An Affordable Housing Mission

In 2016, America’s housing market continued its steady 

return to health. Communities across the country have 

experienced stable or rising home values, and home equity 

levels have risen sharply since 2010. In 2016, mortgage 

delinquencies and foreclosures continued to fall to near 

pre-crisis levels of a decade ago.

Yet despite the good news, ample evidence remains 

that the housing market recovery is not working for all 

Americans. Affordable housing and access to conventional 

mortgage credit remains out of reach for many. As 

household formation and first-time home-buying rebounds 

across the United States, starter homes in many markets 

are in short supply and too costly. In many urban areas, 

rental units affordable to households of modest means are 

less available. Working families, in both rural and urban 

communities, need new and innovative solutions to their 

housing needs.

2016 Annual Housing Activities Report and

Annual Mortgage Report

© 2017 Fannie Mae. Trademarks of Fannie Mae. 1

MARCH 13, 2017

SUBMITTED TO:

THE FEDERAL HOUSING FINANCE AGENCY ("FHFA")

THE COMMITTEE ON FINANCIAL SERVICES OF THE

UNITED STATES HOUSE OF REPRESENTATIVES

THE COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS

OF THE UNITED STATES SENATE

PURSUANT TO:

THE FEDERAL NATIONAL MORTGAGE ASSOCIATION

CHARTER ACT

Index

Structure of Fannie Mae's Housing Goals 5

Charter Act Requirements 8

 Single-Family Activities 8

 Multifamily Activities 20

Affordable Housing Partnerships 

 Other Charter Act Requirements 24

The Annual Mortgage Report ("AMR") 27
© 2017 Fannie Mae. Trademarks of Fannie Mae. 2

2016 Annual Housing Activities Report and Annual Mortgage Report

were to lowand very lowincome borrowers 2,343,738

Single-family loans

acquired in 2016

20%*

966,800

Single-family purchase

loans acquired in 2016

46%

*Total eligible loans

(See AMR Table 1A)

From its founding, Fannie Mae has played an important role in helping the housing and mortgage markets provide those 

solutions. We serve mortgage lenders, ensuring access to mortgage funding in all markets at all times. We also work with 

housing partners at the local level to develop innovative solutions for families of modest means to own or rent a home. 

This work empowers our customers and partners to provide affordable housing and mortgage options – including the 30-

year, fixed-rate loan, the most popular mortgage and a staple of the U.S. housing system.

This is our housing mission, and this report describes how we met this mission in 2016.

Fannie Mae addresses the challenges of affordable housing and access to credit by supporting mortgage lenders and 

other partners who directly serve homeowners and renters. By making it easier and less costly to originate, sell, and 

securitize mortgages, we empower our customers to solve a wide range of housing affordability challenges.

In 2016, these efforts took shape in three ways: Delivering Innovation, Responding to Market Needs, and

Working with Partners.

Delivering Innovation

We believe in the power of innovation to address both old and new problems in housing affordability.

Desktop Underwriter® (“DU®”), an automated underwriting technology introduced by Fannie Mae 21 years ago, remains a 

crucial technology platform. In 2016, we enhanced DU to make the mortgage process simpler and easier and give lenders 

new tools to help them lend confidently to homebuyers across the income spectrum.

For instance, new capabilities in DU version 10.0 allow the use of trended credit data and alternative income sources in 

evaluating creditworthiness. This supports lenders in serving more borrowers who do not have traditional credit histories, 

giving more creditworthy borrowers access to sustainable mortgage credit.
© 2017 Fannie Mae. Trademarks of Fannie Mae. 3

2016 Annual Housing Activities Report and Annual Mortgage Report

Fannie Mae also introduced Day 1 CertaintyTM, a suite of data validation tools that improves the accuracy of the borrower 

and property information used in underwriting single-family mortgages. By reducing uncertainty and risk, Fannie Mae is 

empowering lenders to use the full extent of its “credit box” to safely and sustainably serve borrowers with diverse needs 

and profiles.

Responding to Market Needs

Our close collaboration with our mortgage-lending customers led us to develop and launch Fannie Mae’s HomeReady®

mortgage in late 2015 and quickly streamline its requirements in 2016. HomeReady features important underwriting 

flexibilities to meet the needs of America’s diverse homebuyers, such as extended household income, non-traditional 

credit assessment, and homeownership education. More than 900 lenders delivered this product in 2016, offering a lowdown-payment option for more borrowers – without added risk to Fannie Mae.

The rental market showed strong business fundamentals in 2016, but also had affordability challenges. Consumer 

demand for rental properties continued to grow while most new multifamily housing was built to serve higher-income 

households. Nonetheless, Fannie Mae’s Delegated Underwriting and Servicing® (“DUS®”) lenders broke records for 

affordable and green lending. In addition, we enhanced lender delegation in our DUS program to strengthen our partners' 

ability to meet the nation's need for affordable and workforce rental housing.

Working with Partners

Fannie Mae maintains a longstanding collaboration with affordable housing groups at the state, local and national 

levels. For example, we have a long track record of successful partnerships with state-based Housing Finance Agencies 

(“HFAs”) and designed our HFA PreferredTM loan product to support HFAs in serving very low-, low- and moderate-income 

homebuyers.

We continue to explore new ways to meet affordable housing needs at the local level, including providing financing for 

Community Land Trusts (“CLTs”) and other nonprofit, inclusionary below-market housing programs. Our partners are able 

to use DU for loans on homes in CLTs. These loans support communities in creating and preserving long-term affordable 

housing and enable low- and moderate-income families to afford homeownership.

Twice a year, at the national level, we convene the Affordable Housing Advisory Council, which is a group of lenders, 

housing advocates, and policy experts who help us understand how our business practices affect access to affordable 

housing – and how those business practices can be improved.
© 2017 Fannie Mae. Trademarks of Fannie Mae. 4

2016 Annual Housing Activities Report and Annual Mortgage Report

To find out more about these and other ways Fannie Mae is helping address affordable housing needs, see page 8.

These initiatives are helping make affordable housing accessible to more Americans. Taken together, our efforts help our 

customers and other housing partners offer flexible and affordable housing options, many of which were not available just 

a few years ago.

At the same time, we recognize that the need is great, and that there is more work to do. Fannie Mae will continue to 

focus on driving innovation that brings down costs, makes mortgage lending simpler and more efficient, and ultimately 

helps our customers deliver affordable, safe, and sustainable housing for more Americans.

...with an annual income of $48,000 made 

purchasing her first home a reality despite having 

credit card debt, a car loan, and modest savings. 

Working with the Nevada Housing Division (”NHD”), 

and a leading independent national mortgage lender, 

she was able to purchase a condo for $141,500 using 

NHD’s Home Is PossibleTM program.

...with a combined annual income of $42,000 

was having diculty saving for a down payment. 

The couple was able to purchase a single-family 

home using a 3 percent down payment gifted by 

a parent. They purchased the home for $139,000 

with a loan from a mortgage bank based in 

northwest Indiana.

...was able to purchase a home after working with the 

Florida Housing Finance Corporation and a local 

mortgage company. With good credit, some savings, 

and an annual income of approximately $74,000,

she was able to combine Florida’s Hardest-Hit

Down Payment Assistance funds with a 95 percent 

loan-to-value (LTV) conventional first mortgage to close. 

...with an annual income of $37,219, wanted to 

find a small home they could own and easily 

maintain. They worked with the Wisconsin 

Housing and Economic Development Authority 

and a privately owned local bank to qualify for a 

reduced home loan interest rate program for 

qualified veterans. 

One Mission, 

Many Communities

Fannie Mae makes it possible for 

mortgage lenders, banks, credit 

unions and community organizations 

to oer unique solutions that meet 

the diverse needs of American 

households in big cities and small 

towns across our country. 

A school teacher... A young couple...

A retired couple... A recently 

widowed mother...
© 2017 Fannie Mae. Trademarks of Fannie Mae. 5

2016 Annual Housing Activities Report and Annual Mortgage Report

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. This responsibility was 

formalized and made enforceable with the passage of the Federal Housing Enterprises Financial Safety and Soundness 

Act of 1992.1 As a result, since 1993, 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 Section 309(n) of the Charter 

Act.2 

When Congress passed the Housing and Economic Recovery Act of 20083, 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”). 

In 2015, FHFA established single-family and multifamily Housing Goals for 2015 through 2017. According to FHFA’s 

Director Melvin L. Watt, the goals “establish a solid foundation for affordable and sustainable homeownership and rental 

opportunities in this country.”4 The following single-family home purchase and refinance housing goal benchmarks were 

established for 2015 through 2017:

• Low-Income Families Home Purchase Goal Benchmark: At least 24 percent of our acquisitions of single-family owneroccupied 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 Purchase Goal Benchmark: At least 6 percent of our acquisitions of mortgage loans 

financing single-family owner-occupied home purchases must be affordable to very low-income families (defined as 

families with income no higher than 50 percent of AMI).

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

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

FHFA, based on the benchmark level for the low-income areas home purchase subgoal (below), plus an adjustment 

factor reflecting the additional incremental share of mortgages for moderate-income families (defined as income equal 

to or less than 100 percent of AMI) in designated disaster areas. For 2016, FHFA set the overall low-income areas 

home purchase benchmark goal at 17 percent.

• Low-Income Areas Home Purchase Subgoal Benchmark: 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 Refinance Goal Benchmark: At least 21 percent of our acquisitions of single-family owneroccupied refinance mortgage loans must be affordable to low-income families.

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.

4 Available at http://www.fhfa.gov/mobile/Pages/public-affairs-detail.aspx?PageName=FHFA-Adopts-Final-Rule-on-2015-to-2017-Housing-Goals-forFannie-Mae-and-Freddie-Mac.aspx.

