Annual Housing 

Activities Report 

Annual Mortgage Report

2019

2019 by the numbers

298,702

Home-purchase mortgages* 

to low-income borrowers.

$$

70,214

Home-purchase mortgages* 

to very low-income borrowers.

$

1.1 million

Mortgages to borrowers 

at no more than 120% 

of area median income.

120%

543,829

First-time homebuyer mortgages, 

more than half of all Fannie Mae 

home-purchase mortgage* acquisitions.

1st

384,572

Rental units affordable 

to low-income families.

78,835

Rental units affordable 

to very low-income families.

* Housing-goals-eligible mortgages.

Annual Housing Activities Report | Annual Mortgage Report 2019 1

Introduction

The lack of affordable housing supply in the United States has emerged as one of our 

country’s most pressing national issues. Across rural and urban communities, the persistent 

mismatch between the supply of and demand for affordable homes for both renters and 

owners has become a multifaceted crisis that threatens the economic and social prosperity 

of families and communities in nearly every state.

The stories of this crisis — rising homelessness in fast-growing urban centers, the yawning 

gap between what it costs to build a home or rental unit and what a typical family can afford 

to pay, and increased housing costs that continue to consume working families’ income 

and savings — have been widely documented. However, in recent years, communities, 

institutions, and individuals have been pursuing new and innovative solutions to these 

and other housing issues.

Fannie Mae supports the innovators and changemakers dedicated to solving our nation’s 

toughest housing affordability issues. Our work to promote sustainable, affordable housing 

opportunities extends through our business operations, customer relationships, economic 

research, and thought leadership. This housing mission is not just part of our Charter, it is 

who we are.

In this report, we provide an assessment of Fannie Mae’s performance in this mission 

and the actions we have taken to promote the affordability and availability of housing 

in the United States as well as the financing needed to sustain it. 

Our mission is a promise to the nation’s homeowners and renters: When our nation 

builds the affordable homes Americans need in the years to come, Fannie Mae stands 

ready to finance them sustainably.

Annual Housing Activities Report | Annual Mortgage Report 2019 3

Structure of 

Fannie Mae’s 

Housing Goals

When Fannie Mae became a publicly traded company in 1968, we were charged with 

dedicating a “reasonable portion” of our mortgage purchase business to mortgages 

affordable to low- and moderate-income families. More detailed statutory requirements 

were established with the passage of the Federal Housing Enterprises Financial Safety and 

Soundness Act of 1992.1 Since then, Fannie Mae has been required by statute and regulation 

to meet certain housing goals. We report our progress in meeting this responsibility each 

year to our regulator and to the responsible oversight committees in the United States 

House of Representatives and the United States Senate. We also make the report available 

to the public by posting it on our website. This report fulfills the requirements of the 

Fannie Mae Charter Act.2

When Congress passed the Housing and Economic Recovery Act of 2008,3 it preserved the 

focus of Fannie Mae’s affordable housing mission but changed the regulatory framework 

to move responsibility for mission oversight and enforcement to the newly-created Federal 

Housing Finance Agency (FHFA). That responsibility has included setting housing goals.

In 2018, FHFA established the following single-family housing goal benchmarks for 2018 

through 2020:

• Low-Income Families Home Purchases: At least 24 percent of our acquisitions of 

single-family owner-occupied purchase money mortgage loans must be affordable 

to low-income families (defined as income no higher than 80 percent of area median 

income (AMI)). 

• Very Low-Income Families Home Purchases: At least 6 percent of our acquisitions of 

single-family owner-occupied purchase money mortgage loans must be affordable to 

very low-income families (defined as families with income no higher than 50 percent 

of AMI).

• Low-Income Areas Home Purchases: The benchmark level for our acquisitions of 

single-family owner-occupied purchase money mortgage loans for families in lowincome areas is set annually by notice from FHFA, based on the benchmark level 

for the low-income and high-minority areas home purchase subgoal (below), plus 

an adjustment factor reflecting the additional incremental share of mortgages for 

1 Pub. L. 102-550, tit. XIII, Oct. 28, 1992, 106 Stat. 3672.

2 12 U.S.C. § 1723a(n).

3 Pub. L. 110-289, July 30, 2008, 122 Stat. 2654.

Annual Housing Activities Report | Annual Mortgage Report 2019 5
moderate-income families (defined as income equal to or less than 100 percent of 

AMI) in designated disaster areas. For 2019, FHFA set the overall low-income areas 

home purchase benchmark goal at 19 percent.

• Low-Income and High Minority Areas Home Purchases: At least 14 percent of our 

acquisitions of single-family owner-occupied purchase money mortgage loans must 

be affordable to families in low-income census tracts or to moderate-income families 

in high-minority census tracts.

• Low-Income Families Refinances: At least 21 percent of our acquisitions of 

single-family owner-occupied refinance mortgage loans must be affordable to 

low-income families.

For 2019, we believe that we met all five single-family housing goal benchmarks. Singlefamily housing goals performance is measured against both the FHFA-set benchmarks and 

against goals-qualifying originations in the primary mortgage market (market share). We will 

meet our single-family housing goals if we meet either the benchmarks or the market share. 

For any housing goals where the single-family performance falls below the benchmark level, 

FHFA compares the performance with that of the market share after the release of data 

reported under the Home Mortgage Disclosure Act (HMDA),4 which typically occurs in the fall 

after the performance year, and determines whether Fannie Mae met the goal based on the 

HMDA market data.

FHFA also established multifamily housing goal benchmarks for 2018 through 2020:

• Low-Income Families: At least 315,000 multifamily units per year must be affordable 

to low-income families.

• Very Low-Income Families: At least 60,000 multifamily units per year must be 

affordable to very low-income families.

• Small Affordable Multifamily Properties: At least 10,000 units per year must be 

affordable to low-income families in small multifamily properties (5 – 50 units).

There is no market-based alternative measurement for the multifamily goals. For 2019, we 

believe that we met all three multifamily goals.

4 12 U.S.C. § 2801 et seq.

6 © 2020 Fannie Mae
For 2019, we believe that we met all Single-Family 

and Multifamily housing goal benchmarks.

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

the goals were feasible. If FHFA finds that our goals were feasible, we may become subject 

to a housing plan that could require us to take additional steps, including describing the 

actions we would take to meet the goal in the next calendar year. The potential penalties for 

failure to comply with housing plan requirements include a cease-and-desist order and civil 

money penalties. 

In December 2019, FHFA determined that we met all of our single-family and multifamily 

housing goals for 2018.

The following table sets forth Fannie Mae’s housing goals performance against our housing 

goals benchmarks for 2019. We expect final performance results for 2019 will be calculated 

and published by FHFA by the fourth quarter of 2020.5

5 Our 2019 results have not been validated by FHFA. After validation, they may differ from the results reported. 

Housing Goals 2019 Benchmark 2019 Result

Single-Family

Low-Income Families Home Purchases 24% 27.79%

Very Low-Income Families Home Purchases 6% 6.53%

Low-Income Areas Home Purchases 19% 24.52%

Low-Income and High-Minority Areas Home Purchases 14% 19.48%

Low-Income Families Refinances 21% 23.76%

Multifamily (in units)

Low-Income Families 315,000 384,572

Very Low-Income Families 60,000 78,835

Small (5 – 50 units) Affordable Multifamily Properties 10,000 17,782

Annual Housing Activities Report | Annual Mortgage Report 2019 7

Charter Act 

Requirements

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

Housing Activities Report (AHAR).6 Each statutory requirement is set forth below, 

accompanied by Fannie Mae’s response for 2019.

Single-Family Activities

In 2019, 50.57 percent of home purchase mortgages on single-family owner-occupied 

properties acquired by Fannie Mae financed mortgage loans to first-time homebuyers.7

This percentage has remained flat from 2018.

Fannie Mae has developed or accepts a number of special products and programs, 

including programs tailored for state and/or local Housing Finance Agencies, designed 

to assist first-time homebuyers and very low- to moderate-income borrowers. We describe 

these products and programs below, including examples of borrowers who benefited 

from them in 2019.

HomeReady® is Fannie Mae’s Single-Family affordable lending product designed to help 

our lender partners serve more very low-, low-, and moderate-income borrowers, with 

expanded eligibility for financing properties in low-income communities. A full description 

of the HomeReady product is included later in this report. Below are some examples of 

homebuyers who benefited from HomeReady in 2019:

• A mother of two relocated from Canada to Mississippi to be closer to family after 

her divorce in 2016. She wasn’t ready to be a homeowner when she moved, but 

after receiving counseling in 2018, she was able to close on her home in May 2019. 

With an annual income of under $40,000, less than 80 percent of the area median 

income (AMI), she was able to purchase a home for $129,000. She used HomeReady’s 

down payment and closing cost assistance flexibilities to lower her upfront costs 

6 Charter Act, § 309(n)(2)(A-L).

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

convertible adjustable-rate mortgages, and real estate owned properties), long-term standby commitments, 

refinance mortgages, home equity conversion mortgages, and government loans. Fannie Mae has relied on 

information provided by its customers to identify units occupied by first-time homebuyers. Fannie Mae’s 2019 

Single-Family Selling Guide provides that a first-time homebuyer is an individual who (1) is purchasing the security 

property; (2) will reside in the security property as a principal residence; and (3) had no ownership interest (sole 

or joint) in a residential property during the three-year period preceding the date of the purchase of the security 

property. In addition, an individual who is a displaced homemaker or single parent also will be considered a 

first-time homebuyer if he or she had no ownership interest in a principal residence (other than a joint ownership 

interest with a spouse) during the preceding three-year time period.

Charter Act 

Requirement:

Include statements of the 

proportion of mortgages on 

housing consisting of 1 to 4 

dwelling units purchased by 

the corporation that have been 

made to first-time homebuyers, 

as soon as providing such data is 

practicable, and identifying any 

special programs (or revisions 

to conventional practices) 

facilitating homeownership 

opportunities for first-time 

homebuyers.

Annual Housing Activities Report | Annual Mortgage Report 2019 9
and monthly payments with a combined $10,500 in closing cost and down payment 

assistance from NeighborWorks America and a $27,500 Community Seconds® 

mortgage (see below). Her final loan-to-value (LTV) was 74 percent.

• With an income of $53,000, a mother in Texas never thought she would be able to 

own a home for herself and her three children. But by combining a HomeReady 

mortgage with a community land trust (CLT), she was able to purchase a new home 

in an established neighborhood for just over $75,000 at a 97 percent LTV. She received 

down payment and closing cost assistance from NeighborWorks America to cover 

upfront expenses and ended up with monthly mortgage payments lower than the 

rent she had paid prior to moving.

• A mother of one didn’t think homeownership would be possible for her and her child. 

With an annual income of only $23,000 in Mississippi, she earned 61 percent of the 

AMI, requiring a Section 8 rental voucher to cover her rental expenses. After her case 

officer referred her to a home purchase program, she enrolled in financial counseling 

in 2018, where she participated in both group and one-on-one counseling. She 

was ultimately directed to a loan officer who was able to help her purchase a home 

using a Section 8 homeownership voucher. By using HomeReady’s down payment 

flexibilities, she put over $5,600 of personal funds toward her down payment and 

received $10,500 in down payment and closing cost assistance through a Community 

Seconds mortgage (see below) on the purchase of a $97,500 house at 83 percent LTV.

HFA PreferredTM is a Fannie Mae product that enables eligible Housing Finance Agencies 

(HFAs) to offer loans to borrowers with up to 97 percent LTV ratios. HFA Preferred is ideal 

for borrowers who have limited funds for down payment and closing costs and for those 

needing extra flexibilities on credit and income sources. Borrowers who benefited from this 

product in 2019 include the following:

• A borrower in New Hampshire was looking to buy his first home. He had been 

renting for three years and working in manufacturing and warehousing. He earned 

just over $33,000 a year in salary, but in September 2019 he became a homeowner 

with an HFA Preferred mortgage obtained through New Hampshire Housing’s Home 

Preferred Manufactured Housing ROCs program. With an LTV of 95 percent, the 

borrower purchased a 2006 manufactured home in a resident-owned community for 

just $58,000. The HFA also provided a $1,500 grant to buy down the interest rate.

• A couple who emigrated from Nigeria had set their sights on owning a home for 

themselves and their two children. With an annual income over $88,000, they were 

struggling to save for a down payment. In 2019, they discovered that the husband’s 

job as a corrections officer qualified him for the Homes for Texas Heroes Program, 

which supplies down payment assistance and other benefits for such workers as 

teachers and police officers. They were able to purchase a home with a 97 percent 

LTV and down payment assistance with an HFA Preferred mortgage.

