%

66 Loans are classified according to “classic FICO® Score” determined at the time of loan origination and reported to Fannie Mae by lenders. FICO is based upon the FICO associated 

with the loan origination and not attributed to individual borrowers in cases where there is more than one borrower. Numbers in table may not sum due to rounding.

67 Fannie Mae has defined management criteria responsive to SASB FN-MF-270a.1. For more information, please see Note 1: Basis of Presentation in the SASB Index of the 

Appendix.

68 Hybrid ARMs are defined per the SASB Standards as mortgages with interest rate resets, or initial fixed-rate periods, of less than five years. Option ARMs, as defined by the SASB 

Standards, are any ARM loan with terms that allow for negative amortization or interest-only payments. Fannie Mae no longer acquires loans with negative amortization or 

interest-only payment options. ARMs with a negative amortization feature have not been acquired since 2007. ARMs with interest-only payment options have not been acquired 

since 2014.

69 The FICO Not Available category includes loans eligible for sale to Fannie Mae without a credit score attributable to the borrower(s), as permitted by the Selling Guide. 

Additionally, this category includes loans acquired under negotiated exceptions for nonprofit entity borrowers who may rent the property on affordable rental terms to 

individuals, as only individual borrowers have FICO scores. Finally, this category may also include loans with data outside the expected range of FICO scores, attributable to data 

entry issues.

70 We define “higher rate” consistent with the meaning of higher-priced mortgage loan as defined by Regulation Z (12 CFR 1026), implementing the Truth in Lending Act, as 

amended, and as reported by lenders as of origination. For loan applications taken on or after October 1, 2009, and for loans closed on or after January 1, 2010 (regardless of 

application date), loans with a spread between annual percentage rate (APR) and average prime offer rate (APOR) at rate lock-in date greater than or equal to 150 bps for first-lien 

loans or 350 bps for junior-lien loans are classified as higher rate. Prior to these dates, mortgages with a spread between APR and comparable U.S. Treasury yields at rate lock-in 

date greater than or equal to 300 bps for first-lien loans or 500 bps for junior-lien loans are classified as higher rate. Loans are classified based on their original terms. Subsequent 

modifications may have changed the APR or adjusted other relevant terms of the loans, which are not reflected in this table. As of year-end 2022, 2021, and 2020, Fannie Mae had 

modified 41,227; 41,584; and 39,796, respectively, of the loans classified here as higher rate (figures not subject to Deloitte & Touche LLP’s review). These loans may not be higher 

rate as of the periods displayed, based on modified terms.

© 2023 Fannie Mae 2022 ESG Report | 55

TABLE OF CONTENTS APPENDIX / DATA TABLES
TABLE 5. CERTAIN CHARACTERISTICS OF OUTSTANDING SINGLE-FAMILY MORTGAGE LOANS (CONT’D)

MGMT FN-MF-270a.171 Number of Loans Unpaid Principal Balance

As of December 31, As of December 31,

2022 2021 2020 2022 2021 2020

(Loans in thousands) (Dollars in millions)

Total Outstanding Single-Family 

Mortgage Loans

17,638.1 17,512.1 17,293.5 $ 3,635,051 $ 3,482,509 $ 3,200,140

FICO ≤ 660 1,055.9 1,100.8 1,233.0 $ 158,904 $ 157,123 $ 167,251

As a % of total outstanding single-family 

mortgage loans

6.0 % 6.3 % 7.1 % 4.4 % 4.5 % 5.2 %

FICO > 660 16,557.3 16,379.6 16,019.4 $ 3,474,667 $ 3,323,827 $ 3,030,934

As a % of total outstanding single-family 

mortgage loans

93.9 % 93.5 % 92.6 % 95.6 % 95.4 % 94.7 %

FICO not available 25.0 31.7 41.2 $ 1,480 $ 1,559 $ 1,956

As a % of total outstanding single-family 

mortgage loans

0.1 % 0.2 % 0.2 % * * 0.1 %

Prepayment penalty: 

Prior to 2013, we purchased a small population of loans with prepayment penalties as part of negotiated transactions. In 2013, we announced that loans 

with prepayment penalties are no longer eligible for purchase in connection with the Ability-to-Repay/Qualified Mortgage Rule provisions published by the 

Consumer Financial Protection Bureau. Any loan previously acquired with a prepayment penalty has seasoned beyond the effective date of the penalty. As a 

result, we exclude these loans from our reporting of this metric.

* Represents a value of less than 0.05%

71 Fannie Mae has defined management criteria responsive to SASB FN-MF-270a.1. For more information, please see Note 1: Basis of Presentation in the SASB Index of the 

Appendix.

© 2023 Fannie Mae 2022 ESG Report | 56

TABLE OF CONTENTS APPENDIX / DATA TABLES
TABLE 6. SINGLE-FAMILY LOAN MODIFICATIONS, FORECLOSURE ALTERNATIVES, AND FORECLOSURES72

Number of Loans Unpaid Principal Balance

For the Year Ended December 31, For the Year Ended December 31,

2022 2021 2020 2022 2021 2020

(Loans in thousands) (Dollars in millions)

Non-Liquidation Workouts

Repayment Plans 1.4 3.5 6.6 $ 217 $ 599 $ 1,102

FICO ≤ 660 0.5 0.7 2.0 59 96 253

FICO > 660 1.0 2.8 4.6 157 502 846

FICO not available73 * * * * 1 3

Payment Deferrals74 88.9 297.4 259.1 18,409 62,060 55,988

FICO ≤ 660 20.2 56.8 37.2 3,315 9,434 6,471

FICO > 660 68.5 239.9 221.5 15,080 52,577 49,482

FICO not available 0.2 0.7 0.4 15 49 34

Modifications 76.4 40.3 30.8 16,559 8,432 5,347

FICO ≤ 660 18.3 10.8 11.4 3,314 1,881 1,777

FICO > 660 57.9 29.4 19.3 13,231 6,544 3,560

FICO not available 0.2 0.1 0.1 14 7 9

Total Modifications, Deferrals, 

and Repayment Plans

166.8 341.2 296.6 $ 35,184 $ 71,091 $ 62,436 

* Represents a value of less than 50 loans or less than $500,000 in UPB.

** Data not available.

72 Loans are classified according to Classic FICO scores determined at the time of loan origination and reported to Fannie Mae by lenders. FICO is based upon the FICO associated 

with the loan origination and not attributed to individual borrowers in cases where there is more than one borrower. FICO score at loan origination does not impact borrower 

eligibility determinations for loss mitigation or foreclosure outcomes. Rather, these events are assessed in accordance with our Servicing Guide and applicable law. Numbers in 

table may not sum due to rounding.

73 The FICO Not Available category includes loans eligible for sale to Fannie Mae without a credit score attributable to the borrower(s), as permitted by the Selling Guide. 

Additionally, this category includes loans acquired under negotiated exceptions for nonprofit entity borrowers who may rent the property on affordable rental terms to 

individuals, as only individual borrowers have FICO scores. Finally, this category may also include loans with data outside the expected range of FICO scores, attributable to data 

entry issues.

74 The payment deferral workout option allows the borrower to defer past-due payments, without interest, to the maturity date or earlier payoff of the mortgage.