 
© 2017 Fannie Mae. Trademarks of Fannie Mae. 6

2016 Annual Housing Activities Report and Annual Mortgage Report

For 2016, we believe that we met two out of five single-family goal benchmarks. Single-family 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 be in compliance with the housing goals if we meet either the benchmarks or the Market 

Share. For the three single-family goals where our performance fell below the benchmark level, FHFA will compare our 

performance with that of the Market Share after the release of data reported under the Home Mortgage Disclosure Act 

(“HMDA”)5 in the fall of 2017. At that time, it will be determined whether Fannie Mae met any additional goals based on 

the HMDA market data.

FHFA also established new multifamily goal benchmarks for 2015 through 2017, and included a new subgoal for small 

multifamily properties (5-50 units) affordable to low-income families:

• Low-Income Families Goal Benchmark: At least 300,000 multifamily units per year must be affordable to low-income 

families.

• Very Low-Income Families Subgoal Benchmark: At least 60,000 multifamily units per year must be affordable to very 

low-income families.

• Small Affordable Multifamily Properties Subgoal Benchmark: The subgoal for purchases of mortgages on small 

multifamily properties affordable to low-income families increases each year: 6,000 units in 2015; 8,000 units in 2016; 

and 10,000 units in 2017.

There is no market-based alternative measurement for the multifamily goals. For 2016, we believe that we met all three 

multifamily goals.

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

that our goals were feasible, we may become subject to a housing plan that could require us to take additional steps, 

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

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

In December 2016, FHFA assessed Fannie Mae’s 2015 housing goals performance using HMDA data for primary 

mortgage market originations and determined that we achieved three of the five single-family housing goals and all of the 

multifamily goals. Fannie Mae did not meet the single-family Low-Income Home Purchase Goal or the single-family Very 

Low-Income Home Purchase Goal for 2015. FHFA also determined that, because this was the first year since 2013 that 

we did not achieve these goals and because we missed the goals by narrow amounts, FHFA would not require that we 

submit a formal housing plan. 

5 12 U.S.C. § 2801 et seq.

 
© 2017 Fannie Mae. Trademarks of Fannie Mae. 7

2016 Annual Housing Activities Report and Annual Mortgage Report

The following table sets forth Fannie Mae's housing goals performance against our 2016 single-family and multifamily 

housing goals benchmarks. Final performance results, including determining whether we met the Market Share, will be 

calculated and published by FHFA in the fall of 2017.6

Housing Goals 2016 Benchmark 2016 Result

Single-Family

Low-Income Home Purchase 24% 22.92%

Very Low-Income Home Purchase 6% 5.16%

Low-Income Areas Home Purchase 17% 20.18%

Low-Income Areas Home Purchase Subgoal 14% 16.19%

Low-Income Refinance 21% 19.51%

Multifamily (in units)

Low-Income 300,000 352,368

Very Low-Income Subgoal 60,000 65,910

Small (5-50 units) Low-Income Subgoal 8,000 9,312

6 Our 2016 results have not been validated by FHFA. After validation they may differ from the results reported above.

 
© 2017 Fannie Mae. Trademarks of Fannie Mae. 8

2016 Annual Housing Activities Report and Annual Mortgage Report

Charter Act Requirements

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

(“AHAR”).7 Each statutory requirement is set forth below, in bold, followed by Fannie Mae’s response for 2016.

Single-Family Activities

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.

In 2016, 46.01 percent of single-family owner-occupied home purchase mortgages acquired by Fannie Mae financed 

mortgage loans to first-time homebuyers.8 

Fannie Mae has developed or accepts a number of special products and programs (or revisions to conventional products)

designed to assist first-time homebuyers. We describe these products and programs below, including examples of 

borrowers who benefited from them in 2016:

HomeReady, introduced by Fannie Mae in late 2015, is our enhanced affordable lending product. Building on the longterm success of MyCommunityMortgage®, which was subsequently retired in 2016, HomeReady offers new and revised 

loan and borrower eligibility requirements and underwriting flexibilities designed to help our lender partners serve more 

low- and moderate-income borrowers, with expanded eligibility for financing properties in low-income communities. Here 

are some examples of borrowers who benefited from HomeReady in 2016:

• A single young man residing in Indiana wanted to purchase his first home. With an annual income of $52,000 and a 

credit score of 712, the borrower obtained a HomeReady mortgage that saved him 0.375 percent points on his 

interest rate off the rate he would have been charged for our standard product. He purchased a $160,000 condo with 

a 5 percent down payment.

• A couple residing in Florida with an annual income of approximately $52,000 wanted to buy a home near family to

secure childcare for their two children. The husband worked two jobs and the wife worked part-time, to save enough 

for a 5 percent down payment. After completing the Framework® online homeownership education course, they 

purchased a $205,000 Fannie Mae REO property and received a 3 percent seller contribution toward closing costs.

7 Charter Act, § 309(n)(2)(A-L).

8 Exclusions from this calculation include: loans exempt from housing goals reporting (e.g., loan restructures, convertible adjustable rate mortgages, 

and real estate owned properties), long-term standby commitments, refinance mortgages, home equity conversion mortgages, government loans, 

and Making Home Affordable modifications. Fannie Mae has relied on information provided by its customers to identify units occupied by first-time 

homebuyers. Fannie Mae’s 2016 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.

 
© 2017 Fannie Mae. Trademarks of Fannie Mae. 9

2016 Annual Housing Activities Report and Annual Mortgage Report

• A single mother with an annual income of $24,000 and a 720 credit score wanted to purchase a manufactured home. 

She qualified for a HomeReady loan using DU’s non-borrower household income flexibility by including her fiancé’s 

income as a compensating factor. She purchased the home for $119,000.

• A young couple with a combined annual income of $42,000 was having difficulty saving for a down payment. The 

couple was able to purchase a single-family home using a 3 percent down payment gifted by a parent. They 

purchased the home for $139,000.

Community Seconds® are a program allowed by Fannie Mae guidelines that enables a subordinate mortgage financed 

by an HFA, a nonprofit, or certain other organizations to be used in connection with a first mortgage delivered to Fannie 

Mae. The subordinate 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.9 Borrowers who benefited from this program included:

• A recently widowed mother residing in Florida was able to purchase a home after working with the Florida Housing 

Finance Corporation. With good credit, some savings, and an annual income of approximately $74,000, she was able 

to combine Florida’s Hardest-Hit Down Payment Assistance funds with a 95 percent loan-to-value (“LTV”)

conventional first mortgage. Purchasing the $200,000 home lowered her housing expenses and gave her an added 

benefit of a swimming pool that her disabled son may use for physical therapy.

• A young couple with an annual income of approximately $60,000 wanted to purchase a home with a backyard for their 

three children. They attended an eight hour first-time homebuyer workshop and worked with a housing counselor for 

about a year to improve their credit, reduce their debt, and increase their savings. With a HomeReady loan and 

$6,000 in down payment assistance from a community nonprofit organization, they purchased a move-in ready house 

for $185,000.

HFA Preferred is a Fannie Mae product that enables eligible 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 include:

• A school teacher residing in Nevada with an annual income of $48,000 made purchasing her first home a reality 

despite having modest savings, credit card debt, and a car loan. Working with the NHD, she was able to purchase a 

condo for $141,500 using NHD’s Home Is Possible program.

• A retired naval veteran residing in Illinois, employed by a package delivery company, wanted to raise his three kids 

near his childhood home. With an annual income of $62,400, he found a home with a sales price of $186,000 in his 

preferred neighborhood. Working with the Illinois Housing Development Authority, he obtained a conventional 95 

percent LTV mortgage with down payment assistance.

HFA Preferred Risk SharingTM is another 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. Borrowers who 

benefited from this program included:

• A retired couple residing in Wisconsin, with an annual income of $37,219, wanted to find a small home that they could 

enjoy and easily maintain, leaving behind their rental in a retirement community. They worked with the Wisconsin 

Housing and Economic Development Authority (“WHEDA”) to qualify for a reduced home loan interest rate program 

9 Community Seconds are not a Fannie Mae product. Rather, they are subordinate mortgages that comply with Fannie Mae’s guidelines, thus allowing 

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

 
© 2017 Fannie Mae. Trademarks of Fannie Mae. 10

2016 Annual Housing Activities Report and Annual Mortgage Report

for qualified veterans. They purchased the home for $129,900 with a 99 percent combined loan-to-value (“CLTV”) 

using WHEDA’s Easy Close second mortgage.

The percentage of single-family owner-occupied home purchase mortgages made to first-time homebuyers in 2016 under 

special products and programs (or revisions to conventional products) includes the following:

Products and Initiatives Percentage of Mortgages Made to First-Time 

Homebuyers

97 LTV Expansion10 100.00%

HomeReady 94.71%

Non-HFA Community Seconds 93.33%

HFA Preferred 91.01%

HFA Preferred Risk Sharing 89.37%

Charter Act Requirement: Assess underwriting standards, business practices, repurchase requirements, pricing, 

fees, and procedures, that affect the purchase of mortgages for low- and moderate-income families, or that may 

yield disparate results based on the race of the borrower, including revisions thereto to promote affordable 

housing or fair lending.

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

designs its underwriting standards, business practices, repurchase requirements, and procedures to balance the 

company’s multiple objectives of serving low- and moderate-income families, meeting its liquidity mission, and 

appropriately addressing credit risk.

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

pricing policies, fee structures, and procedures. 