• A Pennsylvania borrower with an income of $59,000 found the home he’d been 

searching for, but it needed improvements in order to make it livable. Combining an 

HFA Preferred mortgage with the renovation flexibilities of HomeStyle® Renovation, 

10 © 2020 Fannie Mae
the borrower made $30,000 in repairs, including structural repairs, plumbing, exterior 

repairs, HVAC system updates, and electrical work. The homebuyer came away with 

a mortgage just over $189,000 at 95 percent LTV and a renovated home that exceeded 

his expectations.

HFA Preferred Risk SharingTM is another Fannie Mae product that enables HFAs to offer 

loans to borrowers with up to 97 percent LTV ratios, but without the cost of mortgage 

insurance because of the risk-sharing that the HFA assumes. An example of a borrower 

who benefited from this program in 2019 follows:

• A father of one was looking to upgrade his living situation in Pennsylvania. With an 

income over $73,000, he had little saved for down payment or closing costs. Using 

an HFA Preferred Risk Sharing loan, which has down payment assistance flexibilities, 

the borrower was able to secure the down payment and closing cost assistance to 

purchase a $171,500 home. Moreover, he avoided the mortgage insurance that is 

generally required with high LTV loans. 

Community Seconds® is a program authorized under Fannie Mae’s guidelines that enables 

a subordinate mortgage financed by an HFA, a nonprofit, or certain other community 

organizations to be used in conjunction with a first mortgage delivered to Fannie Mae. 

The Community Seconds mortgage may be used to fund all or part of the down payment, 

closing costs, renovations to the property, or a permanent interest rate buy down.8

Borrowers who benefited from this program in 2019 include the following:

• A couple had been living in rental housing, but with the arrival of their fourth child, 

it was time to find a home with a little more space. Starting with two years of 

housing counseling, and with nearly $60,000 in annual income, the family was able 

to find a home through a CLT in Vermont. With a $52,000 leasehold grant from the 

CLT contributing to the down payment, the borrowers used $5,000 in Community 

Seconds closing cost assistance and were able to use an HFA Preferred mortgage 

to purchase a home with a $220,500 sales price. After the leasehold grant, the final 

loan amount was $168,500, with an LTV of 78 percent based on the final $216,500 

appraisal value. 

• A young newlywed couple was looking to purchase their first home in Idaho. 

As county employees, their household income totaled less than $67,000 a year. 

After completing the state HFA’s Finally Home!® housing counseling course, the 

couple qualified for a 97 percent LTV HFA Preferred mortgage to purchase a 

$250,000 home with just over $6,000 in Community Seconds down payment 

assistance. The HFA’s housing counseling program also provides the couple with 

free counseling for the life of the loan, promoting sustainable homeownership. 

• After years of renting, a semi-retired woman in Massachusetts was ready to buy 

her first home. With an income of $104,000, she received homebuyer education 

through Framework® (an online homeownership education provider) and worked 

8 Community Seconds is not a Fannie Mae product. Rather, the program offers subordinate mortgages that comply 

with Fannie Mae’s guidelines, thus allowing the first mortgage on the same property (if it otherwise qualifies) to 

be delivered to Fannie Mae. 

Annual Housing Activities Report | Annual Mortgage Report 2019 11
with her real estate agent to find a home. With the help of her loan officer, she 

received an HFA Preferred mortgage to purchase a $293,000 home with an LTV of 97 

percent. She also received a Community Seconds mortgage to cover down payment 

and closing cost assistance.

The percentage of single-family home purchase mortgages acquired by Fannie Mae 

on owner-occupied properties made to first-time homebuyers in 2019 under special 

products and programs, including programs tailored for state and/or local Housing 

Finance Agencies, included the following:

Products and Initiatives Percentage of Mortgages Made to 

First-Time Homebuyers for 2019

97 LTV Expansion9 100.00%

HomeReady 76.67%

Non-HFA Community Seconds 90.30%

HFA Preferred 91.07%

HFA Preferred Risk Sharing 88.31%

Service to very low-, low-, and moderate-income families is an important part of 

Fannie Mae’s mission. Fannie Mae designs its underwriting standards, business practices, 

repurchase requirements, and procedures to balance the company’s multiple objectives 

of serving families of modest means, meeting its liquidity mission, and appropriately 

addressing credit risk.

Fannie Mae has a comprehensive fair lending risk management program to support its 

commitment to fair lending and compliance with fair lending laws. This program promotes 

fair and responsible lending on an enterprise-wide level and is designed to cover various 

aspects of Fannie Mae’s business, including its underwriting standards, business practices, 

pricing policies, fee structures, and procedures. 

In 2019, Fannie Mae continued to implement enhancements to its single-family mortgage 

underwriting and business practices. Several changes were specifically designed to: 

(1) achieve its housing goals; (2) increase consistency in, and automation of, the 

mortgage origination process; and (3) increase lenders’ certainty and efficiency, 

which may have the ancillary effect of freeing up lender resources to focus on 

low- and moderate-income borrowers. 

Specifically, Fannie Mae notes a number of accomplishments for 2019:

9 This standard mortgage product has been expanded to allow LTV ratios greater than 95 percent up to a maximum 

of 97 percent for purchase transactions if at least one borrower is a first-time homebuyer.

Charter Act 

Requirement:

Assess underwriting standards, 

business practices, repurchase 

requirements, pricing, fees, 

and procedures, that affect the 

purchase of mortgages for lowand moderate-income families, 

or that may yield disparate 

results based on the race of the 

borrower, including revisions 

thereto to promote affordable 

housing or fair lending.

12 © 2020 Fannie Mae
Manufactured Housing (MH)

Fannie Mae believes today’s modern, high-quality manufactured homes can help ease the 

nation’s affordable housing shortage and address borrowers’ evolving needs. We have taken 

several steps to expand awareness of and liquidity to this market.

• To support our lenders in making MH Advantage®10 and standard MH loans, 

Fannie Mae worked to educate appraisers about our requirements for MH appraisals. 

We have conducted classroom and webinar training, posted an eLearning course 

that has been viewed by more than 5,300 people, and educated other industry 

professionals (MH manufacturers, retailers, and lenders). We are also collaborating 

with third-party appraisal education providers to develop training on our 

MH/MH Advantage requirements for which appraisers can receive continuing 

education credit; that training is expected to be available starting in the second 

quarter of 2020. 

• Fannie Mae removed the restriction in the Selling Guide excluding MH loans from 

utilizing construction-to-permanent financing structures. This new option allows 

lenders to utilize a familiar loan process to originate loans on newly constructed 

manufactured homes. It also extends the benefits of construction-to-permanent 

financing to borrowers.

• Fannie Mae launched its first borrower education marketing campaign for MH 

Advantage. The campaign objective was to change consumer perceptions of today’s 

manufactured homes, citing that MH Advantage homes are well-built, customizable, 

durable, and affordable. Digital and social ads conveyed the education message and 

drove to a landing page that provided information on MH Advantage home features 

and available conventional MH mortgage financing.

Down Payment and Closing Cost Assistance

The upfront cost of purchasing a home, including the down payment and closing costs, 

is one of the biggest barriers to homeownership for low- to moderate-income borrowers. 

Fannie Mae has taken steps to address this challenge.

• Lender contributions to closing cost assistance: Fannie Mae provides flexibility for 

lenders to provide closing cost assistance to borrowers, not to exceed the amount of 

borrower-paid closing costs and prepaid fees, when certain requirements are met. 

A lender-sourced contribution may not be:

• Used to fund any portion of the down payment;

• Subject to repayment requirements or require financial obligation apart 

from the subject mortgage; or

• Passed to the lender from a third party.

10 MH Advantage is a mortgage loan for manufactured homes that have certain features typical of traditional 

single-family homes. It offers traditional 30-year fixed rate financing with a number of flexibilities over standard 

manufactured home loans. 

Annual Housing Activities Report | Annual Mortgage Report 2019 13
• Nonprofits as Community Seconds providers: Fannie Mae permits homes that 

Habitat for Humanity International (HFHI) affiliates sell with down payment 

assistance to be eligible for secondary market financing by allowing the HFHI affiliate 

to be both the Community Seconds provider, as well as the seller of the property. 

With a lack of new private investment in housing construction, partnerships with 

non-profit developers may support a future pipeline to affordable supply. The 

lenders supporting this effort have demonstrated a commitment to affordable 

lending by establishing community lending review teams that follow specific 

eligibility procedures for grants, community lending down payment, and 

mortgage credit certificates. 

• Native American tribes as Community Seconds providers: Fannie Mae allows 

Native American tribes and their sovereign instrumentalities to provide grants or 

Community Seconds loans to borrowers. Of the four Native American Conventional 

Lending Initiative loans delivered in 2019, one was with Community Seconds.

Desktop Underwriter

For nearly 25 years, Desktop Underwriter® (DU®), the industry’s leading automated 

underwriting system, has provided lenders a comprehensive risk assessment that helps 

lenders determine whether a loan meets our eligibility requirements. DU’s evaluation is fair 

and objective, applying the same criteria to every mortgage loan application it considers. 

DU Version 10.3, implemented in December 2018, included an adjustment to the 

DU credit risk assessment to reduce risk layering and address market conditions. 

Updates in 2019 included: 

• We began offering construction-to-permanent, single-closing or two-closing 

financing options on MH loans in DU. This supports Fannie Mae’s commitment 

to providing sustainable homeownership options to borrowers.

• We incorporated a policy change, making it easier for borrowers age 62 or older to 

use employment-related assets as qualifying income. In response to lender feedback 

and to better align with industry practices, we announced the policy update late 

in 2018 and implemented it in DU early in 2019. We increased the maximum LTV, 

combined loan-to-value (CLTV), and high combined loan-to-value (HCLTV) ratios from 

70 percent to 80 percent for loans where the employment-related asset owner is at 

least 62 years old at the time of the loan closing.

• To better align the mix of business delivered to Fannie Mae with the composition 

of business in the overall market, we updated the DU eligibility assessment so that 

certain new loan casefiles with multiple high-risk factors would receive an Ineligible 

recommendation (see Lender Letter LL-2019-06).

14 © 2020 Fannie Mae
DU Validation Service 

Fannie Mae continues to optimize and enhance the DU Validation Service, a component 

of Day 1 Certainty. In 2019, Fannie Mae onboarded three new employment verification 

vendors. Now lenders can choose from over 75 verification report options to validate 

borrower data through DU. Using the DU Validation Service helps our customers provide 

a better borrower experience, increase certainty, and close loans faster.

Language Resources for Lenders/Servicers

More than 25 million people living permanently in the United States have limited 

proficiency with the English language. These borrowers face serious barriers to 

homeownership. Fannie Mae teamed up with Freddie Mac and FHFA to continue 

implementing a multi-year plan to generate awareness for Mortgage Translations 

clearinghouse. The clearinghouse, which is on the FHFA website at www.fhfa.gov/

MortgageTranslations, is a centralized source of online resources to assist lenders, 

servicers, housing counselors, and real estate professionals serving borrowers with limited 

English proficiency (LEP). Resources to support lending professionals who serve these 

consumers include Spanish and traditional Chinese translated mortgage documents and 

educational materials, as well as online Spanish and traditional Chinese glossaries.

Three other languages spoken by households with LEP (Vietnamese, Korean, and 

Tagalog) will be added in 2020.

While the multi-year plan originally required the GSEs to develop a language access line, it 

was determined after outreach to housing counselors, lenders, advocates, and government 

agencies that this would be duplicative and not what stakeholders wanted or needed. The 

GSEs are now focused on developing an approach for aligned industry practices to support 

housing counseling and to drive awareness and utilization of existing resources. 

In addition, Fannie Mae’s website provides multi-language resources for servicers and 

lenders, including:

• Multi-Language Resources for Servicers, including Spanish and traditional Chinese 

document translations of routine servicing documents as well as borrower notices 

related to delinquencies, modifications, and workout options. Vietnamese, Korean, 

and Tagalog translations are slated for 2020.

• Multi-Language Resources for Lenders, including Spanish and traditional Chinese 

translations of documents used in the loan origination process. Vietnamese, Korean, 

and Tagalog translations are slated for 2020.

Uniform Residential Loan Application

At the direction of FHFA, in 2018 Fannie Mae and Freddie Mac published the redesigned 

Uniform Residential Loan Application (URLA) (also known as Fannie Mae Form 1003/Freddie 

Mac Form 65) and developed a corresponding dataset, called the Uniform Loan Application 

Dataset. The Enterprises collaborated with industry stakeholders, including lenders, 

government agencies (e.g., Federal Housing Administration, Department of Veterans Affairs, 

Annual Housing Activities Report | Annual Mortgage Report 2019 15
United States Department of Agriculture Office of Rural Development, and the Consumer 

Financial Protection Bureau), technology solution providers, mortgage insurers, trade 

associations, housing advocates, and consumer groups. The redesigned URLA, which 

includes a Spanish translation version:

• Captures specific information needed by a lender to underwrite the loan. 