SASB FN-MF-270a.2

© 2023 Fannie Mae 2022 ESG Report | 57

TABLE OF CONTENTS APPENDIX / DATA TABLES
TABLE 6. SINGLE-FAMILY LOAN MODIFICATIONS, FORECLOSURE ALTERNATIVES, AND FORECLOSURES (CONT’D)

Number of Loans Unpaid Principal Balance

For the Year Ended December 31, For the Year Ended December 31,

2022 2021 2020 2022 2021 2020

(Loans in thousands) (Dollars in millions)

Settled Liquidation Workouts

Pre-Foreclosure Sales 0.4 1.2 2.1 $ 83 $ 218 $ 413

FICO ≤ 660 0.1 0.3 0.6 21 62 117

FICO > 660 0.3 0.8 1.5 61 156 296

FICO not available * * ** * * **

Deed-in-Lieu of Foreclosure 0.1 0.4 0.6 14 48 83

FICO ≤ 660 0.0 0.1 0.1 4 11 17

FICO > 660 0.1 0.3 0.5 9 38 66

FICO not available — * ** — * **

Total Pre-Foreclosure Sales and 

Deeds-in-Lieu of Foreclosure

0.6 1.5 2.7 $ 97 $ 267 $ 496

Foreclosures75 8.1 6.2 7.2 889 641 837

FICO ≤ 660 2.3 2.0 2.3 223 195 258

FICO > 660 5.8 4.1 4.8 662 444 576

FICO not available 0.1 0.1 0.1 4 2 4

* Represents a value of less than 50 loans or less than $500,000 in UPB.

** Data not available.

75 Foreclosures include properties that are sold to third parties at foreclosure and those that Fannie Mae acquires as REO. Foreclosures reported here include only completed 

foreclosures and do not include loans referred to foreclosure or in the process of foreclosure. There were approximately 28,000 loans in the foreclosure process as of 

December 31, 2022 (figure not subject to Deloitte & Touche LLP’s review).

SASB FN-MF-270a.2

© 2023 Fannie Mae 2022 ESG Report | 58

TABLE OF CONTENTS APPENDIX / DATA TABLES
TABLE 7. EDUCATION & COUNSELING76

For the Year Ended December 31,

2022 2021 2020

(Thousands)

Number of loans acquired for which Fannie Mae required pre-purchase homebuyer education77 151.7 211.5 199.0

Number of participants that completed Fannie Mae’s HomeView homeownership education 

course78 †

178.9 — —

Number of sessions of housing counseling provided to Fannie Mae borrowers and renters via 

nonprofit partners79 †

11.1 23.0 15.0

†

 Number of HomeView participants and number of sessions of housing counseling were not subject to Deloitte & Touche LLP’s review, and accordingly Deloitte & Touche LLP 

does not express a conclusion or any form of assurance on such information.

76 Fannie Mae requires homebuyer education curricula that are aligned with National Industry Standards for Homeownership Education and Counseling or the HUD Counseling 

Program, or provided by a HUD-approved counseling agency. Fannie Mae’s HomeView course is also acceptable. For more information, see Fannie Mae’s Single-Family Selling 

Guide, section B2-2-06.

77 For certain Fannie Mae loans, at least one borrower on a loan must complete homeownership education prior to loan closing: if all borrowers on the loan are relying solely 

on nontraditional credit to qualify, regardless of loan product or first-time homebuyer status; HomeReady and HFA Preferred purchase transactions when all occupying 

borrowers are first-time homebuyers; or purchase transactions with loan-to-value (LTV), combined LTV, or home equity combined LTV ratios greater than 95% when all 

borrowers are first-time homebuyers. Qualified providers must be independent of the lender, with homeownership education content that is aligned with National Industry 

Standards for Homeownership Education and Counseling or is provided by a HUD-approved housing counseling agency. Fannie Mae’s HomeView course can be used to satisfy 

homeownership education requirements. 

78 HomeView launched in 2022. Some borrowers of loans for which Fannie Mae required pre-purchase homebuyer education fulfilled that requirement by completing HomeView, 

and as a result, the totals of the figures are not mutually exclusive. HomeView has no eligibility restrictions for participants; the course is open to anyone.

79 Counseling sessions reported are for loans held by Fannie Mae or one of its consolidated trusts for which Fannie Mae paid for the session. Sessions include those provided 

through Disaster Response Network and additional partners for borrowers and, beginning in March 2020, renters experiencing hardship. Individual borrowers and renters may 

account for more than one session.

SASB FN-CB-240a.4

© 2023 Fannie Mae 2022 ESG Report | 59

TABLE OF CONTENTS APPENDIX / DATA TABLES
TABLE 8. SINGLE-FAMILY MORTGAGE LOAN ACQUISITIONS BY RACE OR ETHNICITY OF BORROWER(S) 80

Number of Loans Unpaid Principal Balance at 

Acquisition

Weighted Average Original 

LTV Ratio81

For the Year Ended December 31, For the Year Ended December 31, For the Year Ended December 31,

2022 2021 2020 2022 2021 2020 2022 2021 2020

(Loans in thousands) (Dollars in millions)

Borrower Race or Ethnicity:

American Indian or 

Alaskan Native 17.8 34.6 29.1 $ 5,115 $ 9,293 $ 7,751 76.8 % 71.9 % 73.7 %

FICO ≤ 660 1.3 1.9 1.2 330 461 261 70.6 70.9 73.0

FICO > 660 16.5 32.7 28.0 4,782 8,831 7,489 77.2 72.0 73.7

FICO not available * * * 3 1 * 73.8 77.1 70.7

Asian 178.4 451.5 438.5 69,148 162,516 153,845 75.8 66.9 67.7

FICO ≤ 660 4.9 7.7 5.3 1,720 2,501 1,601 72.0 70.4 71.5

FICO > 660 173.4 443.8 433.1 67,405 160,002 152,234 75.9 66.8 67.6

FICO not available 0.1 * * 23 13 10 74.7 76.7 74.1

Black or African American 125.2 218.2 172.5 35,853 57,679 45,280 78.7 76.0 78.0

FICO ≤ 660 11.9 16.3 9.7 3,032 3,951 2,287 71.4 73.1 76.1

FICO > 660 113.3 201.8 162.8 32,812 53,721 42,986 79.4 76.2 78.0

FICO not available * * * 9 7 7 77.1 78.7 78.0

Hispanic or Latino 269.0 541.8 481.9 82,468 153,216 134,201 77.8 73.4 74.6

FICO ≤ 660 18.5 28.9 19.1 5,062 7,466 4,612 70.5 71.0 73.3

FICO > 660 250.4 512.8 462.7 77,375 145,724 129,566 78.3 73.5 74.7

FICO not available 0.1 0.1 0.1 31 26 23 73.9 76.7 78.0

* Represents a value of less than 50 loans or less than $500,000 in UPB.

80 We operate in the secondary mortgage market, primarily working with lenders and servicers. We do not originate mortgage loans or lend money directly to consumers in the 

primary mortgage market. Fannie Mae requires lenders and servicers of loans to comply with applicable laws and regulations, including the Fair Housing Act, Equal Credit 

Opportunity Act, and related anti-discrimination regulations. Fannie Mae conducts its underwriting analysis uniformly and without regard to race, gender, or other prohibited 

factors in our automated underwriting system, Desktop Underwriter (DU). Numbers in table may not sum due to rounding. 

Borrowers are asked to report both race and ethnicity on their loan application. Borrower categories for applications are based on whether any of the four possible borrowers 

identify as Hispanic or Latino, or a race other than white. Individual race and ethnicity categories are not mutually exclusive and do not sum to 100%. For example, if there are 

two borrowers on a mortgage, one of whom identifies as Black and one as Asian, the loan information would be counted as part of both Black and Asian categories. Similarly, if 

a borrower identifies with more than one race or ethnicity, the borrower will be included in each group, with the exception of borrowers who identify as non-Hispanic white.