In 2016, Fannie Mae continued to implement enhancements to its single-family mortgage underwriting and business 

practices. Several changes were specifically designed to: (1) address housing goals; (2) increase consistency in, and 

automation of, the mortgage origination process, which generally promotes fair lending; and (3) increase lenders’ certainty 

and efficiency more generally, which may have the ancillary effect of freeing up lender resources to focus on low- and 

moderate-income borrowers. 

10 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.

 
© 2017 Fannie Mae. Trademarks of Fannie Mae. 11

2016 Annual Housing Activities Report and Annual Mortgage Report

Specifically, Fannie Mae notes a number of accomplishments:

Day 1 Certainty

In October 2016, Fannie Mae introduced Day 1 Certainty – an initiative that offers lenders freedom from representations 

and warranties on key loan components, and drives efficiency in loan originations. Day 1 Certainty leverages industry data 

standardization and “big data” to support a more streamlined, simpler origination process. Day 1 Certainty has three 

significant components:

• DU validation service: Replaces traditional paper-based processes with digital validation of borrower income, assets, 

and employment.

• Enhanced Property Inspection Waivers (powered by Collateral Underwriter® (“CUTM”): Offers to waive Fannie Mae’s 

appraisal requirement on eligible refinance transactions underwritten through DU.

• Certainty on appraised value (powered by CU): Provides Fannie Mae’s upfront acceptance of appraised property 

value when our automated analysis shows reduced risk on the appraisal and other requirements are met.

Day 1 Certainty significantly reduces lenders’ repurchase risk by removing certain representation and warranty 

obligations. By providing greater certainty to lenders, Fannie Mae supports lenders’ efforts to serve a broader borrower 

base, including more low- and moderate-income borrowers. These offerings are discussed in more detail in the DU and 

CU sections below.

Desktop Underwriter 

For more than 21 years, DU, the industry’s leading automated underwriting system, has provided lenders a 

comprehensive risk assessment that determines 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.

There were two significant DU updates in 2016:

• DU Version 10.0

• DU validation service

DU Version 10.0

In 2016, Fannie Mae implemented DU Version 10.0, which included: (1) a more predictive credit risk assessment with the 

use of trended credit data; and (2) automation of Fannie Mae’s nontraditional credit underwriting guidelines set forth in the 

Single-Family Selling Guide for borrowers without a credit score.
© 2017 Fannie Mae. Trademarks of Fannie Mae. 12

2016 Annual Housing Activities Report and Annual Mortgage Report

Fannie Mae worked with the consumer credit reporting industry to implement the use of trended credit data – expanded 

information on a borrower’s credit history on revolving accounts (credit cards) on several factors, including amount owed, 

minimum payment, and actual payment made. Previously, the data provided in borrower credit reports showed only the 

credit limit, current balance, and minimum payment, so paying off the balance each month or paying more than the 

minimum was not reflected in the credit data. Trended data shows the borrower’s “trend” of making payments. This was 

the first introduction of new credit data into the risk assessment for mortgages in the past 25 years.

Use of trended credit data allows a smarter, more thorough analysis of the borrower’s credit history, thus improving the

accuracy of DU’s credit risk assessment. It also benefits borrowers who regularly pay off their revolving debt or pay more 

than the minimum due, which can help creditworthy borrowers obtain access to mortgage credit and sustainable 

homeownership. Giving more weight to how borrowers pay off credit debt puts more power in their hands to control their 

credit evaluation. Based on Fannie Mae’s analysis, borrowers can potentially improve their evaluation by the DU credit 

risk assessment by paying more than the minimum due on their credit card bills each month.

Automation of the guidelines for nontraditional credit helps lenders serve borrowers without traditional credit histories, who 

tend to have lower incomes.

DU validation service 

In the fourth quarter of 2016, Fannie Mae implemented the DU validation service, a component of Day 1 Certainty 

(described above). Lenders may opt in to the service, which uses authorized third-party data to digitally validate borrower 

income, assets, and/or employment. Use of the validation service drives operational efficiency in the loan origination 

process and can provide a better borrower experience. Instead of gathering paper documents and providing them to their 

lender, borrowers give the lender permission to access their relevant information electronically.

Fannie Mae tested certain aspects of the validation service through a lender pilot for more than a year before offering the 

service to all DU lenders. Pilot lenders told Fannie Mae that the validation service streamlined the loan origination process 

and brought efficiencies to their business processes. They reported:

• Pre-approval process measured in minutes as opposed to days.

• Meaningful process efficiencies – processors save approximately 90 minutes and underwriters save 20-30 minutes of 

touch time as they are able to focus on managing exceptions. Between four and seven days were saved overall.

• Enhanced borrower experience – save time by using electronic data over paper.

Digitally validating borrower income, assets, and/or employment reduces time for lenders to originate a loan. This 

reduction makes it more cost-effective for lenders to originate loans, including smaller loans which are more common for 

low- and moderate-income borrowers.
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Collateral Underwriter 

Collateral Underwriter is an appraisal risk assessment application that Fannie Mae provides free of charge to its lenders to 

help them proactively manage appraisal quality and originate mortgages with increased certainty, efficiency, and lower 

costs. Increased efficiency makes it more cost-effective for lenders to originate loans, including smaller loans which are 

more common for low- and moderate-income borrowers. CU powers two components of Day 1 Certainty:

• Property Inspection Waivers (“PIWs”): PIWs are offers to waive the requirement for an appraisal on eligible refinance 

transactions underwritten in DU. Fannie Mae replaced its PIW pilot with an enhanced PIW offering powered by CU. 

With more than 23 million appraisals in the CU database, a new appraisal is not always needed by Fannie Mae for 

certain refinance transactions. CU uses proprietary analytics in combination with a previous appraisal on the subject 

property to determine whether an offer to waive the appraisal can be issued. At the end of 2016, approximately 20 

percent of limited cash-out refinance loan casefiles in DU received PIW offers.

When a PIW is offered and accepted, the borrower saves the cost of an appraisal, and loan origination time can be 

shortened because appraisal-related delays are eliminated. The lender receives freedom from representations and 

warranties on the value, condition, and marketability of the property.

In December 2016, Fannie Mae announced that it would eliminate the $75 fee previously charged to lenders for 

exercising a PIW appraisal waiver, effective in January 2017.

• Certainty on appraised value: When a loan is delivered to Fannie Mae with a CU risk score of 2.5 or lower on the 

appraisal, the loan is eligible for relief from representations and warranties on property value. Lenders remain 

responsible for data accuracy and property eligibility; however, they gain underwriting efficiencies and potentially 

reduce revision requests with the appraiser. Approximately 60 percent of appraisals submitted to Fannie Mae receive 

a CU risk score of 2.5 or lower.

Spanish Language Resources for Lenders/Servicers

Spanish-speaking borrowers represent one of the largest growing segments of the mortgage market. To support this 

growing segment, Fannie Mae continues to look for ways to help our sellers and servicers better serve their customers. 

One way that Fannie Mae helps is by consolidating Spanish language documents and making them available on our 

website. 

In 2016, Fannie Mae added Spanish Language Resources for Servicers, which includes Spanish translations of routine 

servicing documents as well as borrower notices related to delinquencies, modifications, and workout options. Spanish 

translations of origination-related documents also continue to be available on the Spanish Language Resources for 

Lenders page.

Uniform Residential Loan Application 

At the direction of FHFA, in 2016 Fannie Mae and Freddie Mac (“Enterprises”) published the redesigned Uniform 

Residential Loan Application (“URLA”) (also known as the Fannie Mae Form 1003 / Freddie Mac Form 65) and developed 

a corresponding dataset, called the Uniform Loan Application Dataset (“ULAD”). The Enterprises collaborated with 

industry stakeholders including lenders, government agencies (e.g., FHA, VA, USDA-RD, the Consumer Finance 
© 2017 Fannie Mae. Trademarks of Fannie Mae. 14

2016 Annual Housing Activities Report and Annual Mortgage Report

Protection Bureau), technology solution providers, mortgage insurers, trade associations, housing advocates, and 

consumer groups. The Enterprises published the redesigned URLA as well as a Spanish Translation version of the URLA 

(“STURLA") in September 2016.

The Enterprises sought to create an improved loan application that:

• 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.

The STURLA, when used in conjunction with the URLA, is a translation tool for Spanish-speaking borrowers to support an 

improved loan application experience.

In creating the ULRA and STURLA, the Enterprises conducted seven rounds of testing with consumers and lenders over 

the course of a nine-month period; four of these rounds included Spanish-speaking consumers. The Enterprises are 

conducting outreach in the first half of 2017 in anticipation of publishing an implementation timeline for the redesigned 

URLA and related underwriting mandates in mid-2017.

Also in connection with the URLA work, the Enterprises are supporting the industry’s collection of new HMDA 

demographic information required by the Consumer Financial Protection Bureau starting January 1, 2018. Due to the time 

lag before the new URLA is implemented, the Enterprises are providing an interim collection form that can be used with 

the current URLA to gather the required new HMDA data.

HomeReady 

Fannie Mae’s HomeReady mortgage product, introduced in late 2015, is designed to help lenders serve creditworthy very 

low-, low- and moderate-income borrowers with expanded eligibility for financing homes in designated low-income 

communities. With HomeReady, borrowers can obtain affordable conventional home financing with cancellable mortgage 

insurance and an education requirement to help make homeownership sustainable. HomeReady provides simplicity and 

certainty for lenders, improved pricing and execution, and product features designed to align with today’s homebuyer 

demographics and support sustainable homeownership.

HomeReady offers pricing advantages with Fannie Mae 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.

HomeReady requires homeownership education via Framework (an online homeownership education provider) or one-onone U.S. Department of Housing and Urban Development (“HUD”)-approved housing counseling to help homebuyers 

prepare for homeownership.
© 2017 Fannie Mae. Trademarks of Fannie Mae. 15

2016 Annual Housing Activities Report and Annual Mortgage Report

HomeReady features include:

• Up to 97 percent LTV ratio; CLTV ratio up to 105 percent with eligible Community Seconds.