• Is logically organized, visually unified, and easy for borrowers and lenders 

to understand and navigate.

• Uses simple terminology to aid in comprehension.

• Meets statutory and legal requirements.

In 2019, at FHFA’s direction, the Enterprises made changes to the redesigned form 

that was previously published and established a new implementation timeline. 

A limited production period beginning on June 1, 2020, will offer a production testing 

opportunity for lenders and technology service providers. Lenders have an option to start 

using the redesigned URLA on September 1, 2020. The Enterprises will require use of the 

new form for loan applications beginning on November 1, 2020, after which the old loan 

application form will no longer be accepted.

HomeReady

Fannie Mae’s HomeReady mortgage product is designed to help lenders serve 

creditworthy, very low- to moderate-income borrowers with expanded eligibility for 

financing homes in designated low-income communities. On July 20, 2019, the borrower 

income limit was adjusted to 80 percent AMI, from 100 percent AMI, across all metropolitan 

statistical areas and counties to target very low- and low-income borrowers. This change 

to the eligibility requirement helped to better align the mix of loans delivered to Fannie 

Mae with our affordable housing mission to help very low- and low-income borrowers. 

With HomeReady, borrowers can obtain affordable, conventional home financing with 

cancellable mortgage insurance, and an educational component is supplied to assist in 

making homeownership sustainable. 

HomeReady also offers pricing advantages, waiving the risk-based loan-level price 

adjustments for HomeReady loans with LTV ratios above 80 percent and a borrower 

credit score equal to or higher than 680.

For HomeReady purchase transactions, when all occupying borrowers are first-time 

homebuyers, at least one borrower is required to take the homeownership education 

course either through Framework or one-on-one U.S. Department of Housing and 

Urban Development (HUD)-approved housing counseling. Certain exceptions are 

allowed in regard to fulfilling the requirement via Framework. Prior to December 7, 

2019, homeownership education was required for all HomeReady purchase loans, 

even if borrowers were not first-time homebuyers.

16 © 2020 Fannie Mae
HomeReady features include:

• Up to a 97 percent LTV ratio and a CLTV ratio up to 105 percent 

with eligible Community Seconds.

• No requirement that the borrower be a first-time homebuyer.

• Boarder income and accessory unit rental income can be used to qualify.

• Manufactured housing titled as real estate is also an eligible property type.

In 2019, Fannie Mae supported the use of HomeReady by:

• Conducting monthly webinars from January through August for 600+ attendees. 

• Providing on-demand eLearning training, which had 2,071 views. 

• Creating additional lender resources, including a new product overview video, 

product infographic, and Quick Start Guide.

• Creating lender testimonial videos and written case studies highlighting 

success with HomeReady.

• Investing in HomeReady product-specific communications to increase awareness 

and consideration, targeting real estate professionals and specific lenders based 

on previous HomeReady usage.

• Increasing general awareness of HomeReady through outreach efforts reaching 

400 lenders at seven events.

HFA Preferred

Fannie Mae continues to offer HFA Preferred, an affordable lending product available 

exclusively to eligible HFAs to serve very low- to moderate-income borrowers. The product 

offers reduced mortgage insurance coverage with no loan-level price adjustments on 

conventional loans at or below 80 percent of AMI. 

Throughout the year, Fannie Mae worked with HFAs across the country to support 

homeownership for first-time homebuyers in underserved markets using HFA Preferred 

as a key offering. Our affordable mortgage product was coupled with the HFAs’ down 

payment and closing cost assistance (and in some cases with mortgage tax credit 

certificates), which helped to increase the mortgage affordability for these borrowers. 

In late 2019, HFA Preferred parameters were redesigned to limit the mortgage insurance 

and pricing benefits to very low-and low-income borrowers (i.e., at or below 80 percent 

AMI). HFA Preferred continues to be available to moderate-income borrowers (i.e., greater 

than 80 percent AMI) at standard pricing. 

Annual Housing Activities Report | Annual Mortgage Report 2019 17
Homebuyer Education and Counseling

Fannie Mae believes that high-quality homeownership education and counseling 

provides homebuyers and borrowers with the information and resources they 

need to navigate the home buying process and make informed decisions that 

support sustainable homeownership.

In 2019, Fannie Mae:

• Began waiving the $75 Framework homeownership education course fee 

to reduce the potential cost hurdle to borrowers.

• Implemented policy changes for homeownership education requirements:

• For HomeReady purchase transactions, if all occupying borrowers are first-time 

homebuyers, then at least one borrower must complete the Framework online 

education program, regardless of LTV.

• For other purchase transactions where the LTV, CLTV, or HCLTV exceeds 95 

percent, if all occupying borrowers are first-time homebuyers, then at least one 

borrower must complete the Framework online education program, regardless of 

the product chosen.

• Supported the Housing Partnership Network with the introduction of Launchpad®, 

a new technology platform designed to enable housing counselors to better serve 

the needs of prospective and existing homeowners and renters across the U.S. The 

Launchpad client management system is built on Salesforce® technology and will 

facilitate better service to consumers and greater collaboration between housing 

counselors and lenders. 

• Supported housing counseling activities that provided vital information to over 

12,500 potential homebuyers and current homeowners with resources needed 

to help them navigate the life of the loan.

• Supported the National American Indian Housing Council to start the 

development of an online, culturally specific homebuyer education curriculum 

for Native Americans.

• Partnered with rural Community Development Financial Institutions to increase 

access to housing counseling in high-needs rural regions, including the Lower 

Mississippi Delta, colonias, and Middle Appalachia, and improve the capacity 

of direct housing counseling service providers.

• Continued to provide a $500 incentive to lenders for HomeReady loans 

where borrowers received one-on-one housing counseling early in the 

home-buying process.

18 © 2020 Fannie Mae
• Continued our collaboration with Framework to connect HomeReady borrowers and 

others to comprehensive, online homeownership education (provided in English and 

Spanish) and post-purchase support.

• Provided extensive outreach and training to lenders and HUD-approved counseling 

organizations on HomeReady and the incentives for one-on-one housing counseling.

Annual Housing Activities Report | Annual Mortgage Report 2019 19
The chart below compares 90-day delinquencies occurring within the first 12 months of 

acquisition and defaults (defined as a foreclosure sale, deed-in-lieu of foreclosure, preforeclosure sale, or third-party sale, at any time during the life of the loan) on loans made to 

low- and moderate-income borrowers compared to loans made to borrowers with incomes 

above the median level, by acquisition year.11 It shows that single-family mortgage loans 

serving low- and moderate-income borrowers do not perform as well as loans serving 

borrowers with incomes above the median level. For example, the 0.42 percent rate of 

90-day delinquency on loans made in 2018 to low- and moderate-income families was 

101 percent higher, and the 0.03 percent rate of default 207 percent higher, than loans 

made to families with income above the median level. However, absolute default rates for 

both groups in 2018 were very low. This analysis is based on income relative to AMI and 

does not control for other risk dimensions, such as LTV ratio or credit history. Information 

regarding serious delinquency and default performance is based on acquisitions through 

December 2018; performance is observed through December 2019.

Relative 90-Day Delinquency and Default Rates between Single-Family Loans 

Serving Low- and Moderate-Income Families and Loans Serving Families with 

Income above the Median Level, by Year12

Acquisition 

Year

Income Group Average Rate of 

90-day Delinquency

Percent 

Difference

Average Rate 

of Default 

Percent 

Difference

2004 Above Median Income 0.38% 2.56%

Low-Mod Income 0.97% 154% 5.50% 114%

2005 Above Median Income 0.56% 6.52%

Low-Mod Income 1.23% 119% 9.42% 45%

2006 Above Median Income 0.99% 11.71%

Low-Mod Income 2.11% 112% 14.86% 27%

2007 Above Median Income 2.86% 13.86%

Low-Mod Income 4.17% 46% 18.69% 35%

2008 Above Median Income 1.96% 5.16%

Low-Mod Income 2.84% 45% 8.59% 67%

2009 Above Median Income 0.17% 0.60%

Low-Mod Income 0.35% 108% 1.50% 151%

11 Since 2010, Fannie Mae no longer tracks single-family unit-level affordability data. To ensure consistency 

comparing loans from 2000 onward, this analysis is based upon borrowers’ income relative to the AMI. 

Additionally, this analysis only pertains to owner-occupied principal residences.

12 Sample used: unseasoned, conforming, conventional, owner-occupied, first-lien, non-reverse mortgages, 

excluding Growing-Equity Mortgages, Graduated Payment Mortgages, and loans missing affordability data. During 

the period 2006 through and including 2008, acquisitions of mortgage loans to borrowers of all income categories 

had a higher risk of delinquency and default. In addition, the likelihood of 90-day delinquency percentages 

shown are static and only reflect if a loan went delinquent in the first year.

Charter Act 

Requirement:

Describe trends in the 

delinquency and default rates 

of mortgages secured by 

housing for low- and moderateincome families that have been 

purchased by the corporation, 

including a comparison of such 

trends with delinquency and 

default information for mortgage 

products serving households 

with incomes above the median 

level that have been purchased 

by the corporation, and evaluate 

the impact of such trends on the 

standards and levels of risk of 

mortgage products serving lowand moderate-income families.

20 © 2020 Fannie Mae
2010 Above Median Income 0.13% 0.52%

Low-Mod Income 0.30% 126% 1.33% 157%

2011 Above Median Income 0.12% 0.32%

Low-Mod Income 0.28% 136% 0.87% 169%

2012 Above Median Income 0.12% 0.30%

Low-Mod Income 0.27% 132% 0.81% 174%

2013 Above Median Income 0.11% 0.26%

Low-Mod Income 0.29% 168% 0.82% 210%

2014 Above Median Income 0.14% 0.20%

Low-Mod Income 0.33% 138% 0.62% 214%

2015 Above Median Income 0.11% 0.09%

Low-Mod Income 0.26% 141% 0.28% 215%

2016 Above Median Income 0.14% 0.04%

Low-Mod Income 0.27% 94% 0.15% 262%

2017 Above Median Income 0.42% 0.03%

Low-Mod Income 0.50% 18% 0.08% 189%

2018 Above Median Income 0.21% 0.01%

Low-Mod Income 0.42% 101% 0.03% 207%

Annual Housing Activities Report | Annual Mortgage Report 2019 21
Multifamily Activities

Primary and Secondary Market Trends 

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

demographic conditions. These conditions impact the demand for, and absorption of, 

additional rental housing units. Over the past decade, the U.S. multifamily sector has 

benefited from solid demand, increasing rent growth, and low vacancies due to favorable 

demographic trends, ongoing job growth, and continued renter household formation. 

Looking to the coming year, the national multifamily sector is expected to stay its course, 

since fundamentals are expected to remain the same. The vacancy rate is expected to 

increase slightly, and rent growth should remain positive in 2020, similar to last year’s pace. 

We estimate that the national vacancy rate increased by 25 basis points to 5.5 percent at the 

end of fourth quarter 2019 compared to 5.25 percent in third quarter, but is back to where it 

was a year ago at fourth quarter 2018 and remains below its recent 10-year average of about 

6.0 percent. We estimate that 2019 annual rent growth was 2.5 percent, slightly ahead of 

inflation, which was 2.3 percent as of December 2019. 

An estimated 377,000 units were added to the nation’s inventory in 2019, and demand 

remained positive for much of the year. Continued demand for multifamily rental units 

during 2019 was reflected in the estimated positive net absorption (that is, the net change 

Charter Act 

Requirement:

Describe trends in both 

the primary and secondary 

multifamily housing mortgage 

markets, including a description 

of the progress made, and 

any factors impeding progress 

toward standardization and 

securitization of mortgage 

products for multifamily housing.

Estimated National Rent Level and Vacancy Rate

Source: Fannie Mae Economics and Multifamily Research Rent Level Vacancy Rate

2005Q12005Q32006Q12006Q32007Q12007Q32008Q12008Q32009Q12009Q32010Q12010Q32011Q12011Q32012Q12012Q32013Q12013Q32014Q12014Q32015Q12015Q32016Q12016Q32017Q12017Q3

2018Q12018Q32019Q1

2019Q3

3.0%

5.0%

7.0%

9.0%

$925

$1,025

$1,125

$1,225

$1,325

22 © 2020 Fannie Mae
in the number of occupied rental units during the time period) of approximately 178,000 

units, according to data from Reis, Inc., compared with approximately 236,000 units during 

2018. Net absorption is expected to remain positive in 2020. 

According to recent data from Real Capital Analytics, sales of multifamily properties valued 

at $2.5 million or greater reached a new peak of $184 billion in 2019 compared to $176 

billion in 2018. Although this represents a year-over-year increase of 4.0 percent, it is down 

compared to 2018’s year-over-year increase of 13 percent. As a comparison, in 2009 the total 

volume for multifamily property sales was only $18 billion. 