Loans are classified in this table according to Classic FICO scores determined at the time of loan origination and reported to Fannie Mae by lenders. FICO is based upon the FICO 

associated with the loan origination and not attributed to individual borrowers in cases where there is more than one borrower. The FICO Not Available category includes loans 

eligible for sale to Fannie Mae without a credit score attributable to the borrower(s), as permitted by the Selling Guide. Additionally, this category includes loans acquired under 

negotiated exceptions for nonprofit entity borrowers who may rent the property on affordable rental terms to individuals, as only individual borrowers have FICO scores. Finally, 

this category may also include loans with data outside the expected range of FICO scores, attributable to data entry issues.

81 The weighted average original loan-to-value ratio is calculated based upon the race and ethnicity category for each borrower for the applicable loan, so data for a single loan 

may appear in multiple rows.

SASB FN-MF-270b.1

© 2023 Fannie Mae 2022 ESG Report | 60

TABLE OF CONTENTS APPENDIX / DATA TABLES
TABLE 8. SINGLE-FAMILY MORTGAGE LOAN ACQUISITIONS BY RACE OR ETHNICITY OF BORROWER(S) (CONT’D)

Number of Loans Unpaid Principal Balance at 

Acquisition

Weighted Average Original 

LTV Ratio81 

For the Year Ended December 31, For the Year Ended December 31, For the Year Ended December 31,

2022 2021 2020 2022 2021 2020 2022 2021 2020

(Loans in thousands) (Dollars in millions)

Native Hawaiian or 

Other Pacific Islander 7.9 18.6 19.2 $ 2,809 $ 6,151 $ 6,249 75.3 % 70.3 % 71.4 %

FICO ≤ 660 0.6 1.0 0.6 187 312 187 68.9 69.9 69.6

FICO > 660 7.3 17.6 18.6 2,622 5,838 6,061 75.8 70.3 71.5

FICO not available — * * — 1 1 — 70.9 75.9

White — Non-Hispanic 

or Latino 1,180.2 2,949.6 3,157.8 339,972 791,086 848,658 73.8 69.2 71.5

FICO ≤ 660 57.0 97.6 70.3 13,927 22,638 15,709 68.8 70.1 72.2

FICO > 660 1122.5 2,851.1 3,086.7 325,879 768,262 832,803 74.0 69.2 71.5

FICO not available 0.7 0.9 0.8 165 186 146 72.3 75.1 75.9

All Minority 

Borrowers82 566.9 1,203.6 1,089.5 184,782 369,614 331,191 77.1 70.9 71.8

FICO ≤ 660 34.9 52.5 33.9 9,668 13,769 8,442 70.9 71.3 73.6

FICO > 660 531.7 1,150.8 1,055.4 175,053 355,798 322,709 77.5 70.9 71.8

FICO not available 0.2 0.2 0.2 62 48 40 74.5 76.9 76.8

Information Not 

Provided83 258.5 659.1 609.3 80,132 194,060 179,009 72.1 66.9 69.4

FICO ≤ 660 15.8 24.2 15.0 4,186 6,119 3,665 66.8 67.8 69.5

FICO > 660 242.6 634.8 594.2 75,920 187,913 175,327 72.4 66.9 69.4

FICO not available 0.1 0.1 0.1 25 29 17 73.0 70.8 70.9

* Represents a value of less than 50 loans or less than $500,000 in UPB.

82 This category consists of borrowers who are not non-Hispanic white. It may not equal the total of the relevant categories in this table since borrowers who fall under multiple 

racial/ethnic categories would only appear once in this subtotal.

83 This category consists of mortgages where borrower race and/or ethnicity information was not provided at loan origination.

SASB FN-MF-270b.1

© 2023 Fannie Mae 2022 ESG Report | 61

TABLE OF CONTENTS APPENDIX / DATA TABLES
TABLE 9. REPRESENTATION BY RACIAL OR ETHNIC GROUPS AND GENDER AS A PERCENTAGE OF JOB CATEGORY84

Executive 

Management

Non-Executive 

Management

Professionals All Other 

Employees

All Job 

Categories

As of the Final Pay 

Period of:

As of the Final Pay 

Period of:

As of the Final Pay 

Period of:

As of the Final Pay 

Period of:

As of the Final Pay 

Period of:

2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020

Racial or 

Ethnic Group:

American Indian or 

Alaskan Native — % — % — % 0.3 % 0.2 % 0.3 % 0.2 % 0.2 % 0.2 % — % — % — % 0.2 % 0.2 % 0.2 %

Women — — — 0.1 0.1 0.1 0.1 0.1 * — — — 0.1 0.1 0.1

Men — — — 0.2 0.1 0.2 0.1 0.1 0.2 — — — 0.1 0.1 0.2

Asian 7.0 5.6 2.9 31.1 30.1 28.9 39.2 38.7 38.0 4.0 3.5 9.0 37.1 36.5 35.7

Women 4.7 2.8 2.9 9.8 9.7 8.9 16.7 16.4 16.3 1.3 1.2 6.0 15.2 14.8 14.7

Men 2.3 2.8 — 21.3 20.4 20.0 22.4 22.3 21.7 2.7 2.4 3.0 21.9 21.6 21.0

Black or African 

American 11.6 13.9 14.7 8.7 8.2 8.5 13.0 12.9 13.6 57.3 54.1 56.0 12.6 12.5 13.2

Women 4.7 5.6 5.9 5.4 4.5 5.0 7.6 7.7 8.0 50.7 50.6 52.0 7.5 7.6 8.0

Men 7.0 8.3 8.8 3.3 3.7 3.5 5.4 5.2 5.6 6.7 3.5 4.0 5.0 4.9 5.2

Hispanic or Latino 2.3 2.8 — 4.4 3.9 4.3 6.3 6.1 5.7 10.7 14.1 10.0 5.9 5.8 5.5

Women 2.3 2.8 — 1.8 1.7 1.9 2.6 2.5 2.4 10.7 12.9 9.0 2.5 2.5 2.4

Men — — — 2.6 2.2 2.4 3.7 3.6 3.3 — 1.2 1.0 3.4 3.3 3.1

Native Hawaiian or 

Pacific Islander — — — 0.3 0.3 0.3 0.2 0.2 0.2 1.3 — — 0.2 0.2 0.2

Women — — — 0.1 0.1 0.1 * * * — — — * * 0.1

Men — — — 0.2 0.2 0.2 0.2 0.2 0.2 1.3 — — 0.2 0.2 0.2

* Represents less than 0.05% of employees by job category.

84 This table counts employees as of the last day of the last pay period of the calendar year: December 31 in 2022, December 18 in 2021, and December 31 in 2020. Data may be 

rounded up or down by up to 0.1 percentage point to ensure column totals equal 100% for each job category by year. Where an employee has chosen not to self-identify their 

race/ethnicity, Fannie Mae determines this information by visual survey and/or other available information to complete certain mandatory government reports, such as EEO-1.

Fannie Mae aligns its workforce to EEO-1 job categories as defined by the EEO-1 Component 1 Job Classification Guide. Those included in the Executive Management category 

include those aligned with the EEO-1 category Executive/Senior Level Officials & Managers and are Fannie Mae leaders in SVP, EVP, President, or CEO roles (historically ~30-40 

employees). As a result, this group is affected more significantly by small fluctuations in workforce demographics (i.e., individuals who leave and join within specific racial/

ethnic groups). Those included in the Non-Executive Management category include those aligned with the EEO-1 category First/Mid-Level Officials & Managers; those in the 

Professionals category include those aligned with the EEO-1 category Professionals; and those in the All Other Employees category include those aligned with the EEO-1 

categories Technicians, Sales Workers, Administrative Support, Craft Workers, Operatives, Laborers & Helpers, and Service Workers. Demographic shifts across job categories 

may be attributed to changes in business initiatives and demand for specific roles and skills (i.e., technical, cloud, digital) and their requisite supply in the talent market. Fannie 

Mae has no employees outside the U.S.