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

• Innovative feature allowing non-borrower household income to be considered a compensating factor for loan casefiles 

with debt-to-income (“DTI”) ratios greater than 45 percent up to a maximum of 50 percent.

• Boarder income and accessory unit rental income can be used for qualifying.

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

In 2016, Fannie Mae implemented the following enhancements to HomeReady:

• Simplified the income eligibility structure, making it easier for lenders to make HomeReady loans and allowing more 

borrowers to qualify.

• Increased the maximum LTV ratio from 95 percent to 97 percent for limited cash-out refinances of loans already 

owned or securitized by Fannie Mae.

• If at least one borrower on the loan receives one-on-one housing counseling from a HUD-approved nonprofit 

counseling agency:

o The lender will receive a loan-level price adjustment credit of $500.

o The completion of counseling will be considered a compensating factor for loan casefiles with DTI ratios 

greater than 45 percent up to 50 percent when the lender indicates in DU that the counseling was 

completed prior to the borrower’s execution of the sales contract.

Lenders choose how to use the $500 credit, but may use it to pay for counseling or provide a credit to the borrower. 

Allowing a higher DTI ratio with one-on-one housing counseling provides additional opportunities for creditworthy and 

well-prepared homebuyers.

Also in 2016, Fannie Mae supported lender use of HomeReady by:

• Training more than 1,700 loan officers in 30+ webinar or in-person sessions.

• Conducting more than 30 general lender training webinars with more than 5,000 participants.

• Providing on-demand eLearning training with more than 5,000 unique viewers.

• Developing a video to help lenders better understand the HomeReady benefits for them and their borrowers.

• Continuing to provide extensive lender resources, including FAQs, sample borrower scenarios, an income eligibility 

look-up tool, and more on the HomeReady web page.
© 2017 Fannie Mae. Trademarks of Fannie Mae. 16

2016 Annual Housing Activities Report and Annual Mortgage Report

Homebuyer Education and Counseling

Fannie Mae believes that high-quality homeownership education provides borrowers with the information and resources 

that they need to navigate the home-buying process and make informed decisions that support sustainable 

homeownership.

In 2016, Fannie Mae continued to provide strong support for homeownership education by:

• Introducing incentives for HomeReady loans on which the borrowers receive one-on-one housing counseling 

(described above).

• Continuing to collaborate with Framework to connect HomeReady borrowers and others to comprehensive, online 

homebuyer education (provided in English and Spanish) and post-purchase support.

• Providing extensive outreach and training to lenders and HUD-approved counseling organizations on HomeReady 

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

• Promoting the value of homeownership education and housing counseling to lenders, real estate professionals, and 

consumers through articles and blog posts on leading industry websites including Zillow, MSN Money, and 

Realtor.com.

Lender Marketing Resources

The Fannie Mae Marketing Center is a free online tool lenders and other housing professionals may use to access and 

customize a variety of marketing and informational materials to reach and assist borrowers. In 2016, Fannie Mae 

continued to support and update the Marketing Center, which was launched in 2015.

Credit Policy Enhancements

Fannie Mae made the following Single-Family Selling Guide policy updates in 2016 that impact low- and moderate-income 

families:

• Simplified and expanded the underwriting and eligibility requirements for borrowers without traditional credit histories.

• Introduced the HomeStyle® Energy mortgage loan, providing an affordable financing option for borrowers seeking to 

improve the energy and water efficiency of their homes. Borrowers may pay off existing energy-improvement debts 

and/or make cost-effective energy improvements, up to 15 percent of the property’s appraised value. A streamlined 

process to finance up to $3,500 of basic weatherization items is also available. HomeStyle Energy may be used with a 

limited cash-out refinance or purchase transaction.

• Removed a requirement for borrowers to pay off garnishments prior to closing.

• Implemented the policy updates described above (e.g., trended credit data in DU, HomeReady enhancements, 

homebuyer counseling).
© 2017 Fannie Mae. Trademarks of Fannie Mae. 17

2016 Annual Housing Activities Report and Annual Mortgage Report

Other Support for Low- and Moderate-Income Borrowers

Fannie Mae continues to support low- and moderate-income borrowers through a number of policies, including:

• Permitting the use of Community Seconds which are subordinate mortgages that are used in connection with a first 

mortgage delivered to Fannie Mae. Fannie Mae does not purchase Community Seconds, but allows the use of eligible

subordinate Community Seconds loans when Fannie Mae purchases or securitizes the first mortgage loan. 

Community Seconds mortgages permit consumers to leverage public, nonprofit, and employer funds to finance a 

down payment and/or closing costs, thus helping more families achieve homeownership. For most Fannie Mae 

purchase loans, no minimum contribution from the borrower’s own funds is required on one-unit properties. A 

Community Seconds loan may provide the necessary funds for all or part of the down payment, closing costs, and 

property renovations. With Community Seconds, a higher combined LTV ratio is allowed (up to 105 percent) on most 

Fannie Mae loan transactions.

• Providing automated underwriting through DU for Community Land Trust loans. CLTs are private, nonprofit 

organizations developed by communities to create and preserve long-term, affordable housing for low- and moderateincome residents. Fannie Mae’s CLT loan product is a standard product offering in DU that enables lenders to have 

the certainty and simplicity of automated underwriting. CLTs purchase homes in their communities and create a longterm ground lease under which low- and moderate-income families are able to become homeowners at affordable 

monthly ground rents. The ground lease includes provisions that require the continued use of the property for low- and 

moderate-income families in the future. Fannie Mae purchases or securitizes first mortgage loans secured by these 

ground leases.

• Providing financing for homes with resale restrictions that preserve long-term affordability. To help address the high 

cost of housing in some markets, many governmental and nonprofit entities support the development of properties 

subject to resale restrictions. Those strategies help to create and preserve affordable housing stock in communities 

over the long term. Resale restrictions may limit the use of all or part of the land to occupancy by persons or families 

of low- and moderate-income or on the basis of age (senior communities must comply with applicable laws). Resale 

restrictions may also restrict the resale price of the property to ensure it is available to future low- and moderateincome borrowers. The restricted resale price provides a subsidy to the homebuyer in an amount equal to the 

difference between the sales price and the market value of the property without resale restrictions. Fannie Mae 

provides financing opportunities for homes with resale restrictions.
© 2017 Fannie Mae. Trademarks of Fannie Mae. 18

2016 Annual Housing Activities Report and Annual Mortgage Report

Home Affordable Refinance Program (“HARP”)

Fannie Mae continued to support the HARP program and provided marketing outreach materials to help lenders reach 

eligible homeowners. More than 41,000 HARP mortgages were delivered to Fannie Mae in 2016, with an average monthly 

borrower savings of $223. Also in 2016, we reached a milestone of having acquired two million HARP loans since 

inception of the program. 

Charter Act Requirement: Describe trends in the delinquency and default rates of mortgages secured by housing 

for low- and moderate-income families that have been purchased by the corporation, including a comparison of 

such trends with delinquency and default information for mortgage products serving households with incomes 

above the median level that have been purchased by the corporation, and evaluate the impact of such trends on 

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

An analysis of the performance of single-family mortgage loans serving low- and moderate-income borrowers 11 shows 

that these loans do not perform as well as loans serving borrowers with incomes above the median level. The chart below 

compares 90-day delinquencies occurring within the first 12 months of acquisition and defaults (defined as a foreclosure 

sale, deed-in-lieu of foreclosure, pre-foreclosure sale, or third-party sale, at any time during the life of the loan) on loans 

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

level, by acquisition year. For example, loans made in 2015 to low- and moderate-income families were 141 percent more 

likely to become 90-days delinquent and 207 percent more likely to default than loans made to families with income above 

the median level. This analysis is based on income relative to AMI and does not control for other risk dimensions, such as 

LTV or credit history. Information regarding serious delinquency and default performance is based on acquisitions through 

December 2015; performance is observed through December 2016.

There can be significant changes in relative delinquency and default rates between various years. Reflected here are the 

relative measures between low- and moderate- income borrowers and those borrowers above the median level. Actual 

delinquency and default rates today are one-tenth of those seen seven years ago.

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 the borrowers’ income relative to the AMI. Additionally, this analysis only pertains to owner-occupied principal residences.

 
© 2017 Fannie Mae. Trademarks of Fannie Mae. 19

2016 Annual Housing Activities Report and Annual Mortgage Report

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

Likelihood of 90-

Day Delinquency

Increased 

Likelihood of 90-

Day Delinquency

Likelihood 

of Default

Increased 

Likelihood 

of Default

2002

Above Median Income 0.4% 0.8%

Low-Mod Income 0.8% 126% 2.3% 201%

2003

Above Median Income 0.2% 1.0%

Low-Mod Income 0.6% 157% 2.8% 178%

2004

Above Median Income 0.4% 2.5%

Low-Mod Income 1.0% 159% 5.2% 112%

2005

Above Median Income 0.6% 6.3%

Low-Mod Income 1.3% 123% 9.0% 42%

2006

Above Median Income 1.0% 11.4%

Low-Mod Income 2.2% 118% 14.2% 25%

2007

Above Median Income 2.9% 13.4%

Low-Mod Income 4.3% 49% 17.7% 33%

2008

Above Median Income 2.0% 4.9%

Low-Mod Income 2.9% 46% 8.0% 62%

2009

Above Median Income 0.2% 0.5%

Low-Mod Income 0.4% 108% 1.3% 140%

2010

Above Median Income 0.1% 0.4%

Low-Mod Income 0.3% 126% 1.1% 145%

2011

Above Median Income 0.1% 0.3%

Low-Mod Income 0.3% 137% 0.7% 153%

2012

Above Median Income 0.1% 0.2%

Low-Mod Income 0.3% 132% 0.5% 147%

2013

Above Median Income 0.1% 0.1%

Low-Mod Income 0.3% 168% 0.4% 186%

2014

Above Median Income 0.1% 0.1%

Low-Mod Income 0.3% 138% 0.2% 200%

2015

Above Median Income 0.1% 0.01%

Low-Mod Income 0.3% 141% 0.03% 207%

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.