Although multifamily capitalization rate levels vary depending upon whether it is for a 

mid-/high-rise property or a garden-style one, they remained low during 2019. The national 

estimated multifamily cap rate remained in a range of 5.6 percent to 5.4 percent in 2019, 

as seen in the chart above. 

Standardization and Securitization

Commercial mortgages, including multifamily mortgage loans, are much less homogenous 

than single-family residential mortgage loans. Over the past three decades, there has been 

a continual move toward standardization and more transparent disclosure in commercial 

real estate securitizations. Standardization of securitized financings and their associated 

disclosures promotes liquid trading in the capital markets. Transparent, liquid trading 

allows for the efficient origination and pricing of multifamily mortgage loans by market 

participants and the placement of those loans, as mortgage-backed securities (MBS),

in the investor market. 

National Apartment Sales Volume and Cap Rates

Source: Real Capital Analytics (www.rcanalytics.com) Sales Cap Rates

5.3%

5.5%

5.7%

5.9%

6.1%

6.3%

6.5%

6.7%

6.9%

7.1%

7.3%

$0

$10

$20

$30

$40

$50

$60

2005Q12005Q3

2006Q12006Q32007Q12007Q3

2008Q1

2008Q3

2009Q12009Q32010Q1

2010Q3

2011Q1

2011Q32012Q12012Q3

2013Q1

2013Q32014Q12014Q3

2015Q12015Q3

2016Q12016Q3

2017Q1

2017Q3

2018Q1

2018Q32019Q1

2019Q3

Annual Housing Activities Report | Annual Mortgage Report 2019 23
Fannie Mae’s Delegated Underwriting and Servicing (DUS®) platform allows lenders to swap 

each multifamily loan for a standardized, tradable MBS that shares the characteristics of the 

underlying loan. Fannie Mae multifamily MBS are predominantly single-loan securitizations 

that allow lenders to auction every MBS rate lock to multiple bidders. This allows for the 

best execution for borrowers and instantly transfers interest rate risk to private capital at 

rate lock, with no aggregation risk for Fannie Mae or our lenders. 

2019 Standardization and Securitization Highlights:

• Fannie Mae issued $70 billion in multifamily MBS in 2019, which accounted for 

99 percent of its multifamily production. 

• To improve the liquidity and increase demand for multifamily MBS, in 2019 Fannie 

Mae issued $9.6 billion of multifamily structured securities through 10 real estate 

mortgage investment conduit transactions as part of our Guaranteed Multifamily 

Structures (GeMSTM) program. GeMS structured securities are backed by multifamily 

MBS previously issued by Fannie Mae and are sold to institutional investors who 

might not otherwise invest in multifamily MBS. Of the 2019 $9.6 billion of GeMS 

issuances, $2.91 billion were Green GeMS, which were backed by multifamily Green 

MBS. In 2020, Fannie Mae will continue to market its multifamily structured product 

offerings through the GeMS program.

• In 2019, we enhanced our DUS Disclose® platform by publishing new data 

attributes as well as utilizing these attributes within the search capabilities to 

allow for refined views of relevant multifamily securities for our investors. These 

enhancements included additional ongoing energy metrics available for our Green 

products, allowing us to provide additional transparency to the investor base in our 

securities. All of these activities support the liquidity of our lending platform. In 2019, 

we published the Multifamily Loan Performance Data, which includes multifamily 

loans acquired on or after January 1, 2000, through September 30, 2019, representing 

over 83 percent of acquisitions in the period, with over 49,000 loans included in the 

dataset. This file provides market participants information that can be used to 

further analyze our loan performance history, helping to support the liquidity 

of our multifamily MBS. 

In December 2016, the risk retention provisions of Dodd-Frank went into effect, impacting 

issuers of commercial mortgage-backed securities by requiring a sponsor to hold credit 

risk for the life of the securitization. Although Fannie Mae is exempt from Dodd-Frank risk 

retention while in conservatorship, our DUS risk-sharing program has required similar 

risk-sharing of our lenders for more than 25 years. Under the DUS program, the originating 

lender shares credit risk with Fannie Mae through the life of the loan. This early adoption of 

risk-sharing has helped ensure strong multifamily credit and loan performance, encourages 

the participation of private capital in our MBS, and helps to broaden the investor base for 

Fannie Mae multifamily securities.

24 © 2020 Fannie Mae
Affordable Housing Partnerships13

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

extend and strengthen partnerships among all levels of government and the private 

sector in the production and operation of housing that is affordable to low- and 

moderate-income families. Fannie Mae believes that the activities listed below 

support the objectives of this statute. 

Activities undertaken by Fannie Mae in 2019 with nonprofit and for-profit organizations, 

state and local governments, and HFAs included the following: 

• Fannie Mae purchased 50,059 single-family loans from HFAs in 2019, with 

an unpaid principal balance of $9.72 billion. 

• Fannie Mae helped provide financing for over 18,000 Low-Income Housing Tax 

Credit (LIHTC) units of housing by providing $1.52 billion of debt financing on 

LIHTC projects via our lending partners.

• Through Fannie Mae’s SERVE initiative programs, employees make a difference 

in our communities year-round through volunteer efforts for nonprofit partners. 

In 2019, 55 percent of our employees provided more than 26,000 volunteer hours, 

demonstrating our commitment to serve the communities where we live and 

work. Employees also supported a wide range of causes and nonprofit organizations 

through our employee giving programs, including raising over $57,000 

through employee “fun-raising” events for community partners addressing 

housing-related issues. 

• In 2019, we engaged in supporting the long-term recovery of disaster-stricken 

communities by deploying 610 employee volunteers (8 percent of full-time 

employees) to help community-based organizations rebuild homes in Texas, 

Puerto Rico, Florida, and California. Our volunteers worked with 16 nonprofit 

partners in these communities to provide 10,880 volunteer hours repairing and 

rebuilding 23 homes.

• We engaged and partnered with HUD intermediaries and non-profit housing 

counseling agencies on homeownership counseling initiatives aimed at increasing 

homeownership in underserved markets. This included services to help homebuyers 

become “mortgage ready” and obtain information on affordable lending options 

such as individual development accounts and down payment assistance programs.

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

to address homelessness and meet the needs of homeless persons; (2) the provision of housing for different 

categories of residents, such as very low-income, low-income, and moderate-income families, the elderly, single 

persons, large families, residents of non-metropolitan areas, families who are participating in an organized 

program to achieve economic independence and self-sufficiency, and other categories of persons; (3) combined 

efforts with private industry, nonprofit organizations and public institutions to deliver safe and adequate housing; 

(4) encouraging public housing residents to become homeowners; and (5) efforts to provide affordable housing 

through the production of new units, rehabilitation, or acquisition of existing units.

Charter Act 

Requirement:

Describe the activities 

undertaken by the corporation 

with nonprofit and for-profit 

organizations and with State 

and local governments and 

housing finance agencies, 

including how the corporation’s 

activities support the objectives 

of comprehensive housing 

affordability strategies under 

section 105 of the CranstonGonzalez National Affordable 

Housing Act.13

Annual Housing Activities Report | Annual Mortgage Report 2019 25
• We partnered with the University of Alabama to enhance and expand HomeFirst, 

a service-learning program that aims to help increase the financial capability of 

consumers through student financial coaches. The expansion included adding 

participants from two rural counties and outreach to local service delivery providers 

to ensure fewer gaps in service for households needing support. The program will 

ultimately increase the pool of mortgage-ready buyers.

• We engaged and partnered with minority trade associations such as the Asian Real 

Estate Association of America (AREAA), National Association of Hispanic Real Estate 

Professionals (NAHREP), and National Association of Real Estate Brokers (NAREB) 

to support outreach to minority communities about affordable finance options 

and sustainable homeownership. These outreach events helped to empower 

these communities with information, education, and connection to various 

service providers.

• Fannie Mae facilitated the sale of 834 single-family real estate owned properties to 

or through nonprofits and community-based buyers involved in supporting housing 

strategies that addressed local stabilization and affordable housing needs, including 

661 properties in the 28 markets of the Neighborhood Stabilization Initiative. 

• Through the Sustainable Communities Innovation Challenge, Fannie Mae received 

hundreds of proposals from public, nonprofit, and private sector organizations that 

address the nation’s affordable housing issues by focusing on the advancement of 

sustainable communities — those that provide residents with integrated access to 

affordable housing, health and wellness, education, and job opportunities. Over 

the past two years, Fannie Mae has awarded 13 fee-for-service contract awards that 

promote access to affordable housing using innovative approaches to increase 

access to credit and housing supply. 

Other Charter Act Requirements

14 The AMR is provided pursuant to § 309(m) of the Charter Act.

Charter Act Requirement: 

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

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

to each of the annual housing goals.

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

each of the housing goals are set forth on Table 1A of the Annual Mortgage Report (AMR).14

26 © 2020 Fannie Mae
The dollar volume and number of mortgages on rental properties that relate to each of 

the housing goals are set forth on AMR Table 1A (Single-Family Owner-Occupied 2-4 Unit 

Properties/Mortgages) and AMR Table 1B (Multifamily). In 2019, Fannie Mae mortgage 

purchases financed 9,950 units affordable to families earning 80 percent or less of AMI 

living in owner-occupied 2-4 unit properties.15

15 For 599 units that we financed, affordability data was not provided, so these units are not included in our calculation. 

16 For purposes of this AHAR, Fannie Mae defined programs originated in conjunction with public subsidy programs 

to include: certain single-family and multifamily HUD-related and Rural Housing Service-related programs and 

other government-insured and/or related programs; Fannie Mae’s Multifamily Affordable Housing execution; 

mortgages purchased from housing finance agencies that benefit from federal tax exemption; bond credit 

enhancements; and mortgages that benefit from low-income housing tax credits. Because some loans may have 

been made in conjunction with more than one public subsidy program, there may be a small amount of overlap.

Charter Act Requirement:

Include, in aggregate form and by appropriate category, statements of the number of families served by the 

corporation, the income class, race, and gender of homebuyers served, the income class of tenants of rental 

housing (to the extent such information is available), the characteristics of the census tracts, and the geographic 

distribution of the housing financed.

In 2019, Fannie Mae’s purchases of mortgages served 2,936,530 families, as measured by the 

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

characteristics of the census tracts, and the geographic distribution of the housing financed 

are set forth on AMR Tables 2, 3A, 3B, 4, 5A, 6, 7, 8A, 8B, 9, 10A, 10B and 10C.

Charter Act Requirement:

 Include a statement of the extent to which the mortgages purchased by the corporation have been used in 

conjunction with public subsidy programs under Federal law.

In 2019, Fannie Mae purchased 12,774 single-family mortgages and 435 multifamily 

mortgages, with an aggregate unpaid principal balance of approximately $2.384 billion 

and $7.2 billion, respectively, that were originated in conjunction with public 

subsidy programs.16

Charter Act Requirement: 

Include, in aggregate form and by appropriate category, the data provided to the [Director] under subsection (m)

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

AMR Table 11 provides the LTV ratios of single-family mortgages on owner-occupied 

properties purchased by Fannie Mae.

Annual Housing Activities Report | Annual Mortgage Report 2019 27
Charter Act Requirement: 

Compare the level of securitization versus portfolio activity.

17 Some of these women-owned lenders also identified as belonging to a minority group, such as African American, 

Hispanic, Asian-Pacific, or Indian-Alaskan.

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

than $1.284 billion as of December 31, 2018. This definition parallels the definition of “small bank” under the 

implementing regulations of the Community Reinvestment Act (12 C.F.R. § 228.12), in effect during 2019.

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

During 2019, Fannie Mae securitized $661 billion in mortgage loans. We had total portfolio 

acquisitions of $338 billion, which included $10.5 billion of delinquent loans purchased 

from our MBS trusts. In 2019, Fannie Mae’s portfolio decreased by $25.5 billion.

Charter Act Requirement:

Describe in the aggregate the seller and servicer network of the corporation, including the volume of mortgages 

purchased from minority-owned, women-owned, and community-oriented lenders, and any efforts to facilitate 

relationships with such lenders. 