SASB FN-IB-330a.1

© 2023 Fannie Mae 2022 ESG Report | 62

TABLE OF CONTENTS APPENDIX / DATA TABLES
TABLE 9. REPRESENTATION BY RACIAL OR ETHNIC GROUPS AND GENDER AS A PERCENTAGE OF JOB CATEGORY (CONT’D)

Executive 

Management

Non-Executive 

Management

Professionals All Other 

Employees

All Job 

Categories

As of the Final Pay 

Period of:

As of the Final Pay 

Period of:

As of the Final Pay 

Period of:

As of the Final Pay 

Period of:

As of the Final Pay 

Period of:

2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020 2022 2021 2020

Racial or 

Ethnic Group:

White NonHispanic or Latino 79.1 % 77.8 % 79.5 % 53.1 % 55.2 % 56.1 % 39.0 % 39.3 % 40.4 % 24.0 % 25.9 % 23.0 % 41.8 % 42.5 % 43.3 %

Women 18.6 16.7 20.6 21.2 22.7 22.4 16.2 16.7 17.0 17.3 21.2 20.0 17.2 17.9 18.0

Men 60.5 61.1 58.9 31.9 32.5 33.7 22.7 22.7 23.4 6.7 4.7 3.0 24.6 24.6 25.3

Two or More Races — — 2.9 2.1 2.0 1.6 2.3 2.5 1.9 2.7 2.4 2.0 2.2 2.4 1.9

Women — — — 1.0 0.9 0.7 1.1 1.2 0.9 2.7 2.4 2.0 1.1 1.2 0.9

Men — — 2.9 1.1 1.1 0.9 1.2 1.3 1.0 — — — 1.2 1.3 1.0

Total Number 

of Employees 43 36 34 1,556 1,444 1,443 6,353 5,844 6,074 75 85 100 8,027 7,409 7,651

Women 13 10 10 612 574 564 2,809 2,605 2,715 62 75 89 3,496 3,264 3,378

Men 30 26 24 944 870 879 3,544 3,239 3,359 13 10 11 4,531 4,145 4,273

SASB FN-IB-330a.1

© 2023 Fannie Mae 2022 ESG Report | 63

TABLE OF CONTENTS APPENDIX / DATA TABLES
TABLE 10. BOARD OF DIRECTORS REPRESENTATION BY RACIAL OR ETHNIC GROUP AND GENDER85 †

As of the Form 10-K Filing Date 

for Reporting Covering

2022 2021 2020

Number of Board Members 10 12 11

By Racial or Ethnic Group:

American Indian or Alaskan Native — — —

Asian — — —

Black or African American 3 3 2

Hispanic or Latino 2 1 1

Native Hawaiian or Pacific Islander — — —

White 5 8 8

By Gender

Women 5 5 5

Men 5 7 6

†

 This table was not subject to Deloitte & Touche LLP’s review, and accordingly Deloitte & Touche LLP does not express a conclusion or any form of assurance on such information.

85 Data for each year is provided as of the filing date of the company’s Form 10-K for the applicable year, which was February 14, 2023 for the 2022 Form 10-K, February 15, 2022 for 

the 2021 Form 10-K, and February 12, 2021 for the 2020 Form 10-K.

© 2023 Fannie Mae 2022 ESG Report | 64

TABLE OF CONTENTS APPENDIX / DATA TABLES
TABLE 11. GREEN BOND ISSUANCE86

For the Year Ended December 31,

2022 2021 2020

Number of Green Bonds 271 550 569

Multifamily Green Bonds 226 515 557

Single-Family Green Bonds 45 35 12

Number of Loans (thousands)87 3.9 2.1 0.9

Multifamily Green Bonds 0.2 0.5 0.6

Single-Family Green Bonds 3.7 1.5 0.3

Value of Green Bonds Issued (UPB at Issuance, $ millions) $ 10,495 $ 13,980 $ 13,093

Multifamily Green Bonds 9,089 13,467 12,999

Single-Family Green Bonds 1,405 513 94

Number of Units (thousands)† 59.0 97.2 102.6

Multifamily Green Bonds† 55.3 95.6 102.3

Single-Family Green Bonds† 3.7 1.5 0.3

Green Bond Resecuritizations

Number of Multifamily Green GeMS 1 3 4

Value of Multifamily Green GeMS (UPB at issuance, $ millions) $ 781 $ 2,391 $ 1,938

†

 The number of units financed by Green Bonds was not subject to Deloitte & Touche LLP’s review, and accordingly Deloitte & Touche LLP does not express a conclusion or any form 

of assurance on such information.

86 Total rows do not count Multifamily Green GeMS, since these are resecuritizations. Numbers in table may not sum due to rounding. One GeMS transaction in 2020 was a second 

resecuritization, which is not included in the UPB figure.

87 Within this table, loans are classified by the year in which they are securitized into a Green Bond, rather than the year Fannie Mae acquired them.

SASB FN-IB-410a.2

© 2023 Fannie Mae 2022 ESG Report | 65

TABLE OF CONTENTS APPENDIX / DATA TABLES
TABLE 12. PROJECTED GREEN BOND IMPACTS88 †

For the Year Ended December 31,

2022 2021 2020

Projected Energy Saved (kBtu in millions) 888 1,459 1,639

Multifamily Green Bonds 814 1,422 1,631

Single-Family Green Bonds 74 37 8

Projected Water Saved (Gallons in millions)89 116 473 807

Projected Greenhouse Gas Emissions Prevented (mtCO2e in thousands) 41.4 84.0 105.0

Multifamily Green Bonds 37.9 82.3 104.6

Single-Family Green Bonds 3.5 1.7 0.4

Projected Utility Cost Savings per Household90

Multifamily tenants91 $ 205 $ 219 $ 235 

Single-family homeowners92 $ 219 $ 264 $ 269 

†

 This table was not subject to Deloitte & Touche LLP’s review, and accordingly Deloitte & Touche LLP does not express a conclusion or any form of assurance on such information.

88 This table presents single-year projected impacts for the loans underlying Green Bonds issued in the years indicated. For a description of our methodology for estimating the 

positive environmental impact of the loans backing our Green Bonds, see the impact methodology on our Green Bonds webpage. kBtu is one thousand British thermal units, a 

unit of energy measurement. MtCO2e is metric tons of carbon dioxide equivalent.

89 Multifamily Green Bonds only.

90 Estimated cost savings for a one-year period.

91 Multifamily Green Rewards loans only.

92 Single-Family Green Bonds only.

© 2023 Fannie Mae 2022 ESG Report | 66

TABLE OF CONTENTS APPENDIX / DATA TABLES
TABLE 13. SINGLE-FAMILY AND MULTIFAMILY LOANS REQUIRING FLOOD INSURANCE93

Number of Loans Unpaid Principal Balance

As of December 31, As of December 31,

2022 2021 2020 2022 2021 2020

(Loans in thousands) (Dollars in millions)

Single-Family Loans

Flood-insured loans 575.1 578.1 582.9 $ 120,707 $ 116,533 $ 108,688

Total single-family loans 17,657.8 17,534.4 17,320.0 3,636,597 3,484,276 3,202,619

Flood insured as % of single-family total 3.3 % 3.3 % 3.4 % 3.3 % 3.3 % 3.4 %

Multifamily Loans94

Flood-insured loans 2.0 2.0 2.0 $ 36,448 $ 34,927 $ 34,205

Total multifamily loans 28.0 28.9 28.7 440,447 413,171 384,656

Flood insured as % of multifamily total 7.2 % 6.8 % 6.9 % 8.3 % 8.5 % 8.9 %

Number of Properties Carrying Value

As of December 31, As of December 31,

2022 2021 2020 2022 2021 2020

(Properties in thousands) (Dollars in millions)

Single-Family REO95

Properties in flood zones 0.5 0.4 0.5 $ 70 $ 61 $ 66

Total single-family REO properties 8.8 7.2 8.0 1,293 959 1,148

In flood zones as % of single-family REO total 5.4 % 5.8 % 5.8 % 5.4 % 6.4 % 5.7 %

Multifamily REO

Properties in flood zones * * * $ 31 $ 13 $ 14

Total multifamily REO properties * * * 278 302 114

In flood zones as % of multifamily REO total 7.1 % 6.5 % 14.3 % 11.1 % 4.3 % 12.6 %

* Represents a value of less than 50 properties. There were 2, 2, and 2 multifamily REO properties in flood zones in 2022, 2021, and 2020, respectively. There were 28, 31, and 14 total 

multifamily REO properties in 2022, 2021, and 2020, respectively.