 
© 2017 Fannie Mae. Trademarks of Fannie Mae. 20

2016 Annual Housing Activities Report and Annual Mortgage Report

Multifamily Activities

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.

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. The U.S. multifamily sector has had a 

solid six-year run, with increasing rent growth and declining vacancies, as illustrated in the chart below. Key fundamentals 

that have propelled the multifamily sector include: favorable demographic trends, continued job growth, and increasing 

renter household formations. 

Momentum will likely slow in 2017 due to elevated levels of new supply and moderating job growth. As a result, the 

national vacancy rate is expected to increase, and rents will grow at a lower and more normalized pace. Overall, the 

multifamily sector is expected to remain fairly stable in 2017.

Estimated National Rent Level and Vacancy Rate

Source: Fannie Mae Economics and Multifamily Market Research
© 2017 Fannie Mae. Trademarks of Fannie Mae. 21

2016 Annual Housing Activities Report and Annual Mortgage Report

Rent growth continued to exceed the overall inflation rate, with rent growth estimated to have ended the year at about 2.5

percent, with inflation equal to 1.7 percent year-over-year as of the end of November. Rents have seen above average 

increases since 2011, although the fourth quarter of 2016 saw no rent increase at all. Rents are expected to increase 

approximately 2 percent in 2017.

Continued demand for multifamily rental housing was reflected in the net increase in the number of occupied rental units 

during 2016 (known in industry terms as positive net absorption). Net absorption likely totaled at least +198,000 units, 

compared to an estimated +202,000 units absorbed in 2015, according to Reis, Inc. Net absorption is expected to remain 

positive in 2017, although at a much lower level than last year. Over the next few years, net absorption is expected to 

slow but continue to outpace vacancies at a national level.

National Apartment Sales Volume and Cap Rates

Source: Real Capital Analytics (www.rcanalytics.com)

Sales of apartment properties valued at $2.5 million or greater totaled an estimated $45 billion in the fourth quarter of 

2016, bringing the annual total to a new estimated industry peak of $158.4 billion, according to recent data from Real 

Capital Analytics, up 3 percent from 2015. Although fourth quarter 2016 was down compared to fourth quarter 2015’s 

nearly $53 billion, the 2015 number was inflated by the massive $5.3 billion Fannie Mae financed Stuyvesant Town 

transaction in New York City which closed in December 2015, as seen in the chart above. 
© 2017 Fannie Mae. Trademarks of Fannie Mae. 22

2016 Annual Housing Activities Report and Annual Mortgage Report

Property prices continued to climb during 2016, but at a slower pace. According to Moody’s/RCA Commercial Property 

Price Index, apartment property sales prices increased about 12 percent in 2016, compared to 13 percent in 2015, the 

lowest increase in prices since 2010. The average multifamily reported capitalization rate13 was 5.6 percent in fourth 

quarter 2016, a decline of 40 basis points since fourth quarter of 2014. 

Standardization and Securitization

Commercial mortgages, including multifamily mortgage loans, are much less homogenous than single-family residential 

mortgages. Over the past three decades, there has been a continual move towards 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.

Fannie Mae’s DUS platform allows lenders to swap each multifamily loan for a standardized, tradeable MBS which 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.

2016 Standardization & Securitization Highlights:

• Fannie Mae issued $54.9 billion in multifamily MBS in 2016, which accounted for 99 percent of its multifamily 

production. 

• In an effort to improve the liquidity and increase demand for multifamily MBS, in 2016 Fannie Mae issued $10.6 billion 

of multifamily structured securities through eleven Real Estate Mortgage Investment Conduit transactions as part of 

our 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. In 2017, Fannie Mae will 

continue to market its multifamily structured product offerings through the GeMS program.

• Standardized, timely and in-depth disclosures also help to attract investors, improving liquidity and increasing 

demand. In 2016, Fannie Mae enhanced disclosure by providing additional detail on Green Financing features and 

DUS loan prepayment history. The business is also preparing to introduce a new disclosure platform in 2017, 

expanding the data available on multifamily MBS and adopting industry best practices for disclosure. 

In December of 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 

13 The capitalization rate, as defined by the Mortgage Bankers Association, is the rate of return on net operating income considered acceptable to 

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

 
© 2017 Fannie Mae. Trademarks of Fannie Mae. 23

2016 Annual Housing Activities Report and Annual Mortgage Report

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

Fannie Mae multifamily securities.

Affordable Housing Partnerships

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 Cranston-Gonzalez National Affordable Housing Act.14 

Activities undertaken by Fannie Mae in 2016 with nonprofit and for-profit organizations, State and local governments, and 

HFAs include:

• Fannie Mae purchased 42,943 single-family loans from HFAs in 2016, with an unpaid principal balance of $7.36

billion.

• Fannie Mae facilitated the sale of one multifamily real estate owned property with 35 units to a nonprofit involved in 

supporting housing strategies that address local affordable housing issues and needs. 

• At least three foreclosed multifamily properties, with almost 700 units, were marketed to nonprofits, public entities 

and/or affordable housing developer organizations for potential purchase to support local comprehensive housing 

strategies including addressing affordable housing issues and needs. 

• Fannie Mae helped provide financing for over 13,000 Low-Income Housing Tax Credit (“LIHTC”) units of housing by 

providing $760 million 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 with nonprofit partners. In 2016, 43 percent of our employees volunteered and provided 

more than 15,273 hours to our nonprofit partners, 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 $133,738 through employee “fun-raisers” for eight Help the Homeless® community 

partners. 

• Enhanced our partnerships with the Asian Real Estate Association of America (“AREAA”), National Association of 

Hispanic Real Estate Professionals (“NAHREP”), and National Association of Real Estate Brokers (“NAREB”) whose 

members play a critical trusted advisor role in the home-buying and finance process, particularly within the Asian, 

Hispanic and African-American communities. Through our involvement, we engaged hundreds of minority real estate 

professionals to build solutions to better serve minority communities. For example, in 2016, Fannie Mae hosted a 

presentation of NAHREP’s “53 Million and One,” a one-man show that highlights the common challenges, 

experiences and aspirations of Latinos in the United States for our employees and for local NAHREP chapter 

members to help increase the cultural competency of our employees and build business relationships with Hispanic 

real estate professionals.

14 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 moderateincome 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.

 
© 2017 Fannie Mae. Trademarks of Fannie Mae. 24

2016 Annual Housing Activities Report and Annual Mortgage Report

• Facilitated the sale of 2,439 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 1,232 properties in the 18 markets of the Neighborhood Stabilization Initiative.

• Held ten training and outreach sessions with nonprofits and community based organizations on housing strategies 

that support community stabilization and address affordable housing needs in the Neighborhood Stabilization Initiative 

communities. These sessions supported My City Modification and Principal Reduction Modification programs.

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 lowand moderate-income families. Fannie Mae believes that the activities listed above support the objectives of this statute.

Other Charter Act Requirements

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”).15

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 2016, 

Fannie Mae mortgage purchases financed 10,437 units affordable to families earning 80 percent or less of AMI living in 

owner-occupied 2-4 unit properties.16 

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 2016, Fannie Mae’s purchases of mortgages served 3,679,302 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.

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

16 For 1,900 units that we financed, affordability data was not provided so these units are not included in our calculation. 

 
© 2017 Fannie Mae. Trademarks of Fannie Mae. 25

2016 Annual Housing Activities Report and Annual Mortgage Report

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 2016, Fannie Mae purchased 6,153 single-family mortgages and 406 multifamily mortgages with an aggregate unpaid 

principal balance of approximately $822 million and $4.286 billion respectively that were originated in conjunction with 

public subsidy programs.17 

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 owner-occupied mortgages purchased by Fannie Mae.

Charter Act Requirement: Compare the level of securitization versus portfolio activity.

During 2016, Fannie Mae securitized $637.8 billion in mortgage loans. We had total portfolio acquisitions of $319.4 billion, 

which included approximately $11.1 billion of delinquent loans purchased from our MBS trusts. In 2016, Fannie Mae’s 

portfolio decreased by $72.7 billion.

17 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.

 
© 2017 Fannie Mae. Trademarks of Fannie Mae. 26

2016 Annual Housing Activities Report and Annual Mortgage Report

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 servicing relationships with 

approximately 1,803 single-family and 66 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 2016 from 

single-family lenders identified as minority- or women-owned lenders, women-owned lenders,18 and single-family and 

multifamily lenders community-oriented lenders.19

Seller/Servicer Type Volume of Mortgages

Minority- or women-owned $6.73 billion

Women-owned $5.48 billion

Community-oriented lenders $223.74 billion

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

provide services and training to incentivize small lender participation with Fannie Mae.20

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

19 For these purposes, a “community-oriented lender” is defined as a financial institution with total assets of less than $1.216 billion as of December 31, 

2015. This definition parallels the definition of “small bank” under the Community Reinvestment Act implementing regulations (12 C.F.R. § 228.12), 

as in effect during 2016.

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

 
27

The Annual Mortgage Report ("AMR")

© 2017 Fannie Mae. Trademarks of Fannie Mae.