Based upon annual information provided by lenders, Fannie Mae has selling and/or 

servicing relationships with approximately 1,796 single-family and 59 multifamily primary 

market lenders through which the company both purchases loans for its portfolio and 

issues MBS. The following table sets forth the volume of mortgages purchased in 2019 from 

single-family lenders identified as minority- or women-owned lenders, women-owned 

lenders,17 and single-family and multifamily lenders community-oriented lenders.18

Seller/Servicer Type Volume of Mortgages

Minority- or women-owned $767 million

Women-owned $268 million

Community-oriented lenders $131.4 billion

Efforts to facilitate relationships with these single-family lenders include formal business 

alliances or affinity agreements to provide services and training to incentivize small lender 

participation with Fannie Mae.19

28 © 2020 Fannie Mae
Annual 

Mortgage 

Report

Annual Housing Activities Report | Annual Mortgage Report 2019 29
Total Qualifying Total Qualifying Very Total Qualifying Low- Qualifying Low- Total Qualifying Low- All Mortgage

Mortgages Low-Income Mortgages Low-Income Mortgages Income Area Income Area Mortgages Low-Income Purchases

Eligible To Purchase Eligible To Purchase Eligible To Purchase Purchase Eligible To

Qualify As Money Qualify As Very Money Qualify As Low- Money Goal Money Qualify As

Refinance

Mortgages

Low-Income Mortgages Low-Income Mortgages Income Area Mortgages Subgoal Low-Income

Purchase Purchase Purchase Mortgages Refinance

Money Money Money

Purchase of Single-Family Mortgages

 Owner-Occupied 1-Unit Properties/Mortgages:

 UPB ($ Millions) $278,608 $50,994 $278,608 $8,808 $278,608 $54,374 $44,367 $261,293 $40,500 $562,837 

 Number of Mortgages 1,068,694 296,929 1,068,694 69,825 1,068,694 260,375 206,355 976,678 231,751 2,140,361

 Owner-Occupied 2-4 Unit Properties/Mortgages:

 UPB ($ Millions) $2,159 $323 $2,159 $45 $2,159 $1,022 $1,001 $3,246 $526 $5,418 

 Number of Mortgages 6,338 1,773 6,338 389 6,338 3,180 3,086 9,254 2,498 15,639

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

Properties:

 UPB ($ Millions) $280,767 $51,316 $280,767 $8,853 $280,767 $55,396 $45,368 $264,539 $41,026 $568,255 

 Number of Mortgages 1,075,032 298,702 1,075,032 70,214 1,075,032 263,555 209,441 985,932 234,249 2,156,000

Goals Performance

 Fannie Mae's Single-Family Goals 24% 6% 19% 21%

 Goals Performance Percentage 27.79% 6.53% 24.52% 23.76%

 Fannie Mae's Single-Family Subgoal 14%

 Subgoal Performance Percentage 19.48%

Table 1A

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

Summary Table on Single-Family Housing Goal Performance

For Calendar Year 2019

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

30 © 2020 Fannie Mae
All Mortgage 

Purchases

Purchases of Multifamily Mortgages

Multifamily 5-50 Unit Properties: 

UPB ($ Million) $1,271 $265 $2,666 

Number of Mortgages 735 369 892

Number of Properties 742 376 900

Number of Units 17,315 4,622 25,565

Multifamily > 50 Unit Properties:

UPB ($ Million) $29,280 $4,539 $62,885 

Number of Mortgages 2,417 1,561 2,746

Number of Properties 2,423 1,565 2,752

Number of Units 357,549 68,652 570,572

Missing Affordability Data Adjustments

Rental Unit Affordability Estimation

Eligible Units Qualifying Units Eligible Units Qualifying Units

Units in Multifamily Properties:

Number of Units with Missing Data 14,687 14,687 N/A

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

Units Where Rent Estimation is Possible 14,687 14,687 N/A

Large (>50 unit) properties 13,959 9,241 13,959 5,199 N/A

Small (5-50 unit) properties 728 467 728 363 N/A

Not Subject to Cap 14,687 9,708 14,687 5,561 N/A

Subject to Cap 0 0 N/A

5% Cap 29,806 29,806 N/A

Adjustments to Number of Units for:

Missing Data 9,708 5,561 N/A

Total Multifamily:

UPB ($ Million) $30,551 $4,804 $65,551 

Number of Mortgages 3,149 1,928 3,635

Number of Mortgages with both 5-50 and >50 Unit Properties 0 0 0

Number of Properties 3,165 1,941 3,652

Number of Units 374,864 73,274 596,137

Number of Units (Adjusted) 384,572 78,835 596,137

Goals Performance

Fannie Mae's Multifamily Goals (units) 315,000 60,000

Goal Performance (units) 384,572 78,835

Fannie Mae's Small Multifamily Goals (units) 10,000

Goal Performance (units) 17,782

1

UPB and unit data only include mortgages which are eligible to qualify for goals.

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

Table 1B

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

Summary Table on Multifamily Housing Goal Performance1

For Calendar Year 2019

Qualifying Low-Income Purchases Qualifying Very Low-Income Purchases

Annual Housing Activities Report | Annual Mortgage Report 2019 31
Qualifying Low-Income All Mortgage Purchases

Refinance Mortgages

Total Mortgages Eligible

To Qualify as

Low-Income Refinance

Purchase of Loan Modifications of At-Risk Mortgages

 Owner-Occupied 1-Unit Properties/Mortgages:

 UPB ($ Millions) $0 $0 $0

 Number of Mortgages 0 0 0

 Owner-Occupied 2-4 Unit Properties/Mortgages:

 UPB ($ Millions) $0 $0 $0

 Number of Mortgages 0 0 0

 Total Loan Modifications of At-Risk Mortgages:

 UPB ($ Millions) $0 $0 $0

 Number of Mortgages 0 0 0

Table 1C

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

Mortgages from At-Risk Loans that were Modified

For Calendar Year 2019

32 © 2020 Fannie Mae
Low-Income Units Very Low-Income Units Total Units Financed

Purchases of Single-Family Mortgages

 Owner-Occupied 2-4 Unit Properties/Mortgages:

 UPB ($ Millions) $1,132 $232 $2,912 

 Number of Mortgages 8,245 2,099 15,589

 Number of Units 9,943 2,475 18,956

 Investor Owned 1-4 Unit Properties/Mortgages:

 UPB ($ Millions) $8,290 $1,623 $26,839 

 Number of Mortgages 58,837 12,954 134,250

 Number of Units 79,895 18,140 165,336

Total Single-Family:

 UPB ($ Millions) $9,422 $1,855 $29,752 

 Number of Mortgages 67,082 15,053 149,839

 Number of Units 89,838 20,615 184,292

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

Table 1D

Distribution of Rental Units Financed by Purchases of Mortgages on Single-Family Rental Properties

Summary Table on Single-Family Housing Goal Performance

For Calendar Year 2019

Annual Housing Activities Report | Annual Mortgage Report 2019 33
Qualifying Qualifying Very Qualifying Low- Qualifying Total Purchase Total Refinance Total Mortgages

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

Purchase Money Purchase Money Purchase Money Refinance Mortgages Acquired

Mortgages Mortgages Mortgages Mortgages Acquired

Income No More Than 50% of Median Income

 $UPB(Millions) $8,853 $8,853 $4,650 $7,405 $8,930 $7,424 $16,354 

 Number of Mortgages 70,214 70,214 36,974 57,612 70,934 57,772 128,706

 Portion of Qualifying or Total Mortgages Acquired 23.51% 100.00% 14.03% 24.59% 6.17% 5.74% 5.97%

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

 $UPB(Millions) $10,755 $0 $5,005 $8,182 $10,869 $8,203 $19,072 

 Number of Mortgages 66,207 0 31,039 49,088 67,116 49,231 116,347

 Portion of Qualifying or Total Mortgages Acquired 22.16% 0.00% 11.78% 20.96% 5.84% 4.89% 5.40%

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

 $UPB(Millions) $31,709 $0 $13,512 $25,439 $32,154 $25,520 $57,674 

 Number of Mortgages 162,281 0 70,364 127,549 165,228 128,061 293,289

 Portion of Qualifying or Total Mortgages Acquired 54.33% 0.00% 26.70% 54.45% 14.37% 12.73% 13.60%

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

 $UPB(Millions) $0 $0 $14,566 $0 $37,392 $32,856 $70,248 

 Number of Mortgages 0 0 64,252 0 162,438 140,071 302,509

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 24.38% 0.00% 14.13% 13.92% 14.03%

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

 $UPB(Millions) $0 $0 $4,828 $0 $36,494 $34,700 $71,194 

 Number of Mortgages 0 0 18,906 0 140,526 131,113 271,639

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 7.17% 0.00% 12.22% 13.03% 12.60%

Income More Than 120% of Median Income

 $UPB(Millions) $0 $0 $12,835 $0 $172,536 $161,112 $333,648 

 Number of Mortgages 0 0 42,020 0 543,646 499,509 1,043,155

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 15.94% 0.00% 47.28% 49.65% 48.38%

Missing

 $UPB(Millions) $0 $0 $0 $0 $2 $64 $65

 Number of Mortgages 0 0 0 0 6 349 355

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 0.00% 0.00% 0.00% 0.03% 0.02%

All Income Levels1

 $UPB(Millions) $51,316 $8,853 $55,396 $41,026 $298,376 $269,879 $568,255 

 Number of Mortgages 298,702 70,214 263,555 234,249 1,149,894 1,006,106 2,156,000

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

1

Includes "Missing."

Table 2

Distribution of Single-Family Owner-Occupied Mortgages

Purchased by Fannie Mae

By Income Class of Mortgagor(s)

For Calendar Year 2019

34 © 2020 Fannie Mae
Qualifying Low-Income 

Purchases

Qualifying Very LowIncome PurchasesTotal Units Financed

Affordable At No More Than 30% of Median Income

$UPB(MILLIONS) $1,770 $1,770 $1,770 

Number of Units 19,920 19,920 19,920

5.31% 27.19% 3.34%

Affordable At More Than 30% But No More than 50% of Median Income

$UPB(MILLIONS) $3,034 $3,034 $3,034 

Number of Units 53,354 53,354 53,354

14.23% 72.81% 8.95%

Affordable At More Than 50% But No More than 60% of Median Income

$UPB(MILLIONS) $7,028 $7,028 

Number of Units 103,447 103,447

27.60% 17.35%

Affordable At More Than 60% But No More than 80% of Median Income

$UPB(MILLIONS) $18,719 $18,719 

Number of Units 198,143 198,143

52.86% 33.24%

Affordable At More Than 80% But No More than 100% of Median Income

$UPB(MILLIONS) $14,510 

Number of Units 114,837

19.26%

Affordable At More Than 100% But No More than 120% of Median Income

$UPB(MILLIONS) $7,483 

Number of Units 47,131

7.91%

Affordable At More Than 120% of Median Income

$UPB(MILLIONS) $10,292 

Number of Units 44,618

7.48%

Tenant Rent Missing

$UPB(MILLIONS) $2,715 

Number of Units 14,687

2.46%

All Income Levels3

$UPB(MILLIONS) $30,551 $4,804 $65,551 

Number of Units 374,864 73,274 596,137

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

3

Includes "Tenant Rent Missing."

2

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

Table 3A

Distribution of Rental Units

Financed by Multifamily Mortgages Purchased by Fannie Mae1

By Affordability of Rent2

For Calendar Year 2019

Portion of Qualifying or Total Units Financed

Portion of Qualifying or Total Units Financed

1UPB and unit data only include mortgages which are eligible to qualify for goals.

in "Tenant Rent Missing."