93 Single-Family and Multifamily categories encompass properties requiring flood insurance, per Fannie Mae Selling Guides and federal law (National Flood Insurance Act of 1968, 

as amended). Furthermore, federal law creates a special category of land located in coastal areas. Irrespective of whether such areas are also in the 100-year flood plain, Fannie 

Mae requires flood insurance for residences located in these areas. Please see the Mitigating potential future climate-related financial losses section of our Climate Risk & 

Resilience chapter for more information on our flood insurance requirements. 

Flood maps may change over time. Servicers are responsible for ensuring borrowers remain in compliance with flood insurance requirements. Single-family loan and REO 

data in this table reflect FEMA flood maps and letters of map amendments (LOMA) as of the respective reporting period. This is a change from our previous ESG Report, which 

classified loans and REO based on flood zone data reported by lenders at loan origination. Multifamily loan and REO data in this table continue to reflect flood zones reported by 

lenders at loan origination. 

Loan data in this table includes Fannie Mae’s retained mortgage portfolio (including loans held for sale), loans underlying MBS in consolidated trusts, and some off-balance 

sheet items, such as long-term standby commitments, credit enhancements, and government-insured mortgages. Numbers in table may not sum due to rounding.

94 For multifamily loans, one loan can cover multiple properties. If one property under that loan requires flood insurance, the unpaid principal balance value in this table reflects 

only the value allocated to the affected property, not the entire loan.

95 Single-Family REO totals reported for 2020 – 2022 in this report include a population of securitized reverse mortgages (a total of 300 loans in 2022) that was not included in the 

population in previous reporting.

SASB FN-MF-450a.1

© 2023 Fannie Mae 2022 ESG Report | 67

TABLE OF CONTENTS APPENDIX / DATA TABLES
Assurance Report

INDEPENDENT ACCOUNTANT’S REVIEW REPORT

We have reviewed management of Fannie Mae’s (in 

conservatorship) (the “Company”) assertion that the specified 

information included in Note 1: Basis of Presentation of the 

Sustainability Accounting Standards Board (SASB) Index (“Note 

1”) within the accompanying Fannie Mae 2022 Enterprise 

Environmental, Social and Governance (ESG) Report (“ESG 

Report”) as of or for the years ended December 31, 2022, 

December 31, 2021 and December 31, 2020 are presented in 

accordance with the criteria set forth in Note 1 (the “criteria”). 

The Company’s management is responsible for its assertion. 

Our responsibility is to express a conclusion on management’s 

assertion based on our review. 

Our review was conducted in accordance with attestation 

standards established by the American Institute of Certified Public 

Accountants (AICPA) in AT-C section 105, Concepts Common 

to All Attestation Engagements, and AT-C section 210, Review 

Engagements. Those standards require that we plan and perform 

the review to obtain limited assurance about whether any material 

modifications should be made to management’s assertion in 

order for it to be fairly stated. The procedures performed in a 

review vary in nature and timing from, and are substantially less 

in extent than, an examination, the objective of which is to obtain 

reasonable assurance about whether management’s assertion 

is fairly stated, in all material respects, in order to express an 

opinion. Accordingly, we do not express such an opinion. Because 

of the limited nature of the engagement, the level of assurance 

obtained in a review is substantially lower than the assurance that 

would have been obtained had an examination been performed. 

We believe that the review evidence obtained is sufficient and 

appropriate to provide a reasonable basis for our conclusion.

We are required to be independent and to meet our other ethical 

responsibilities in accordance with the Code of Professional 

Conduct issued by the AICPA. We applied the Statements 

on Quality Control Standards established by the AICPA and, 

accordingly, maintain a comprehensive system of quality control.

The procedures we performed were based on our professional 

judgment. In performing our review, we conducted inquiries 

and performed analytical procedures. For a selection of the 

specified information, we performed tests of mathematical 

accuracy of computations, compared the specified information 

to underlying records, or observed the data collection process in 

regard to the accuracy of the data in the specified information. 

The preparation of the specified information referenced in Note 

1 requires management to establish and interpret the criteria, 

make determinations as to the relevancy of information to be 

included, and make estimates and assumptions that affect the 

reported information. Measurement of certain metrics could 

include estimates and assumptions that are subject to inherent 

measurement uncertainty. Obtaining sufficient, appropriate 

review evidence to support our conclusion does not reduce the 

inherent uncertainty in the amounts and metrics. The selection by 

management of different but acceptable measurement methods, 

input data, or assumptions, may have resulted in materially 

different amounts or specified information being reported. 

Our review was limited to the specified information in Note 1 

as of or for the years ended December 31, 2022, 2021 and 2020. 

All other information including information relating to forward 

looking statements, goals, and progress against goals, was not 

subject to our review and, accordingly, we do not express a 

conclusion or any form of assurance on such information. 

As discussed in Note 1, in 2022, Fannie Mae has changed the 

reporting from the 2021 ESG Report related to FN-MF-270b.3, 

FN-MF-450a.1 and FN-IB-410a.2 metrics. 

Based on our review, we are not aware of any material 

modifications that should be made to management of Fannie 

Mae’s assertion that the specified information included in Note 1 

as of or for the years ended December 31, 2022, December 31, 

2021, and December 31, 2020 are presented in accordance with 

the criteria set forth in Note 1, in order for it to be fairly stated.

June 30, 2023

Deloitte & Touche LLP

7900 Tysons One Place

Suite 800

McLean, VA 22102

www.deloitte.com

© 2023 Fannie Mae 2022 ESG Report | 68

TABLE OF CONTENTS APPENDIX / ASSURANCE REPORT
SASB Index

SASB Standards are independent standards for ESG 

disclosures maintained by the International Sustainability 

Standards Board (ISSB). The SASB reporting standards are 

industry-specific, covering ESG reporting criteria for 77 

industries. Fannie Mae’s position in the secondary mortgage 

market makes some of the risks and opportunities in our 

business model different compared to companies that 

originate loans or lend money directly to borrowers in the 

primary mortgage market. To provide transparency on topics 

representative of other important facets of our business, 

we identified the following relevant SASB industry-specific 

standards for inclusion within this report: Mortgage Finance 

(“FN-MF”; our primary SASB industry), Commercial Banks 

(“FN-CB”), and Investment Banking and Brokerage (“FN-IB”).

The index in Note 1: Basis of Presentation (“Note 1”) below 

provides a consolidated list of metrics (the “specified 

information”) and the related criteria used to measure and 

evaluate the specified information. The criteria are based 

on the SASB Standards. Where applicable, Fannie Mae has 

made certain modifications to SASB Mortgage Finance metrics 

to align with our operations in the secondary mortgage 

market. Furthermore, Fannie Mae has omitted certain SASB 

Mortgage Finance metrics. The nature and rationale for each 

modified or omitted metric is described within the table 

below. One of the metrics is not fully covered by the SASB 

Standards; accordingly, Fannie Mae has reported this metric 

in accordance with management’s defined criteria, which is 

informed by the SASB Standards.