2016 Annual Housing Activities Report and Annual Mortgage Report
Total Total Total Qualifying Low- Total

Mortgages Qualifying Mortgages Qualifying Very Mortgages Qualifying Income Area Mortgages Qualifying

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

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

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

Purchase Mortgages Purchase Mortgages Purchase Mortgages Mortgages Refinance1

Money Money Money

Purchase of Single-Family Mortgages

 Owner-Occupied 1-Unit Properties/Mortgages:

 UPB ($ Millions) $225,541 $31,581 $225,541 $5,254 $225,541 $35,098 $28,893 $294,703 $35,342 $541,930 

 Number of Mortgages 961,203 220,224 961,203 49,639 961,203 192,333 153,815 1,260,913 245,139 2,324,570

 Owner-Occupied 2-4 Unit Properties/Mortgages:

 UPB ($ Millions) $1,726 $227 $1,726 $29 $1,726 $814 $805 $4,085 $656 $5,857 

 Number of Mortgages 5,597 1,404 5,597 293 5,597 2,733 2,676 13,429 3,544 19,168

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

Properties:

 UPB ($ Millions) $227,267 $31,808 $227,267 $5,283 $227,267 $35,913 $29,698 $298,788 $35,998 $547,786 

 Number of Mortgages 966,800 221,628 966,800 49,932 966,800 195,066 156,491 1,274,342 248,683 2,343,738

Goals Performance

 Fannie Mae's Single-Family Goals 24% 6% 17% 21%

 Goals Performance Percentage 22.92% 5.16% 20.18% 19.51%

 Fannie Mae's Single-Family Subgoal 14%

 Subgoal Performance Percentage 16.19%

1

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

in the Enterprise's portfolio or that is in a pool backing a security guaranteed by the Enterprise, shall be treated as a purchase of a refinance mortgage for the purposes of the housing goals.

Table 1A

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

Summary Table on Single-Family Housing Goal Performance

For Calendar Year 2016

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

Purchases

Purchases of Multifamily Mortgages

Multifamily 5-50 Unit Properties: 

UPB ($ Million) $519 $99 $1,371 

Number of Mortgages 377 198 508

Number of Properties 381 198 512

Number of Units 8,810 2,116 15,211

Multifamily > 50 Unit Properties:

UPB ($ Million) $20,998 $2,867 $49,557 

Number of Mortgages 2,051 1,380 2,373

Number of Properties 2,051 1,380 2,373

Number of Units 338,538 61,751 537,574

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 10,378 10,378 N/A

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

Units Where Rent Estimation is Possible 10,378 10,378 N/A

Large (>50 unit) properties 9,268 4,518 9,268 1,805 N/A

Small (5-50 unit) properties 1,110 502 1,110 237 N/A

Not Subject to Cap 10,112 5,020 10,112 2,043 N/A

Subject to Cap 266 0 266 0 N/A

5% Cap 27,639 27,639 N/A

Adjustments to Number of Units for:

Missing Data 5,020 2043 N/A

Total Multifamily:

UPB ($ Million) $21,516 $2,966 $50,928 

Number of Mortgages 2,428 1,578 2,881

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

Number of Properties 2,432 1,578 2,885

Number of Units 347,348 63,867 552,785

Number of Units (Adjusted) 352,368 65,910 552,785

Goals Performance

Fannie Mae's Multifamily Goals (units) 300,000 60,000

Goal Performance (units) 352,368 65,910

Fannie Mae's Small Multifamily Goals (units) 8,000

Goal Performance (units) 9,312 .

Table 1B

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

Summary Table on Multifamily Housing Goal Performance

For Calendar Year 2016

Qualifying Low-Income Purchases Qualifying Very Low-Income 

Purchases

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

To Qualify as Refinance Mortgages1 All Mortgage Purchases

Low-Income Refinance1

Purchase of Loan Modifications of At-Risk Mortgages

 Owner-Occupied 1-Unit Properties/Mortgages:

 UPB ($ Millions) $582 $307 $908 

 Number of Mortgages 3,028 2,049 4,684

 Owner-Occupied 2-4 Unit Properties/Mortgages:

 UPB ($ Millions) $62 $12 $91 

 Number of Mortgages 177 68 258

 Total Loan Modifications of At-Risk Mortgages:

 UPB ($ Millions) $643 $319 $1,000 

 Number of Mortgages 3,205 2,117 4,942

1

An Enterprise's modification of a loan in accordance with the Make Home Affordable program announced on March 4, 2009, that is held in the Enterprise's portfolio or that is in a pool backing a 

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

Table 1C

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

Mortgages from At-Risk Loans that were Modified

For Calendar Year 2016
Qualifying Low-Income Purchases Qualifying Very Low-Income Purchases All Mortgage Purchases

Purchases of Single-Family Mortgages

 Owner-Occupied 2-4 Unit Properties/Mortgages:

 UPB ($ Millions) $1,049 $169 $3,099 

 Number of Mortgages 8,769 1,732 18,849

 Number of Units 10,431 2,013 22,889

 Investor Owned 1-4 Unit Properties/Mortgages:

 UPB ($ Millions) $8,270 $1,310 $34,741 

 Number of Mortgages 65,621 11,238 186,977

 Number of Units 90,750 14,996 230,233

Total Single-Family:

 UPB ($ Millions) $9,319 $1,478 $37,840 

 Number of Mortgages 74,390 12,970 205,826

 Number of Units 101,181 17,009 253,122

Mortgages and units may count toward more than one goal. 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 2016
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) $5,283 $5,283 $2,582 $7,350 $5,335 $7,466 $12,802 

 Number of Mortgages 49,932 49,932 24,540 64,679 50,516 65,734 116,250

 Portion of Qualifying or Total Mortgages Acquired 22.53% 100.00% 12.58% 26.01% 4.86% 5.04% 4.96%

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

 $UPB(Millions) $6,530 $0 $2,852 $6,796 $6,607 $6,858 $13,464 

 Number of Mortgages 48,448 0 21,213 49,456 49,170 49,916 99,086

 Portion of Qualifying or Total Mortgages Acquired 21.86% 0.00% 10.87% 19.89% 4.73% 3.83% 4.23%

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

 $UPB(Millions) $19,995 $0 $7,936 $21,853 $20,290 $22,023 $42,313 

 Number of Mortgages 123,248 0 49,121 134,548 125,635 135,609 261,244

 Portion of Qualifying or Total Mortgages Acquired 55.61% 0.00% 25.18% 54.10% 12.07% 10.41% 11.15%

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

 $UPB(Millions) $0 $0 $9,008 $0 $25,348 $29,937 $55,285 

 Number of Mortgages 0 0 46,564 0 130,909 155,958 286,867

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 23.87% 0.00% 12.58% 11.97% 12.24%

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

 $UPB(Millions) $0 $0 $3,244 $0 $27,251 $33,953 $61,204 

 Number of Mortgages 0 0 15,146 0 123,459 156,134 279,593

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 7.76% 0.00% 11.87% 11.98% 11.93%

Income More Than 120% of Median Income

 $UPB(Millions) $0 $0 $10,288 $0 $157,671 $204,836 $362,507 

 Number of Mortgages 0 0 38,469 0 560,681 738,783 1,299,464

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 19.72% 0.00% 53.89% 56.69% 55.44%

Missing

 $UPB(Millions) $0 $0 $4 $0 $22 $190 $212 

 Number of Mortgages 0 0 13 0 95 1,139 1,234

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 0.01% 0.00% 0.01% 0.09% 0.05%

All Income Levels1

 $UPB(Millions) $31,808 $5,283 $35,913 $35,998 $242,523 $305,263 $547,786 

 Number of Mortgages 221,628 49,932 195,066 248,683 1,040,465 1,303,273 2,343,738

 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 2016
Qualifying Low-Income 

Purchases

Qualifying Very LowIncome PurchasesTotal Units Financed

Affordable At No More Than 30% of Median Income

$UPB(MILLIONS) $1,358 $1,358 $1,358 

Number of Units 25,052 25,052 25,052

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

$UPB(MILLIONS) $1,608 $1,608 $1,608 

Number of Units 38,815 38,815 38,815

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

$UPB(MILLIONS) $4,707 $4,707 

Number of Units 95,090 95,090

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

$UPB(MILLIONS) $13,844 $13,844 

Number of Units 188,391 188,391

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

$UPB(MILLIONS) $10,169 

Number of Units 92,993

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

$UPB(MILLIONS) $5,909 

Number of Units 44,666

Affordable At More Than 120% of Median Income

$UPB(MILLIONS) $12,047 

Number of Units 57,400

Tenant Rent Missing

$UPB(MILLIONS) $1,284 

Number of Units 10,378

All Income Levels2

$UPB(MILLIONS) $21,516 $2,966 $50,925 

Number of Units 347,348 63,867 552,785

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

Table 3A

Distribution of Rental Units

Financed by Multifamily Mortgages Purchased by Fannie Mae

By Affordability of Rent1

For Calendar Year 2016

Portion of Qualifying or Total Units Financed 7.21% 39.23% 4.53%

Portion of Qualifying or Total Units Financed 11.17% 60.77% 7.02%

Portion of Qualifying or Total Units Financed 27.38% 17.20%

Portion of Qualifying or Total Units Financed 54.24% 34.08%

Portion of Qualifying or Total Units Financed 16.82%

Portion of Qualifying or Total Units Financed 8.08%

1

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

in "Tenant Rent Missing."

2

Includes "Tenant Rent Missing."