Portion of Qualifying or Total Units Financed

Portion of Qualifying or Total Units Financed

Portion of Qualifying or Total Units Financed

Portion of Qualifying or Total Units Financed

Portion of Qualifying or Total Units Financed

Portion of Qualifying or Total Units Financed

Annual Housing Activities Report | Annual Mortgage Report 2019 35
Low-Income Units Very Low-Income Units Total Units Financed

Affordable At No More Than 30% of Median Income

 UPB ($ Millions) $743 $743 $743 

 Number of Units 4,800 4,800 4,800

 Portion of Low-Income, Very Low-Income, or Total Units Financed 5.34% 23.28% 2.60%

Affordable At More Than 30% But No More than 50% of Median Income

 UPB ($ Millions) $1,112 $1,112 $1,112 

 Number of Units 15,815 15,815 15,815

 Portion of Low-Income, Very Low-Income, or Total Units Financed 17.60% 76.72% 8.58%

Affordable At More Than 50% But No More than 60% of Median Income

 UPB ($ Millions) $1,671 $1,671 

 Number of Units 20,435 20,435

 Portion of Low-Income, Very Low-Income, or Total Units Financed 22.75% 11.09%

Affordable At More Than 60% But No More than 80% of Median Income

 UPB ($ Millions) $5,896 $5,896 

 Number of Units 48,788 48,788

 Portion of Low-Income, Very Low-Income, or Total Units Financed 54.31% 26.47%

Affordable At More Than 80% But No More than 100% of Median Income

 UPB ($ Millions) $6,965 

 Number of Units 40,820

 Portion of Low-Income, Very Low-Income, or Total Units Financed 22.15%

Affordable At More Than 100% But No More than 120% of Median Income

 UPB ($ Millions) $5,114 

 Number of Units 23,261

 Portion of Low-Income, Very Low-Income, or Total Units Financed 12.62%

Affordable At More Than 120% of Median Income

 UPB ($ Millions) $7,073 

 Number of Units 23,934

 Portion of Low-Income, Very Low-Income, or Total Units Financed 12.99%

Tenant Rent Missing

 UPB ($ Millions) $1,177 

 Number of Units 6,439

 Portion of Low-Income, Very Low-Income, or Total Units Financed 3.49%

All Income Levels2

 UPB ($ Millions) $9,422 $1,855 $29,752 

 Number of Units 89,838 20,615 184,292

 Portion of Low-Income, Very Low-Income, or Total Units Financed 100.00% 100.00% 100.00%

1

Based on actual rents before affordability estimation. Units where affordability was estimated are included in "Tenant Rent Missing."

2

Includes "Tenant Rent Missing."

Table 3B

Distribution of Rental Units

Financed by Purchases of Mortgages on Single-Family

Rental Properties By Affordability of Rent1

For Calendar Year 2019

36 © 2020 Fannie Mae
Family Income <= Family Income > Family Income <= Family Income > Qualifying Low- Total Mortgages

100% of Area 

Median

100% of Area 

Median

100% of Area

Median

100% of Area

Median

Income Area 

Purchase Money

Mortgages

Eligible To 

Qualify As

Low-Income Area

Purchase Money

Tract Income <= 80% of Area Median

 $UPB(Millions) $3,606 $5,133 $15,287 $12,530 $36,556 $36,556 

 Number of Mortgages 20,960 17,352 84,823 43,574 166,709 166,709

 Percentage of Eligible 12.57% 10.41% 50.88% 26.14% 100.00% 100.00%

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

 $UPB(Millions) $2,168 $0 $6,644 $0 $8,812 $21,370 

 Number of Mortgages 11,476 0 31,256 0 42,732 82,750

 Percentage of Eligible 13.87% 0.00% 37.77% 0.00% 51.64% 100.00%

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

 $UPB(Millions) $1,640 $0 $0 $0 $1,640 $27,989 

 Number of Mortgages 10,565 0 0 0 10,565 137,002

 Percentage of Eligible 7.71% 0.00% 0.00% 0.00% 7.71% 100.00%

Tract Income >= 100% of Area Median1

 $UPB(Millions) $8,389 $0 $0 $0 $8,389 $194,852 

 Number of Mortgages 43,549 0 0 0 43,549 688,571

 Percentage of Eligible 6.32% 0.00% 0.00% 0.00% 6.32% 100.00%

Total

 $UPB(Millions) $15,802 $5,133 $21,932 $12,530 $55,396 $280,767 

 Number of Mortgages 86,550 17,352 116,079 43,574 263,555 1,075,032

 Percentage of Eligible 8.05% 1.61% 10.80% 4.05% 24.52% 100.00%

Table 4

Fannie Mae Single-Family Owner-Occupied Mortgage Purchases

Qualifying for the Low-Income Area Purchase Goal

by Method of Qualification

For Calendar Year 2019

1

Includes tracts with missing median incomes or missing percent minority.

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

Area

Annual Housing Activities Report | Annual Mortgage Report 2019 37
Qualifying Qualifying Very Qualifying Low- Qualifying Total Purchase Total Refinance Total Mortgages

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

Purchase Money Purchase Money Purchase Money Refinance Mortgages Acquired

Mortgages Mortgages Mortgages Mortgages Acquired

American Indian or Alaskan Native2

 $UPB(Millions) $207 $38 $222 $210 $888 $813 $1,701 

 Number of Mortgages 1,244 317 1,129 1,270 3,667 3,471 7,138

Portion of Qualifying or Total Mortgages Acquired 0.42% 0.45% 0.43% 0.54% 0.32% 0.34% 0.33%

Asian2

 $UPB(Millions) $3,791 $670 $5,164 $2,405 $24,167 $21,829 $45,996 

 Number of Mortgages 17,502 4,371 18,645 10,147 74,250 61,958 136,208

Portion of Qualifying or Total Mortgages Acquired 5.86% 6.23% 7.07% 4.33% 6.46% 6.16% 6.32%

Black or African American2

 $UPB(Millions) $3,020 $583 $3,959 $1,979 $11,798 $8,359 $20,157 

 Number of Mortgages 17,467 4,512 20,227 11,677 48,449 34,937 83,386

Portion of Qualifying or Total Mortgages Acquired 5.85% 6.43% 7.67% 4.98% 4.21% 3.47% 3.87%

Native Hawaiian or Other Pacific Islander2

 $UPB(Millions) $116 $19 $151 $132 $606 $766 $1,372 

 Number of Mortgages 602 143 632 619 2,062 2,467 4,529

Portion of Qualifying or Total Mortgages Acquired 0.20% 0.20% 0.24% 0.26% 0.18% 0.25% 0.21%

White - Hispanic or Latino3

 $UPB(Millions) $6,457 $1,250 $9,240 $4,277 $29,018 $21,950 $50,968 

 Number of Mortgages 35,862 9,076 43,732 23,036 113,966 82,697 196,663

Portion of Qualifying or Total Mortgages Acquired 12.01% 12.93% 16.59% 9.83% 9.91% 8.22% 9.12%

White - Non Hispanic or Latino

 $UPB(Millions) $31,670 $5,333 $28,705 $24,792 $188,664 $166,907 $355,572 

 Number of Mortgages 193,003 44,551 144,783 147,897 755,162 644,304 1,399,466

Portion of Qualifying or Total Mortgages Acquired 64.61% 63.45% 54.93% 63.14% 65.67% 64.04% 64.91%

Two or More Minority Races4

 $UPB(Millions) $68 $12 $96 $63 $357 $320 $677

 Number of Mortgages 366 89 406 298 1,222 1,055 2,277

Portion of Qualifying or Total Mortgages Acquired 0.12% 0.13% 0.15% 0.13% 0.11% 0.10% 0.11%

Joint - either Borrower or Co-Borrower are of a Minority Group5

 $UPB(Millions) $410 $35 $950 $310 $6,358 $4,840 $11,198 

 Number of Mortgages 2,082 255 3,538 1,564 20,334 15,183 35,517

Portion of Qualifying or Total Mortgages Acquired 0.70% 0.36% 1.34% 0.67% 1.77% 1.51% 1.65%

Information not Provided by Borrower or Co-Borrower6

 $UPB(Millions) $5,049 $826 $6,265 $6,471 $32,656 $40,910 $73,566 

 Number of Mortgages 27,604 6,214 27,558 35,644 116,887 149,030 265,917

Portion of Qualifying or Total Mortgages Acquired 9.24% 8.85% 10.46% 15.22% 10.17% 14.81% 12.33%

Not Applicable

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

 Number of Mortgages 0 0 0 0 0 0 0

Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Data not Provided by Loan Seller7

 $UPB(Millions) $529 $86 $645 $387 $3,865 $3,185 $7,050 

 Number of Mortgages 2,970 686 2,905 2,097 13,895 11,004 24,899

Portion of Qualifying or Total Mortgages Acquired 0.99% 0.98% 1.10% 0.90% 1.21% 1.09% 1.15%

Total

 $UPB(Millions) $51,316 $8,853 $55,396 $41,026 $298,376 $269,879 $568,255 

 Number of Mortgages 298,702 70,214 263,555 234,249 1,149,894 1,006,106 2,156,000

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

Table 5A

Distribution of Single-Family Owner-Occupied Mortgage Purchases

By Race of Borrower(s) on Loan Application1

For Calendar Year 2019

Table 5A continues on next page.

38 © 2020 Fannie Mae
1

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

identified with any combination of, and up to, 5 race categories. If race is known for one borrower but not the other borrower, the loan is classified according to the known race. A

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

one of the two White categories.

2

If the borrower and co-borrower are both identified as the same minority race or different minority races, the loan is classified as the race of the borrower. 3

If the loan is classified as White and if either borrower or co-borrower is identified as Hispanic or Latino, the loan is classified as "White - Hispanic or Latino." The category 

"White - Non-Hispanic or Latino" includes loans where borrower and co-borrower are both identified as "Not Hispanic or Latino" or when the ethnicity is missing for both borrowers.

Table 5B shows the ethnicity distribution of all loans acquired.

4

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

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

5

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

6

This category consists of mortgages where borrower and co-borrower race information is not provided even if ethnicity data are reported.

7

"Data not Provided by Loan Seller" includes any HMDA new data points submitted by lenders.

Table 5A

Distribution of Single-Family Owner-Occupied Mortgage Purchases

By Race of Borrower(s) on Loan Application1

For Calendar Year 2019

Annual Housing Activities Report | Annual Mortgage Report 2019 39
Qualifying Qualifying Very Qualifying Low- Qualifying Total Purchase Total Refinance Total Mortgages

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

Purchase Money Purchase Money Purchase Money Refinance Mortgages Acquired

Mortgages Mortgages Mortgages Mortgages Acquired

 $UPB(Millions) $7,057 $1,404 $9,769 $4,804 $27,567 $21,332 $48,899 

 Number of Mortgages 39,205 10,205 46,629 25,882 110,977 82,443 193,420

 Portion of Qualifying or Total Mortgages Acquired 13.13% 14.53% 17.69% 11.05% 9.65% 8.19% 8.97%

Borrower and Co-Borrower are not Hispanic or Latino:

 $UPB(Millions) $38,344 $6,513 $38,059 $29,323 $227,407 $199,936 $427,343 

 Number of Mortgages 226,914 52,906 183,956 170,461 884,931 749,527 1,634,458

 Portion of Qualifying or Total Mortgages Acquired 75.97% 75.35% 69.80% 72.77% 76.96% 74.50% 75.81%

Joint - Either Borrower or Co-Borrower are Hispanic or 

Latino:2

 $UPB(Millions) $448 $38 $1,052 $343 $6,956 $5,394 $12,350 

 Number of Mortgages 2,340 273 4,111 1,746 23,083 17,780 40,863

 Portion of Qualifying or Total Mortgages Acquired 0.78% 0.39% 1.56% 0.75% 2.01% 1.77% 1.90%

Information not Provided by Borrower or Co-Borrower: 3

 $UPB(Millions) $5,134 $836 $6,149 $6,298 $34,293 $41,206 $75,499 

 Number of Mortgages 28,215 6,317 27,046 34,691 122,483 148,949 271,432

 Portion of Qualifying or Total Mortgages Acquired 9.45% 9.00% 10.26% 14.81% 10.65% 14.80% 12.59%

Not Applicable:

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

 Number of Mortgages 0 0 0 0 0 0 0

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Data Not Provided by Loan Seller: 4

 $UPB(Millions) $333 $62 $367 $259 $2,154 $2,011 $4,164 

 Number of Mortgages 2,028 513 1,813 1,469 8,420 7,407 15,827

 Portion of Qualifying or Total Mortgages Acquired 0.68% 0.73% 0.69% 0.63% 0.73% 0.74% 0.73%

Total:

 $UPB(Millions) $51,316 $8,853 $55,396 $41,026 $298,376 $269,879 $568,255 

 Number of Mortgages 298,702 70,214 263,555 234,249 1,149,894 1,006,106 2,156,000

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

4

"Data Not Provided by Loan Seller" includes any HMDA new data points submitted by lenders.