Management’s assertion

Management of Fannie Mae is responsible for the completeness, 

accuracy, and validity of the specified information included 

below in Note 1. Management is also responsible for the 

collection, quantification, and presentation of the specified 

information and for the selection or development of the criteria, 

which management believes provide an objective basis for 

measuring and reporting on the specified metrics. Management 

of Fannie Mae asserts that the specified information as of or for 

the years ended December 31, 2022, December 31, 2021, and 

December 31, 2020, is presented in accordance with the criteria 

set forth in Note 1.

Changes from our 2021 SASB-aligned 

reporting

For transparency, we note changes from reporting in Fannie 

Mae’s 2021 ESG Report. Unless otherwise noted, these 

methodological changes are reflected in the 2022, 2021, and 

2020 data included in this report.

© 2023 Fannie Mae 2022 ESG Report | 69

TABLE OF CONTENTS APPENDIX / SASB INDEX
NOTE 1: BASIS OF PRESENTATION

SASB Criteria Specified Information

SASB Code and Metric Modified or Omitted Metric Response / Location Changes from 2021 

ESG Report

Lending practices

FN-MF-270a.2 — (1) 

Number and (2) value of 

(a) residential mortgage 

modifications, (b) 

foreclosures, and (c) short 

sales or deeds-in-lieu 

of foreclosure, by FICO 

scores above and below 

660.

Modified to clarify terms, 

replacing “residential” 

with “single-family” and 

“short sales” with “preforeclosure sales.”

(1) Number and (2) 

value of (a) single-family 

mortgage modifications, 

(b) foreclosures, and (c) 

pre-foreclosure sales, or 

deeds-in-lieu of foreclosure, 

by FICO scores above and 

below 660.

Data Tables < Table 6. Single-Family 

Loan Modifications, Foreclosure 

Alternatives, and Foreclosures

n/a

FN-MF-270a.3 — Total 

amount of monetary 

losses as a result of legal 

proceedings associated 

with communications 

to customers or 

remuneration of loan 

originators.

Omitted; metric is not 

applicable, as Fannie 

Mae does not originate 

loans or lend directly to 

borrowers.

Total amount of monetary 

losses as a result of legal 

proceedings associated 

with communications to 

customers or remuneration 

of loan originators.

n/a n/a

FN-MF-270a.4 — 

Description of 

remuneration structure 

of loan originators.

— Description of 

remuneration structure 

of loan originators.

Fannie Mae does not provide 

compensation to loan originators. 

The discussion below summarizes 

Fannie Mae’s guidance and minimum 

standards for lenders/sellers.

Single-Family

Sellers are required to comply with 

all federal, state, and local laws that 

apply to any of its origination, selling, 

or servicing practices. This includes 

ensuring that their loan originator 

compensation practices comply with 

the loan originator compensation 

provisions of the Truth in Lending 

Act and Regulation Z and that 

loan originators comply with these 

requirements when presenting 

loan options to consumers. (See 

Single-Family Selling Guide A3-2-01, 

Compliance With Laws and A3-2-02, 

Responsible Lending Practices.)

Multifamily

Lenders delivering multifamily loans 

to Fannie Mae are required to charge 

a minimum origination fee based on 

the size of the loan being delivered. 

Lenders must collect the minimum 

origination fee and retain at least 50% 

of the fee. Any portion of the origination 

fee in excess of the Retained Portion 

may be used by the lender to pay 

correspondent or broker fees for the 

origination of the mortgage loan.

n/a

© 2023 Fannie Mae 2022 ESG Report | 70

TABLE OF CONTENTS APPENDIX / SASB INDEX
NOTE 1: BASIS OF PRESENTATION (CONT’D)

SASB Criteria Specified Information

SASB Code and Metric Modified or Omitted Metric Response / Location Changes from 2021 

ESG Report

Discriminatory lending

FN-MF-270b.1 — (1) 

Number, (2) value, and 

(3) weighted average 

Loan-to-Value (LTV) ratio 

of mortgages issued to (a) 

minority and (b) all other 

borrowers, by FICO scores 

above and below 660.

Modified to specify 

“single-family” 

mortgages and replace 

“issued” with “acquired,” 

as Fannie Mae does 

not lend directly to 

borrowers.

(1) Number, (2) value, 

and (3) weighted average 

Loan-to-Value (LTV) ratio 

of single-family mortgages 

acquired by Fannie Mae 

related to (a) minority and 

(b) all other borrowers, 

by FICO scores above and 

below 660.

Data Tables < Table 8. Single-Family 

Mortgage Loan Acquisitions by Race or 

Ethnicity of Borrower(s)

n/a

FN-MF-270b.2 — Total 

amount of monetary 

losses as a result of legal 

proceedings associated 

with discriminatory 

mortgage lending.

Modified to replace 

“lending” with 

“practices,” as Fannie 

Mae does not originate 

loans or lend directly 

to borrowers. Includes 

individual resolutions of 

more than $100,000.

Total amount of monetary 

losses as a result of legal 

proceedings associated 

with discriminatory 

mortgage practices.

Fannie Mae tracks our settlements or 

judgments exceeding $100,000 (not 

including attorneys’ fees) in cases 

involving allegations of discriminatory 

mortgage practices. Between 2020 and 

2022, there were no monetary losses 

meeting these criteria.96

n/a

FN-MF-270b.3 — 

Description of policies 

and procedures 

for ensuring 

nondiscriminatory 

mortgage origination.

— Description of policies and 

procedures for ensuring 

nondiscriminatory 

single-family mortgage 

origination.

Housing Affordability < Fair lending and 

fair housing

We have added information 

related to our Multifamily 

business.

Environmental risk to mortgaged properties

FN-MF-450a.1 — (1) 

Number and (2) value of 

mortgage loans in 100-

year flood zones.

Modified to specify 

“loans requiring flood 

insurance,” which may 

also include some 

coastal areas not within 

a 100-year flood plain. 

Also modified to add 

REO properties in flood 

zones.

(1) Number and (2) 

value of mortgage loans 

requiring flood insurance 

by (a) single-family and (b) 

multifamily properties.

Data Tables < Table 13. Single-Family 

and Multifamily Loans Requiring Flood 

Insurance

We have updated the three 

years of single-family loan and 

REO data reported to reflect 

flood maps current as of the 

period reported rather than as 

of origination. Multifamily flood 

zone status remains as reported 

at loan origination. Additionally, 

in the single-family REO 

population, we have included 

a population of securitized 

reverse mortgages in our 

reporting that was previously 

excluded.

96 Our response to SASB FN-MF-270b.2 does not include our 2022 settlement related to foreclosed property maintenance, which is described on page 19, because we do not consider such 

maintenance to be a “mortgage practice” within the definition of this SASB metric. Information related to the aforementioned settlement was not subject to Deloitte & Touche LLP’s review 

and, accordingly, Deloitte & Touche LLP does not express a conclusion or any form of assurance on such information.

© 2023 Fannie Mae 2022 ESG Report | 71

TABLE OF CONTENTS APPENDIX / SASB INDEX
NOTE 1: BASIS OF PRESENTATION (CONT’D)

SASB Criteria Specified Information

SASB Code and Metric Modified or Omitted Metric Response / Location Changes from 2021 

ESG Report

Environmental risk to mortgaged properties (cont’d)

FN-MF-450a.2 — (1) 

Total expected loss and 

(2) Loss Given Default 

(LGD) attributable to 

mortgage loan default 

and delinquency due 

to weather-related 

natural catastrophes, by 

geographic region.