Portion of Qualifying or Total Units Financed 10.38%

Portion of Qualifying or Total Units Financed 1.88%
Qualifying Low-Income 

Purchases

Qualifying Very LowIncome PurchasesTotal Units Financed

Affordable At No More Than 30% of Median Income

 UPB ($ Millions) $589 $589 $589 

 Number of Units 4,108 4,108 4,108

 Portion of Qualifying or Total Units Financed 4.06% 24.15% 1.62%

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

 UPB ($ Millions) $890 $890 $890 

 Number of Units 12,901 12,901 12,901

 Portion of Qualifying or Total Units Financed 12.75% 75.85% 5.10%

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

 UPB ($ Millions) $1,625 $1,625 

 Number of Units 22,996 22,996

 Portion of Qualifying or Total Units Financed 22.73% 9.08%

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

 UPB ($ Millions) $6,216 $6,216 

 Number of Units 61,176 61,176

 Portion of Qualifying or Total Units Financed 60.46% 24.17%

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

 UPB ($ Millions) $8,538 

 Number of Units 59,789

 Portion of Qualifying or Total Units Financed 23.62%

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

 UPB ($ Millions) $6,688 

 Number of Units 35,193

 Portion of Qualifying or Total Units Financed 13.90%

Affordable At More Than 120% of Median Income

 UPB ($ Millions) $10,718 

 Number of Units 40,006

 Portion of Qualifying or Total Units Financed 15.81%

Tenant Rent Missing

 UPB ($ Millions) $2,577 

 Number of Units 16,953

 Portion of Qualifying or Total Units Financed 6.70%

All Income Levels2

 UPB ($ Millions) $9,319 $1,478 $37,840 

 Number of Units 101,181 17,009 253,122

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

1

Based on actual rents before affordability estimation. Units where affordability was estimated 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 2016
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) $1,646 $1,929 $9,275 $11,603 $24,453 $24,453 

 Number of Mortgages 11,443 8,424 60,898 45,191 125,956 125,956

 Percentage of Eligible 9.08% 6.69% 48.35% 35.88% 100.00% 100.00%

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

 $UPB(Millions) $950 $0 $4,295 $0 $5,245 $15,045 

 Number of Mortgages 6,185 0 24,350 0 30,535 66,314

 Percentage of Eligible 9.33% 0.00% 36.72% 0.00% 46.05% 100.00%

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

 $UPB(Millions) $887 $0 $0 $0 $887 $20,607 

 Number of Mortgages 6,133 0 0 0 6,133 115,633

 Percentage of Eligible 5.30% 0.00% 0.00% 0.00% 5.30% 100.00%

Tract Income >= 100% of Area Median1

 $UPB(Millions) $5,328 $0 $0 $0 $5,328 $167,163 

 Number of Mortgages 32,442 0 0 0 32,442 658,897

 Percentage of Eligible 4.92% 0.00% 0.00% 0.00% 4.92% 100.00%

Total

 $UPB(Millions) $8,810 $1,929 $13,570 $11,603 $35,913 $227,267 

 Number of Mortgages 56,203 8,424 85,248 45,191 195,066 966,800

 Percentage of Eligible 5.81% 0.87% 8.82% 4.67% 20.18% 100.00% 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

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 2016
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) $120 $21 $146 $211 $653 $974 $1,626 

 Number of Mortgages 835 202 828 1,535 2,940 4,806 7,746

 

 Portion of Qualifying or Total Mortgages Acquired 0.38% 0.40% 0.42% 0.62% 0.28% 0.37% 0.33%

 

Asian2

 $UPB(Millions) $2,471 $420 $3,577 $2,194 $20,742 $28,521 $49,262 

 Number of Mortgages 13,426 3,250 14,842 10,947 69,305 89,933 159,238

 

 Portion of Qualifying or Total Mortgages Acquired 6.06% 6.51% 7.61% 4.40% 6.66% 6.90% 6.79%

 

Black or African American2

 $UPB(Millions) $1,227 $221 $1,757 $1,814 $6,820 $8,266 $15,086 

 Number of Mortgages 8,469 2,038 10,251 12,979 30,585 41,352 71,937

 

 Portion of Qualifying or Total Mortgages Acquired 3.82% 4.08% 5.26% 5.22% 2.94% 3.17% 3.07%

 

Native Hawaiian or Other Pacific Islander2

 $UPB(Millions) $109 $16 $156 $173 $738 $1,248 $1,986 

 Number of Mortgages 660 139 697 963 2,753 4,461 7,214

 

 Portion of Qualifying or Total Mortgages Acquired 0.30% 0.28% 0.36% 0.39% 0.26% 0.34% 0.31%

 

White - Hispanic or Latino3

 $UPB(Millions) $3,063 $595 $4,637 $3,928 $18,515 $23,198 $41,713 

 Number of Mortgages 20,938 5,338 25,933 25,331 81,451 102,101 183,552

 

 Portion of Qualifying or Total Mortgages Acquired 9.45% 10.69% 13.29% 10.19% 7.83% 7.83% 7.83%

 

White - Non Hispanic or Latino

 $UPB(Millions) $22,382 $3,660 $21,947 $22,865 $168,273 $196,875 $365,148 

 Number of Mortgages 161,451 35,770 124,719 164,736 750,045 872,134 1,622,179

 

 Portion of Qualifying or Total Mortgages Acquired 72.85% 71.64% 63.94% 66.24% 72.09% 66.92% 69.21%

 

Two or More Minority Races4

 $UPB(Millions) $19 $3 $30 $32 $160 $236 $396 

 Number of Mortgages 115 24 144 197 586 910 1,496

 

 Portion of Qualifying or Total Mortgages Acquired 0.05% 0.05% 0.07% 0.08% 0.06% 0.07% 0.06%

 

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

 $UPB(Millions) $217 $16 $608 $296 $5,033 $5,957 $10,990 

 Number of Mortgages 1,312 146 2,531 1,752 17,861 21,223 39,084

 

 Portion of Qualifying or Total Mortgages Acquired 0.59% 0.29% 1.30% 0.70% 1.72% 1.63% 1.67%

 

Information not Provided by Borrower or Co-Borrower6

 $UPB(Millions) $2,200 $331 $3,055 $4,431 $21,590 $39,851 $61,441 

 Number of Mortgages 14,422 3,025 15,121 29,743 84,939 165,313 250,252

 

 Portion of Qualifying or Total Mortgages Acquired 6.51% 6.06% 7.75% 11.96% 8.16% 12.68% 10.68%

 

Not Applicable

 $UPB(Millions) $0 $0 $0 $2 $0 $7 $7 

 Number of Mortgages 0 0 0 14 0 34 34

 

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

 

Data not Provided by Loan Seller

 $UPB(Millions) $0 $0 $0 $53 $0 $131 $131 

 Number of Mortgages 0 0 0 486 0 1,006 1,006

 

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 0.00% 0.20% 0.00% 0.08% 0.04%

 

Total

 $UPB(Millions) $31,808 $5,283 $35,913 $35,998 $242,523 $305,263 $547,786 

 Number of Mortgages 221,628 49,932 195,066 248,683 1,040,465 1,303,273 2,343,738

 

 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 2016

Table 5A continues on next page.
For Fourth Quarter 2016

Distribution of Single-Family Owner-Occupied Mortgage Purchases

By Race of Borrower(s) on Loan Application1

Table 5A

6

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

2

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

3

If the loan is classified as White (see footnote 1) and if either borrower or co-borrower is identified as Hispanic or Latino, the loan is classified as "White - Hispanic or Latino." The 

category "White - 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.

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."

1

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

identified with any combination of, and up to, 5 race categories: (1) American Indian or Alaska Native, (2) Asian, (3) Black or African American, (4) Native Hawaiian or Other Pacific 

Islander, and (5) White. A borrower or co-borrower identified as both White and one minority race is classified as the minority race. If race is known for one borrower but not the 

other borrower, the loan is classified according to the known race. A loan where one borrower is identified as White and the race of the other borrower is missing, or where both the 

borrower and co-borrower are identified as White, is categorized in one of the two White categories. Separately, ethnicity associated with a loan also is based on data for the 

borrower and, if any, co-borrower. Borrower and co-borrower may choose either (1) Hispanic or Latino or (2) Not Hispanic or Latino. In this table, the White race category is further 

categorized as either "Hispanic or Latino," or "Not Hispanic or Latino." Table 5B shows the ethnicity distribution of all loans acquired.
Qualifying Qualifying Very Qualifying Low- Qualifying Total Purchase Total Refinance Total Mortgages

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

Purchase Money Purchase Money Purchase Money Refinance Mortgages Acquired

Mortgages Mortgages Mortgages Mortgages Acquired

Borrower and Co-Borrower are Hispanic or Latino:

 $UPB(Millions) $3,093 $619 $4,463 $4,226 $15,264 $20,388 $35,652 

 Number of Mortgages 21,224 5,563 25,436 27,313 69,931 93,264 163,195

 

 Portion of Qualifying or Total Mortgages Acquired 9.58% 11.14% 13.04% 10.98% 6.72% 7.16% 6.96%

 

Borrower and Co-Borrower are not Hispanic or Latino:

 $UPB(Millions) $26,401 $4,340 $27,921 $27,461 $201,142 $240,861 $442,002 

 Number of Mortgages 185,351 41,415 152,649 192,375 868,957 1,029,970 1,898,927

 

 Portion of Qualifying or Total Mortgages Acquired 83.63% 82.94% 78.26% 77.36% 83.52% 79.03% 81.02%

 

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

 $UPB(Millions) $237 $19 $633 $346 $5,295 $6,514 $11,809 

 Number of Mortgages 1,475 170 2,808 2,130 19,723 24,764 44,487

 