1

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

2

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

3

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

Table 5B

Distribution of Single-Family Owner-Occupied Mortgage Purchases

By Ethnicity of Borrower(s) on Loan Application1

For Calendar Year 2019

Borrower and Co-Borrower are Hispanic or Latino:

40 © 2020 Fannie Mae
Qualifying Qualifying Very Qualifying Low- Qualifying Total Purchase Total Refinance Total Mortgages

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

Purchase Money Purchase Money Purchase Money Refinance Mortgages Acquired

Mortgages Mortgages Mortgages Mortgages Acquired

All Male: 

 $UPB(Millions) $19,944 $3,510 $19,708 $13,528 $91,410 $79,561 $170,971 

 Number of Mortgages 116,082 27,391 95,816 76,274 363,501 296,428 659,929

 Portion of Qualifying or Total Mortgages Acquired 38.86% 39.01% 36.36% 32.56% 31.61% 29.46% 30.61%

 

All Female: 

 $UPB(Millions) $18,926 $3,964 $16,168 $14,583 $60,564 $51,202 $111,766 

 Number of Mortgages 114,615 32,391 84,528 86,323 267,243 215,161 482,404

 Portion of Qualifying or Total Mortgages Acquired 38.37% 46.13% 32.07% 36.85% 23.24% 21.39% 22.37%

 

Male and Female: 

 $UPB(Millions) $9,842 $944 $16,467 $8,811 $129,145 $114,318 $243,464 

 Number of Mortgages 53,183 7,014 69,345 48,425 455,889 400,800 856,689

 Portion of Qualifying or Total Mortgages Acquired 17.80% 9.99% 26.31% 20.67% 39.65% 39.84% 39.74%

 

Not Applicable: 

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

 Number of Mortgages 0 0 0 0 0 0 0

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

 

Not Provided: 

 $UPB(Millions) $2,487 $415 $2,928 $4,022 $16,415 $24,036 $40,451 

 Number of Mortgages 14,114 3,254 13,241 22,743 59,982 90,883 150,865

 Portion of Qualifying or Total Mortgages Acquired 4.73% 4.63% 5.02% 9.71% 5.22% 9.03% 7.00%

 

Missing:2

 $UPB(Millions) $118 $19 $125 $82 $842 $762 $1,603 

 Number of Mortgages 708 164 625 484 3,279 2,834 6,113

 Portion of Qualifying or Total Mortgages Acquired 0.24% 0.23% 0.24% 0.21% 0.29% 0.28% 0.28%

 

Total: 

 $UPB(Millions) $51,316 $8,853 $55,396 $41,026 $298,376 $269,879 $568,255 

 Number of Mortgages 298,702 70,214 263,555 234,249 1,149,894 1,006,106 2,156,000

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

 

2

"Missing" includes any HMDA new data points submitted by lenders.

1

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

Table 6

Distribution of Single-Family Owner-Occupied Mortgage Purchases

By Gender of Borrower(s)1

For Calendar Year 2019

Annual Housing Activities Report | Annual Mortgage Report 2019 41
Qualifying Qualifying Very Qualifying Low- Qualifying Total Purchase Total Refinance Total Mortgages

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

Purchase Money Purchase Money Purchase Money Refinance Mortgages Acquired

Mortgages Mortgages Mortgages Mortgages Acquired

Minority < 10% 70,626 17,159 23,611 52,614 270,359 225,292 495,651

10% <= Minority < 20% 71,010 15,886 34,611 52,189 290,763 240,515 531,278

20% <= Minority < 30% 45,245 10,265 30,223 33,545 184,364 155,310 339,674

30% <= Minority < 50% 53,692 12,139 67,995 41,011 212,077 185,623 397,700

50% <= Minority < 80% 39,625 9,710 67,262 33,912 135,374 132,296 267,670

80% <= Minority <= 100% 18,502 5,055 39,811 20,976 56,885 67,051 123,936

Tract Missing / Unable to Classify 2 0 42 2 72 19 91

Total: 298,702 70,214 263,555 234,249 1,149,894 1,006,106 2,156,000

Table 7

Distribution of Single-Family Owner-Occupied Mortgage Purchases

By Minority Concentration of Census Tract

For Calendar Year 2019

42 © 2020 Fannie Mae
Qualifying Low- Qualifying Very Low- Total Units Financed

Income Units Income Units

Minority < 10% 17,303 4,116 30,627

10% <= Minority < 20% 46,413 8,831 76,463

20% <= Minority < 30% 55,369 8,208 92,104

30% <= Minority < 50% 91,124 14,549 155,053

50% <= Minority < 80% 97,092 16,998 155,348

80% <= Minority <= 100% 67,563 20,572 86,542

Tract Missing / Unable to Classify 0 0 0

Total: 374,864 73,274 596,137

Table 8A

Distribution of Fannie Mae's Multifamily Mortgage Purchases

By Minority Concentration of Census Tract

For Calendar Year 2019

Annual Housing Activities Report | Annual Mortgage Report 2019 43
Qualifying Low- Qualifying Very Low- Total Units Financed

Income Units Income Units

Minority < 10% 11,676 3,319 20,218

10% <= Minority < 20% 16,289 3,487 32,967

20% <= Minority < 30% 12,046 2,525 26,094

30% <= Minority < 50% 16,807 3,584 37,426

50% <= Minority < 80% 17,767 3,893 36,584

80% <= Minority <= 100% 15,251 3,807 30,943

Tract Missing / Unable to Classify 2 0 60

Total: 89,838 20,615 184,292

Table 8B

Distribution of Rental Units Financed by Purchases of Mortgages on

Single-Family Rental Properties by Minority Concentration of Census Tract

For Calendar Year 2019

44 © 2020 Fannie Mae
Qualifying Qualifying Very Qualifying Low- Qualifying Total Purchase Total Refinance Total Mortgages

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

Purchase Money Purchase Money Purchase Money Refinance Mortgages Acquired

Mortgages Mortgages Mortgages Mortgages Acquired

Income <=50% of Median Income

 Minority < 10% 17,159 17,159 3,987 13,229 17,382 13,276 30,658

 10% <= Minority < 30% 26,151 26,151 9,656 20,353 26,387 20,415 46,802

 30% <= Minority < 50% 12,139 12,139 9,634 9,949 12,263 9,969 22,232

 50% <= Minority < 80% 9,710 9,710 8,771 8,546 9,804 8,561 18,365

 80% <= Minority <= 100% 5,055 5,055 4,926 5,535 5,098 5,551 10,649

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

 Subtotal 70,214 70,214 36,974 57,612 70,934 57,772 128,706

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

 Minority < 10% 15,899 0 2,968 11,184 16,192 11,228 27,420

 10% <= Minority < 30% 25,767 0 8,196 17,809 26,073 17,845 43,918

 30% <= Minority < 50% 11,783 0 8,548 8,504 11,938 8,531 20,469

 50% <= Minority < 80% 8,710 0 7,427 7,170 8,834 7,193 16,027

 80% <= Minority <= 100% 4,048 0 3,900 4,421 4,079 4,434 8,513

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

 Subtotal 66,207 0 31,039 49,088 67,116 49,231 116,347

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

 Minority < 10% 37,568 0 6,461 28,201 38,534 28,381 66,915

 10% <= Minority < 30% 64,337 0 18,037 47,572 65,376 47,740 113,116

 30% <= Minority < 50% 29,770 0 19,814 22,558 30,254 22,634 52,888

 50% <= Minority < 80% 21,205 0 17,208 18,196 21,544 18,252 39,796

 80% <= Minority <= 100% 9,399 0 8,842 11,020 9,518 11,052 20,570

 Tract Missing / Unable to Classify 2 0 2 2 2 2 4

 Subtotal 162,281 0 70,364 127,549 165,228 128,061 293,289

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

 Minority < 10% 0 0 5,759 0 36,404 30,859 67,263

 10% <= Minority < 30% 0 0 16,823 0 65,632 53,297 118,929

 30% <= Minority < 50% 0 0 17,881 0 30,507 25,108 55,615

 50% <= Minority < 80% 0 0 15,471 0 20,709 19,317 40,026

 80% <= Minority <= 100% 0 0 8,316 0 9,184 11,490 20,674

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

 Subtotal 0 0 64,252 0 162,438 140,071 302,509

100% < Income <=120% of MSA Median Income

 Minority < 10% 0 0 1,422 0 32,311 28,767 61,078

 10% <= Minority < 30% 0 0 3,901 0 57,587 50,424 108,011

 30% <= Minority < 50% 0 0 3,774 0 26,111 23,947 50,058

 50% <= Minority < 80% 0 0 5,533 0 17,036 17,981 35,017

 80% <= Minority <= 100% 0 0 4,271 0 7,476 9,993 17,469

 Tract Missing / Unable to Classify 0 0 5 0 5 1 6

 Subtotal 0 0 18,906 0 140,526 131,113 271,639

120% MSA Median Income < Income

 Minority < 10% 0 0 3,014 0 129,536 112,595 242,131

 10% <= Minority < 30% 0 0 8,221 0 234,072 205,974 440,046

 30% <= Minority < 50% 0 0 8,344 0 101,004 95,415 196,419

 50% <= Minority < 80% 0 0 12,852 0 57,447 60,982 118,429

 80% <= Minority <= 100% 0 0 9,556 0 21,530 24,528 46,058

 Tract Missing / Unable to Classify 0 0 33 0 57 15 72

 Subtotal 0 0 42,020 0 543,646 499,509 1,043,155

Borrower Income Missing

 Minority < 10% 0 0 0 0 0 186 186

 10% <= Minority < 30% 0 0 0 0 0 130 130

 30% <= Minority < 50% 0 0 0 0 0 19 19

 50% <= Minority < 80% 0 0 0 0 0 10 10

 80% <= Minority <= 100% 0 0 0 0 0 3 3

 Tract Missing / Unable to Classify 0 0 0 0 6 1 7

 Subtotal 0 0 0 0 6 349 355

Total: 298,702 70,214 263,555 234,249 1,149,894 1,006,106 2,156,000

Table 9

Distribution of Single-Family Owner-Occupied Mortgage Purchases

Minority Percentage of Census Tract by Income of Borrower

For Calendar Year 2019

Annual Housing Activities Report | Annual Mortgage Report 2019 45
Qualifying Qualifying Very Qualifying Low- Qualifying Total Purchase Total Refinance Total Mortgages