Omitted; see metric 

section for additional 

details.

(1) Total expected loss 

and (2) Loss Given Default 

(LGD) attributable to 

mortgage loan default 

and delinquency due 

to weather-related 

natural catastrophes, by 

geographic region.

Total expected losses and LGD are not 

disclosed in this year’s report, as we 

continue to work toward producing 

projected loss estimates specific to 

weather-related events. Estimating 

expected losses and LGD attributable 

to weather-related factors is complex, 

evolving in nature, and requires a 

number of key assumptions related 

to drivers of credit performance. 

We understand the importance of 

evaluating the risk of potential loss 

attributable to weather-related natural 

catastrophes to our business. We are 

exploring the ability to estimate and 

communicate our exposure across a 

variety of natural catastrophes in a way 

that is both reasonable and consistent 

with industry best practices.

n/a

FN-MF-450a.3 — 

Description of how 

climate change and other 

environmental risks 

are incorporated into 

mortgage origination and 

underwriting.

— Description of how 

climate change and other 

environmental risks 

are incorporated into 

mortgage origination and 

underwriting.

Climate Risk & Resilience < Mitigating 

potential future climate-related financial 

losses

n/a

Activity metric

FN-MF-000.A — (1) 

Number and (2) value of 

mortgages originated by 

category: (a) residential 

and (b) commercial.

Omitted; metric is not 

applicable, as Fannie 

Mae does not originate 

loans or lend directly to 

borrowers.

(1) Number and (2) value 

of mortgages originated by 

category: (a) residential and 

(b) commercial.

n/a n/a

FN-MF-000.B — (1) 

Number and (2) value of 

mortgages purchased by 

category: (a) residential 

and (b) commercial.

Modified to clarify terms, 

replacing “residential” 

with “single-family” 

and “commercial” with 

“multifamily.”

(1) Number and (2) value of 

mortgages purchased by 

category: (a) single-family 

and (b) multifamily.

Data Tables < Table 1. Single-Family and 

Multifamily Loan Acquisitions

n/a

Data security

FN-CB-230a.2 — 

Description of approach 

to identifying and 

addressing data security 

risks.

— Description of approach to 

identifying and addressing 

data security risks.

Data Privacy & Security n/a

© 2023 Fannie Mae 2022 ESG Report | 72

TABLE OF CONTENTS APPENDIX / SASB INDEX
NOTE 1: BASIS OF PRESENTATION (CONT’D)

SASB Criteria Specified Information

SASB Code and Metric Modified or Omitted Metric Response / Location Changes from 2021 

ESG Report

Financial inclusion & capacity building

FN-CB-240a.4 — Number 

of participants in financial 

literacy initiatives for 

unbanked, underbanked, 

or underserved 

customers.

Modified to measure 

participants in terms 

of loans requiring 

homebuyer education 

and clarify that the 

underserved groups 

being served include firsttime homebuyers in loan 

products targeted at lowincome borrowers or with 

LTVs higher than 95% 

and borrowers with nontraditional credit. This 

metric does not include 

homebuyer education 

that was provided but 

not required.

Number of loans acquired 

for which Fannie Mae 

required pre-purchase 

homebuyer education.

Data Tables < Table 7. Education & 

Counseling

Housing Stability < Homeownership 

education

n/a

Systemic risk management

FN-CB-550a.2 — 

Description of approach 

to incorporation of 

results of mandatory and 

voluntary stress tests 

into capital adequacy 

planning, long-term 

corporate strategy, and 

other business activities.

— Description of approach to 

incorporation of results of 

mandatory and voluntary 

stress tests into capital 

adequacy planning, longterm corporate strategy, 

and other business 

activities.

2022 Form 10-K < Stress Testing (p.19) and 

Regulatory Capital Requirements (p.F-60). 

Updated 2022 stress test results were 

published on June 12, 2023.

2021 Form 10-K < Stress Testing (p.20) and 

Enterprise Regulatory Capital Framework 

(p.F-63)

2020 Form 10-K < Stress Testing (p. 24) and 

Enterprise Regulatory Capital Framework 

(p. F-63)

Our climate-related stress testing is 

nascent, and we are working to improve it 

to better inform our strategy. Together with 

our regulator and conservator, FHFA, we 

are working to understand the impact that 

climate change may have on U.S. housing.

n/a

Employee diversity and inclusion

FN-IB-330a.1 — 

Percentage of gender 

and racial/ethnic group 

representation for (1) 

executive management, 

(2) non-executive 

management, (3) 

professionals, and 

(4) all other employees.

— Percentage of gender 

and racial/ethnic group 

representation for 

(1) executive management, 

(2) non-executive 

management, 

(3) professionals, and 

(4) all other employees.

Data Tables < Table 9. Representation by 

Racial or Ethnic Groups and Gender as a 

Percentage of Job Category

Human Capital < Fostering an inclusive 

workplace

n/a

Incorporation of environmental, social, and governance factors in investment banking & brokerage activities

FN-IB-410a.2 — (1) 

Number and (2) total value 

of investments and loans 

incorporating integration 

of environmental, social, 

and governance (ESG) 

factors, by loan type.

Modified to clarify 

the metric used to 

track loans explicitly 

integrating ESG factors.

(1) Number and (2) value of 

mortgage loans underlying 

(a) green- and (b) sociallabeled bonds.

Data Tables < Table 4. Multifamily Social 

Bond Issuance

Data Tables < Table 11. Green Bond 

Issuance

We have added social bond 

resecuritizations in Table 4.

© 2023 Fannie Mae 2022 ESG Report | 73

TABLE OF CONTENTS APPENDIX / SASB INDEX
Management’s Criteria Specified Information

Defined Criteria Management Defined Metric Response / Location Changes from 2021 

ESG Report

(1) Number and (2) value of single-family 

mortgages of the following types: (a) Hybrid 

or Option Adjustable-rate Mortgages (ARM), 

(b) Prepayment Penalty, (c) Higher Rate, (d) 

Total, by FICO scores above or below 660. 

Management considered SASB FN-MF-270a.1 

when determining the criteria for this metric.

a) Hybrid or option adjustable-rate 

mortgages (ARMs) are defined as ARMs 

with initial interest rate resets of less 

than five years or including negative 

amortization or interest-only payment 

schedules.

b) Prepayment penalties are defined as 

mortgage contracts that include a clause 

that assesses a penalty if the mortgage is 

paid in full within a certain time period.

c) Higher-rate mortgages are defined 

as higher-priced mortgage loans 

per Regulation Z (12 CFR 1026), 

implementing the Truth in Lending Act. 

d) Total loans comprises single-family 

mortgage loans on Fannie Mae’s 

consolidated balance sheet. 

(1) Number and (2) value of 

single-family mortgages of the 

following types: (a) Hybrid or Option 

Adjustable-rate Mortgages (ARM), 

(b) Prepayment Penalty, (c) Higher 

Rate, (d) Total, by FICO scores above 

or below 660.

Data Tables < Table 5. Certain 

Characteristics of Outstanding SingleFamily Mortgage Loans

n/a

NOTE 1: BASIS OF PRESENTATION (CONT’D)

SASB Criteria Specified Information

SASB Code and Metric Modified or Omitted Metric Response / Location Changes from 2021 

ESG Report

Business ethics

FN-IB-510a.2 — 

Description of 

whistleblower policies 

and procedures.

— Description of 

whistleblower policies and 

procedures.

Business Ethics < Employee code of 

conduct

n/a

Professional integrity

FN-IB-510b.4 — 

Description of approach 

to ensuring professional 

integrity, including duty 

of care.