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

Purchase Money Purchase Money Purchase Money Refinance Mortgages Acquired

Mortgages Mortgages Mortgages Mortgages Acquired

Alabama 3,391 905 1,821 1,957 13,912 8,471 22,383

Alaska 473 111 254 416 1,463 1,100 2,563

Arizona 10,382 2,185 8,324 10,364 42,490 42,165 84,655

Arkansas 1,559 404 2,135 963 6,866 4,365 11,231

California 11,853 1,469 27,368 33,376 97,961 201,086 299,047

Colorado 9,414 1,763 8,208 13,889 35,087 46,321 81,408

Connecticut 5,004 1,400 1,948 1,805 11,325 5,963 17,288

Delaware 1,293 381 776 745 4,849 2,813 7,662

District of Columbia 710 159 913 585 2,580 2,052 4,632

Florida 18,691 3,570 35,362 9,732 99,568 44,596 144,164

Georgia 9,214 2,082 8,343 6,019 38,178 25,485 63,663

Hawaii 555 74 1,184 812 3,400 3,773 7,173

Idaho 2,783 610 1,487 2,440 10,879 9,433 20,312

Illinois 14,065 3,933 8,094 7,882 41,771 37,537 79,308

Indiana 8,161 2,630 6,343 5,064 22,975 16,365 39,340

Iowa 5,746 1,938 2,027 2,891 13,533 10,248 23,781

Kansas 2,474 699 942 1,334 7,706 5,168 12,874

Kentucky 4,041 1,167 1,811 2,015 11,388 7,365 18,753

Louisiana 1,999 428 3,579 1,441 10,622 8,508 19,130

Maine 982 212 426 843 3,786 2,955 6,741

Maryland 8,530 2,526 5,932 5,798 22,361 17,859 40,220

Massachusetts 6,659 1,321 4,312 7,259 21,696 26,812 48,508

Michigan 11,226 3,058 5,071 9,767 36,240 37,790 74,030

Minnesota 12,384 3,653 8,299 7,836 30,210 23,994 54,204

Mississippi 1,019 226 750 719 4,996 4,161 9,157

Missouri 6,594 1,916 7,382 4,891 21,309 19,026 40,335

Montana 1,368 295 654 975 4,766 3,474 8,240

Nebraska 3,827 1,152 1,691 1,478 9,325 5,459 14,784

Nevada 3,820 714 3,605 4,586 17,797 17,927 35,724

New Hampshire 1,756 417 770 1,501 5,570 4,898 10,468

New Jersey 6,389 1,258 3,975 3,824 29,575 23,617 53,192

New Mexico 1,715 408 1,642 843 7,117 3,705 10,822

New York 8,464 1,502 6,273 4,181 38,134 23,660 61,794

North Carolina 10,709 2,602 13,535 5,812 43,997 24,746 68,743

North Dakota 592 141 224 469 2,000 1,782 3,782

Ohio 12,605 3,426 5,552 5,411 35,800 20,961 56,761

Oklahoma 2,337 619 1,138 1,113 9,009 4,891 13,900

Oregon 3,667 556 3,480 4,951 18,274 20,122 38,396

Pennsylvania 12,277 3,384 5,951 5,852 39,034 22,482 61,516

Rhode Island 1,063 190 535 844 3,662 3,133 6,795

South Carolina 5,683 1,331 5,895 2,875 23,489 11,756 35,245

South Dakota 1,427 434 485 723 3,547 2,617 6,164

Tennessee 5,763 1,251 3,625 4,169 23,644 16,054 39,698

Texas 18,074 3,013 24,780 11,490 94,817 61,131 155,948

Utah 6,153 1,042 3,394 7,408 19,198 25,618 44,816

Vermont 477 108 166 309 1,703 1,049 2,752

Virginia 10,244 2,670 7,794 6,858 31,941 23,714 55,655

Washington 9,103 1,616 8,224 10,654 36,567 41,282 77,849

West Virginia 707 224 520 501 2,606 1,793 4,399

Wisconsin 10,516 2,878 5,926 5,947 27,135 22,138 49,273

Wyoming 685 154 224 510 2,263 1,673 3,936

Guam 1 0 22 5 28 20 48

Puerto Rico 76 9 342 115 1,676 975 2,651

Virgin Islands 2 0 42 2 66 18 84

Other Territories 0 0 0 0 0 0 0

Unable to Geocode 0 0 0 0 3 0 3

Total 298,702 70,214 263,555 234,249 1,149,894 1,006,106 2,156,000

Table 10A

Distribution of Fannie Mae's Single-Family Owner-Occupied Mortgage Purchases

By State and Territory

For Calendar Year 2019

46 © 2020 Fannie Mae
Qualifying Low- Qualifying Very Low- Total Units Financed

Income Units Income Units

Alabama 6,786 1,910 8,773

Alaska 0 0 0

Arizona 10,295 1,116 18,827

Arkansas 5,518 999 6,760

California 9,643 2,846 53,028

Colorado 8,162 441 11,814

Connecticut 2,578 776 3,837

Delaware 1,204 581 1,449

District of Columbia 943 513 1,592

Florida 11,364 761 38,511

Georgia 27,160 4,303 36,652

Hawaii 1,065 165 2,568

Idaho 640 267 1,207

Illinois 9,996 2,547 14,664

Indiana 12,009 2,760 13,472

Iowa 1,690 779 2,293

Kansas 5,651 2,735 5,934

Kentucky 5,798 1,447 7,394

Louisiana 3,186 163 5,274

Maine 132 17 134

Maryland 13,978 2,402 15,835

Massachusetts 4,554 723 8,815

Michigan 10,584 2,532 14,257

Minnesota 5,442 1,758 6,690

Mississippi 3,081 82 5,502

Missouri 6,512 3,549 8,077

Montana 300 75 312

Nebraska 1,876 760 2,499

Nevada 5,718 357 10,675

New Hampshire 946 15 1,212

New Jersey 5,313 1,344 9,842

New Mexico 3,303 374 4,104

New York 15,268 5,323 31,629

North Carolina 14,812 2,988 21,531

North Dakota 731 38 754

Ohio 14,367 4,609 16,946

Oklahoma 6,030 1,837 6,261

Oregon 3,410 467 5,859

Pennsylvania 7,868 923 14,044

Rhode Island 471 281 813

South Carolina 6,720 801 10,323

South Dakota 1,116 381 1,119

Tennessee 11,074 1,906 16,923

Texas 66,934 7,418 94,392

Utah 4,279 497 6,230

Vermont 0 0 0

Virginia 20,661 4,470 24,828

Washington 11,132 934 16,324

West Virginia 720 372 724

Wisconsin 3,844 932 5,434

Wyoming 0 0 0

Guam 0 0 0

Puerto Rico 0 0 0

Virgin Islands 0 0 0

Other Territories 0 0 0

Unable to Geocode 0 0 0

Total 374,864 73,274 596,137

Table 10B

Distribution of Fannie Mae's

Multifamily Mortgage Purchases by State And Territory

For Calendar Year 2019

Annual Housing Activities Report | Annual Mortgage Report 2019 47
Low- Very Low- Total Units Financed

Income Units Income Units

Alabama 1,119 294 1,575

Alaska 327 59 405

Arizona 2,364 371 5,814

Arkansas 669 111 969

California 7,662 1,535 32,968

Colorado 1,913 247 5,230

Connecticut 1,707 582 2,148

Delaware 260 58 428

District of Columbia 285 70 665

Florida 2,855 527 11,262

Georgia 2,408 388 4,603

Hawaii 129 42 720

Idaho 1,110 166 1,985

Illinois 4,173 1,086 6,914

Indiana 2,091 724 2,603

Iowa 786 295 934

Kansas 638 194 882

Kentucky 734 199 960

Louisiana 665 90 1,595

Maine 325 45 551

Maryland 1,875 318 2,677

Massachusetts 4,201 964 6,571

Michigan 2,605 704 3,469

Minnesota 2,034 460 2,697

Mississippi 230 47 438

Missouri 2,939 1,367 3,403

Montana 537 122 850

Nebraska 674 196 852

Nevada 1,114 225 2,999

New Hampshire 601 133 731

New Jersey 3,557 400 6,995

New Mexico 506 127 980

New York 3,633 995 10,262

North Carolina 2,544 375 4,950

North Dakota 117 57 146

Ohio 4,227 1,548 5,192

Oklahoma 1,042 134 1,421

Oregon 1,137 188 3,053

Pennsylvania 3,906 1,150 5,156

Rhode Island 972 150 1,291

South Carolina 775 131 1,782

South Dakota 234 76 331

Tennessee 1,964 401 3,656

Texas 5,731 737 13,515

Utah 1,559 240 3,182

Vermont 123 31 190

Virginia 2,467 377 3,845

Washington 2,857 449 6,046

West Virginia 110 30 170

Wisconsin 3,008 1,295 3,367

Wyoming 323 101 420

Guam 0 0 9

Puerto Rico 14 4 375

Virgin Islands 2 0 60

Other Territories 0 0 0

Unable to Geocode 0 0 0

Total 89,838 20,615 184,292

Table 10C

Distribution of Rental Units Financed by Purchases of Mortgages on

Single-Family Rental Properties by State And Territory

For Calendar Year 2019

48 © 2020 Fannie Mae
Qualifying Qualifying Very Qualifying Low- Qualifying Total Purchase Total Refinance Total Mortgages

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

Purchase Money Purchase Money Purchase Money Refinance Mortgages Acquired

Mortgages Mortgages Mortgages Mortgages Acquired

0% < LTV <= 60%

 $UPB(Millions) $3,865 $998 $2,879 $15,258 $20,491 $75,295 $95,786 

 Number of Mortgages 29,083 9,648 18,595 97,500 100,027 319,452 419,479

Portion of Total 9.74% 13.74% 7.06% 41.62% 8.70% 31.75% 19.46%

60% < LTV <= 80%

 $UPB(Millions) $15,287 $2,692 $16,472 $21,407 $116,065 $157,395 $273,461 

 Number of Mortgages 87,257 21,072 75,701 116,164 423,526 566,786 990,312

Portion of Total 29.21% 30.01% 28.72% 49.59% 36.83% 56.33% 45.93%

80% < LTV <= 90%

 $UPB(Millions) $7,082 $1,151 $8,334 $3,047 $52,115 $27,602 $79,717 

 Number of Mortgages 38,587 8,627 35,463 14,443 184,904 88,261 273,165

Portion of Total 12.92% 12.29% 13.46% 6.17% 16.08% 8.77% 12.67%

90% < LTV <= 95%

 $UPB(Millions) $10,079 $1,440 $13,590 $1,161 $71,137 $9,036 $80,173 

 Number of Mortgages 56,269 11,176 60,453 5,426 259,654 29,536 289,190

Portion of Total 18.84% 15.92% 22.94% 2.32% 22.58% 2.94% 13.41%

95% < LTV <= 100%

 $UPB(Millions) $15,004 $2,572 $14,121 $146 $38,527 $533 $39,061 

 Number of Mortgages 87,506 19,691 73,343 659 181,440 1,960 183,400

Portion of Total 29.30% 28.04% 27.83% 0.28% 15.78% 0.19% 8.51%

100% < LTV

 $UPB(Millions) $0 $0 $0 $7 $41 $18 $58 

 Number of Mortgages 0 0 0 57 343 111 454

Portion of Total 0.00% 0.00% 0.00% 0.02% 0.03% 0.01% 0.02%

Missing LTV

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

 Number of Mortgages 0 0 0 0 0 0 0

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

Total

 $UPB(Millions) $51,316 $8,853 $55,396 $41,026 $298,376 $269,879 $568,255 

 Number of Mortgages 298,702 70,214 263,555 234,249 1,149,894 1,006,106 2,156,000

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

1

 Does not include second mortgages and non-applicable categories.

Table 11

Distribution of Single-Family Owner-Occupied Mortgage Purchases1

By LTV Category

For Calendar Year 2019

Annual Housing Activities Report | Annual Mortgage Report 2019 49
First-Time Repeat Buyer Status Total

Borrower Income Buyer Buyer Not Available Mortgages

Mortgages Mortgages Mortgages

Income <= 50% of Area Median Income (AMI)

 $UPB(Millions) $6,354 $2,499 $0 $8,853 

 Number of Mortgages 49,805 20,409 0 70,214

 Portion of Total Mortgages Acquired 9.16% 3.84% 0.00% 6.53%

Income >50% But <= 60% of AMI

 $UPB(Millions) $7,485 $3,269 $0 $10,755 

 Number of Mortgages 45,834 20,373 0 66,207

 Portion of Total Mortgages Acquired 8.43% 3.84% 0.00% 6.16%

Income >60% But <= 80% of AMI

 $UPB(Millions) $20,558 $11,151 $0 $31,709 

 Number of Mortgages 104,674 57,607 0 162,281

 Portion of Total Mortgages Acquired 19.25% 10.84% 0.00% 15.10%

Income >80% But <= 100% of AMI

 $UPB(Millions) $21,370 $15,348 $0 $36,718 

 Number of Mortgages 91,261 67,130 0 158,391

 Portion of Total Mortgages Acquired 16.78% 12.64% 0.00% 14.73%

Income >100% But <= 120% of AMI

 $UPB(Millions) $18,636 $16,953 $0 $35,589 

 Number of Mortgages 69,788 65,793 0 135,581

 Portion of Total Mortgages Acquired 12.83% 12.39% 0.00% 12.61%

Income >120% of AMI

 $UPB(Millions) $60,007 $97,135 $0 $157,142 

 Number of Mortgages 182,465 299,887 0 482,352

 Portion of Total Mortgages Acquired 33.55% 56.45% 0.00% 44.87%

Missing

 $UPB(Millions) $1 $1 $0 $2 

 Number of Mortgages 2 4 0 6

 Portion of Total Mortgages Acquired 0.00% 0.00% 0.00% 0.00%

All Income Levels1

 $UPB(Millions) $134,410 $146,357 $0 $280,767 

 Number of Mortgages 543,829 531,203 0 1,075,032

 Portion of Total Mortgages Acquired 100.00% 100.00% 0.00% 100.00%

1

Includes "Borrower Income Missing."

Table 12A

Distribution of Single-Family Owner-Occupied Purchase Money Mortgages

Acquired by Fannie Mae

By Income Class and First Time/Repeat Borrower Status

For Calendar Year 2019

50 © 2020 Fannie Mae
First-Time Repeat Status of Total

Subgoal Qualifying Status Buyer Buyer Buyer Mortgages

Mortgages Mortgages Not Available

Subgoal-Qualifying Mortgages

 $UPB(Millions) $30,000 $15,368 $0 $45,368 

 Number of Mortgages 141,087 68,354 0 209,441

 Percentage of Total 25.94% 12.87% 0.00% 19.48%

Non-Qualifying Mortgages

 $UPB(Millions) $104,410 $130,989 $0 $235,399 

 Number of Mortgages 402,742 462,849 0 865,591

 Percentage of Total 74.06% 87.13% 0.00% 80.52%

Total Mortgages

 $UPB(Millions) $134,410 $146,357 $0 $280,767 

 Number of Mortgages 543,829 531,203 0 1,075,032

 Percentage of Total 100.00% 100.00% 0.00% 100.00%

Table 12B

Single-Family Owner-Occupied Purchase Money Mortgages Acquired by

Fannie Mae by First-Time/Repeat Borrower Status, for Mortgages Qualifying

and Not Qualifying for the Low-Income Area Purchase SUBGOAL

For Calendar Year 2019

Annual Housing Activities Report | Annual Mortgage Report 2019 51
fanniemae.com