— Description of approach 

to ensuring professional 

integrity, including duty 

of care.

Business Ethics n/a

© 2023 Fannie Mae 2022 ESG Report | 74

TABLE OF CONTENTS APPENDIX / SASB INDEX
TCFD Disclosure Response / Location

Governance

a) Describe the Board’s oversight of climate-related risks and opportunities. Corporate Governance & ESG Oversight < ESG and climate oversight

b) Describe management’s role in assessing and managing climate-related risks 

and opportunities.

Corporate Governance & ESG Oversight < ESG and climate oversight

Strategy

a) Describe the climate-related risks and opportunities the organization has 

identified over the short, medium, and long term.

Climate Risk & Resilience < Identifying and assessing climaterelated risks

b) Describe the impact of climate-related risks and opportunities on the 

organization’s businesses, strategy, and financial planning.

Climate Risk & Resilience < Mitigating climate-related risk to Fannie 

Mae

c) Describe the resilience of the organization’s strategy, taking into consideration 

different climate-related scenarios, including a 2°C or lower scenario.

Not disclosed

Risk management

a) Describe the organization’s processes for identifying and assessing climaterelated risks.Climate Risk & Resilience < Identifying and assessing climaterelated risks

Risk Management < Climate risk management

b) Describe the organization’s processes for managing climate-related risks. Risk Management < Climate risk management

c) Describe how processes for identifying, assessing, and managing climaterelated risks are integrated into the organization’s overall risk management.Risk Management < Climate risk management

Metrics and targets

a) Disclose the metrics used by the organization to assess climate-related

risks and opportunities in line with its strategy and risk management process.

Data Tables < Single-Family and Multifamily Loans Requiring Flood 

Insurance

b) Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) 

emissions, and the related risks.

Not disclosed

c) Describe the targets used by the organization to manage climate-related risks 

and opportunities and performance against targets.

Not disclosed

TCFD Index

© 2023 Fannie Mae 2022 ESG Report | 75

TABLE OF CONTENTS APPENDIX / TCFD INDEX
Disclaimers

The information provided in this report reflects our 

approach to ESG at the date of this report and is subject 

to change without notice. We do not undertake to update 

any information in this report. There currently is no clear 

legal, regulatory, or other definition or market consensus 

as to what constitutes a “green,” “social,” “sustainable,” or 

similarly labeled project or investment, and any references 

to “sustainable bonds,” “green bonds,” “social bonds,” “ESG,” 

or similar terms in this report are intended as references 

to the internally defined criteria of our businesses only, as 

applicable, and not to any jurisdiction-specific regulatory 

definition. Our approaches to the disclosures included in this 

report may be different from those included in mandatory 

regulatory reporting, including under SEC regulations, and 

we can provide no representation or assurance that our 

internal approach is consistent with other investment criteria, 

taxonomies, standards, or guidelines. Any goals presented in 

this report are aspirational; as such, we make no guarantee 

or promise that these goals will be met. Some statistics and 

metrics in these disclosures are based on assumptions. 

Additionally, many of the figures in this report are unaudited. 

While this report describes events, including potential future 

events, and topics that may be significant from an ESG 

perspective, any significance does not necessarily equate 

to the level of materiality of disclosures required under U.S. 

federal securities laws. No reports, documents, websites, 

or third-party publications that are cited or referred to in 

this document shall be deemed to form part of this report, 

including but not limited to references to information on our 

website, www.fanniemae.com. Fannie Mae is not responsible 

for the information contained on third-party websites, nor 

do we guaranty their accuracy and completeness. The 

information and data provided by a link to a website or 

publication is being referenced as of the date of this report, 

may be superseded by a later website or publication, and is 

subject to change without notice. 

Forward-looking statements. This report contains a number 

of forward-looking statements, including statements regarding 

future economic and housing conditions; climate change 

and its impact; Fannie Mae’s future business plans, strategies, 

objectives, programs, products, and activities; the impact 

and benefits of Fannie Mae’s plans, strategies, programs, 

products, and activities; and the risks to Fannie Mae’s business 

and the factors that will impact them. These forward-looking 

statements are based on the company’s current assumptions 

regarding numerous factors and are subject to change. 

Actual outcomes may differ materially from those reflected in 

these forward-looking statements due to a variety of factors, 

including, but not limited to, those described in “ForwardLooking Statements” and “Risk Factors” in our annual report 

on Form 10-K for the year ended December 31, 2022, and in 

“Forward-Looking Statements” in our quarterly report on Form 

10-Q for the quarter ended March 31, 2023. Any forward-looking 

statements made by Fannie Mae speak only as of the date 

on which they were made. Fannie Mae is under no obligation 

to, and expressly disclaims any obligation to, update or alter 

its forward-looking statements, whether as a result of new 

information, subsequent events, or otherwise.

No offer or solicitation regarding securities. This document 

is for general information purposes only and does not 

constitute, or form part of, an offer to sell nor a solicitation 

of an offer to buy any Fannie Mae security mentioned herein 

or any other Fannie Mae security. Fannie Mae securities are 

offered only in jurisdictions where permissible by offering 

documents available through qualified securities dealers 

or banks, and no part of this document is incorporated by 

reference into, or part of, any offering documents.

No warranties; opinions subject to change; not advice. 

This document is based upon information and assumptions 

(including financial, statistical, or historical data and 

computations based upon such data) that we consider 

reliable and reasonable, but we do not represent that such 

information and assumptions are accurate or complete, or 

appropriate or useful in any particular context, including the 

context of any investment decision, and it should not be relied 

upon as such. No liability whatsoever is or will be accepted 

by Fannie Mae for any loss or damage howsoever arising 

out of or in connection with the use of, or reliance upon, the 

information contained in this document.

Opinions and estimates expressed herein constitute Fannie 

Mae’s judgment as of the date indicated and are subject 

to change without notice. They should not be construed 

© 2023 Fannie Mae 2022 ESG Report | 76

TABLE OF CONTENTS APPENDIX / DISCLAIMERS
as either projections or predictions of value, performance, 

or results, nor as legal, tax, financial, or accounting advice. 

No representation is made that any strategy, performance, 

or result illustrated herein can or will be achieved or 

duplicated. The effect of factors other than those assumed, 

including factors not mentioned, considered, or foreseen, 

by themselves or in conjunction with other factors, 

could produce dramatically different performance or 

results. We do not undertake to update any information, 

data, or computations contained in this document or 

to communicate any change in the opinions, limits, 

requirements, and estimates expressed herein. Investors 

considering purchasing a Fannie Mae security should consult 

their own financial and legal advisors for information about 

such security, the risks and investment considerations 

arising from an investment in such security, the appropriate 

tools to analyze such investment, and the suitability of such 

investment in each investor’s particular circumstances.

Projected energy, emissions, and water usage savings 

are Fannie Mae’s estimates of the potential savings at the 

related mortgaged properties that may result from the 

implementation of the efficiency improvements required 

by the indicated green financing programs. There can be 

no assurance that any particular savings will be achieved 

at any given mortgaged property. Fannie Mae disclaims any 

liability for the failure of any mortgaged property to achieve 

any particular energy, emissions, or water usage savings. The 

estimates are solely as of the date hereof, and Fannie Mae 

shall have no obligation to provide updated estimated or 

actual savings information. 

Fannie Mae securities, together with interest thereon, are 

not guaranteed by the United States and do not constitute 

a debt or obligation of the United States or of any agency or 

instrumentality thereof other than Fannie Mae.

© 2023 Fannie Mae 2022 ESG Report | 77

TABLE OF CONTENTS APPENDIX / DISCLAIMERS