 Portion of Qualifying or Total Mortgages Acquired 0.67% 0.34% 1.44% 0.86% 1.90% 1.90% 1.90%

 

Information not Provided by Borrower or Co-Borrower:3

 $UPB(Millions) $2,078 $304 $2,895 $3,907 $20,822 $37,351 $58,174 

 Number of Mortgages 13,578 2,784 14,172 26,321 81,853 154,148 236,001

 

 Portion of Qualifying or Total Mortgages Acquired 6.13% 5.58% 7.27% 10.58% 7.87% 11.83% 10.07%

 

Not Applicable:

 $UPB(Millions) $0 $0 $0 $5 $0 $11 $11 

 Number of Mortgages 0 0 1 40 1 71 72

 

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

 

Data Not Provided by Loan Seller:

 $UPB(Millions) $0 $0 $0 $54 $0 $139 $139 

 Number of Mortgages 0 0 0 504 0 1,056 1,056

 

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 0.00% 0.20% 0.00% 0.08% 0.05%

 

Total:

 $UPB(Millions) $31,808 $5,283 $35,913 $35,998 $242,523 $305,263 $547,786 

 Number of Mortgages 221,628 49,932 195,066 248,683 1,040,465 1,303,273 2,343,738

 

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

 

1

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

2

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

3

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

Table 5B

Distribution of Single-Family Owner-Occupied Mortgage Purchases

By Ethnicity of Borrower(s) on Loan Application1

For Calendar Year 2016
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) $12,282 $2,043 $12,812 $11,643 $72,355 $82,670 $155,025 

 Number of Mortgages 85,372 19,061 71,395 79,913 318,713 353,981 672,694

 Portion of Qualifying or Total Mortgages Acquired 38.52% 38.17% 36.60% 32.13% 30.63% 27.16% 28.70%

 

All Female: 

 $UPB(Millions) $12,460 $2,496 $10,517 $12,949 $46,361 $52,275 $98,636 

 Number of Mortgages 89,757 24,157 63,258 92,977 232,375 256,860 489,235

 Portion of Qualifying or Total Mortgages Acquired 40.50% 48.38% 32.43% 37.39% 22.33% 19.71% 20.87%

 

Male and Female: 

 $UPB(Millions) $5,936 $580 $11,017 $8,830 $111,879 $145,963 $257,842 

 Number of Mortgages 39,019 5,177 52,664 58,133 442,190 589,674 1,031,864

 Portion of Qualifying or Total Mortgages Acquired 17.61% 10.37% 27.00% 23.38% 42.50% 45.25% 44.03%

 

Not Applicable: 

 $UPB(Millions) $0 $0 $0 $1 $0 $7 $7 

 Number of Mortgages 0 0 0 8 0 24 24

 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) $1,130 $165 $1,567 $2,574 $11,928 $24,344 $36,272 

 Number of Mortgages 7,480 1,537 7,749 17,638 47,187 102,686 149,873

 Portion of Qualifying or Total Mortgages Acquired 3.38% 3.08% 3.97% 7.09% 4.54% 7.88% 6.39%

 

Missing: 

 $UPB(Millions) $0 $0 $0 $1 $0 $6 $6 

 Number of Mortgages 0 0 0 14 0 48 48

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

 

Total: 

 $UPB(Millions) $31,808 $5,283 $35,913 $35,998 $242,523 $305,263 $547,786 

 Number of Mortgages 221,628 49,932 195,066 248,683 1,040,465 1,303,273 2,343,738

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

 

1

Borrower and co-borrower with a "Not 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 2016
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% 52,190 11,938 15,558 54,595 250,581 284,947 535,528

10% <= Minority < 20% 55,287 11,974 27,681 53,674 274,696 308,612 583,308

20% <= Minority < 30% 34,880 7,622 24,436 35,036 170,643 203,408 374,051

30% <= Minority < 50% 40,585 8,938 52,411 44,101 192,498 249,100 441,598

50% <= Minority < 80% 27,934 6,748 50,018 37,315 113,255 173,645 286,900

80% <= Minority <= 100% 10,749 2,712 24,921 23,962 38,641 83,458 122,099

Tract Missing / Unable to Classify 3 0 41 0 151 103 254

Total: 221,628 49,932 195,066 248,683 1,040,465 1,303,273 2,343,738

Table 7

Distribution of Single-Family Owner-Occupied Mortgage Purchases

By Minority Concentration of Census Tract

For Calendar Year 2016
Qualifying Low- Qualifying Very Low- Total Units Financed

Income Units Income Units

Minority < 10% 12,242 2,640 17,747

10% <= Minority < 20% 34,283 4,562 61,975

20% <= Minority < 30% 48,297 6,400 94,104

30% <= Minority < 50% 90,403 13,511 149,144

50% <= Minority < 80% 89,804 14,169 142,699

80% <= Minority <= 100% 72,319 22,585 87,116

Tract Missing / Unable to Classify 0 0 0

Total: 347,348 63,867 552,785

Table 8A

Distribution of Fannie Mae's Multifamily Mortgage Purchases

By Minority Concentration of Census Tract

For Calendar Year 2016
Qualifying Low- Qualifying Very Low- Total Units Financed

Income Units Income Units

Minority < 10% 13,630 2,898 25,831

10% <= Minority < 20% 18,935 3,132 44,693

20% <= Minority < 30% 13,982 2,330 37,114

30% <= Minority < 50% 19,515 3,221 54,885

50% <= Minority < 80% 19,664 2,964 51,608

80% <= Minority <= 100% 15,448 2,462 38,916

Tract Missing / Unable to Classify 7 2 75

Total: 101,181 17,009 253,122

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 2016
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% 11,938 11,938 2,213 14,028 12,130 14,298 26,428

 10% <= Minority < 30% 19,596 19,596 6,971 22,258 19,800 22,591 42,391

 30% <= Minority < 50% 8,938 8,938 6,875 11,274 9,030 11,436 20,466

 50% <= Minority < 80% 6,748 6,748 5,886 10,112 6,815 10,270 17,085

 80% <= Minority <= 100% 2,712 2,712 2,595 7,007 2,741 7,139 9,880

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

 Subtotal 49,932 49,932 24,540 64,679 50,516 65,734 116,250

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

 Minority < 10% 11,517 0 1,754 11,024 11,780 11,150 22,930

 10% <= Minority < 30% 19,657 0 6,092 17,560 19,877 17,708 37,585

 30% <= Minority < 50% 8,908 0 6,202 8,701 9,034 8,779 17,813

 50% <= Minority < 80% 6,015 0 4,976 7,503 6,095 7,555 13,650

 80% <= Minority <= 100% 2,350 0 2,188 4,668 2,383 4,723 7,106

 Tract Missing / Unable to Classify 1 0 1 0 1 1 2

 Subtotal 48,448 0 21,213 49,456 49,170 49,916 99,086

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

 Minority < 10% 28,735 0 3,783 29,543 29,537 29,844 59,381

 10% <= Minority < 30% 50,914 0 14,203 48,892 51,787 49,229 101,016

 30% <= Minority < 50% 22,739 0 14,275 24,126 23,123 24,280 47,403

 50% <= Minority < 80% 15,171 0 11,722 19,700 15,413 19,868 35,281

 80% <= Minority <= 100% 5,687 0 5,136 12,287 5,773 12,388 18,161

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

 Subtotal 123,248 0 49,121 134,548 125,635 135,609 261,244

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

 Minority < 10% 0 0 3,750 0 30,851 34,357 65,208

 10% <= Minority < 30% 0 0 13,941 0 54,495 57,965 112,460

 30% <= Minority < 50% 0 0 13,244 0 24,186 28,570 52,756

 50% <= Minority < 80% 0 0 10,643 0 15,446 22,166 37,612

 80% <= Minority <= 100% 0 0 4,985 0 5,930 12,899 18,829

 Tract Missing / Unable to Classify 0 0 1 0 1 1 2

 Subtotal 0 0 46,564 0 130,909 155,958 286,867

100% < Income <=120% of MSA Median Income

 Minority < 10% 0 0 1,207 0 29,498 34,105 63,603

 10% <= Minority < 30% 0 0 3,340 0 52,354 59,362 111,716

 30% <= Minority < 50% 0 0 3,366 0 22,640 29,248 51,888

 50% <= Minority < 80% 0 0 4,417 0 13,871 21,898 35,769

 80% <= Minority <= 100% 0 0 2,816 0 5,096 11,516 16,612

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

 Subtotal 0 0 15,146 0 123,459 156,134 279,593

120% MSA Median Income < Income

 Minority < 10% 0 0 2,851 0 136,782 160,989 297,771

 10% <= Minority < 30% 0 0 7,570 0 247,022 304,817 551,839

 30% <= Minority < 50% 0 0 8,449 0 104,484 146,574 251,058

 50% <= Minority < 80% 0 0 12,364 0 55,604 91,691 147,295

 80% <= Minority <= 100% 0 0 7,201 0 16,717 34,677 51,394

 Tract Missing / Unable to Classify 0 0 34 0 72 35 107

 Subtotal 0 0 38,469 0 560,681 738,783 1,299,464

Borrower Income Missing

 Minority < 10% 0 0 0 0 3 204 207

 10% <= Minority < 30% 0 0 0 0 4 348 352

 30% <= Minority < 50% 0 0 0 0 1 213 214

 50% <= Minority < 80% 0 0 10 0 11 197 208

 80% <= Minority <= 100% 0 0 0 0 1 116 117

 Tract Missing / Unable to Classify 0 0 3 0 75 61 136

 Subtotal 0 0 13 0 95 1,139 1,234

Total: 221,628 49,932 195,066 248,683 1,040,465 1,303,273 2,343,738

Table 9

Distribution of Single-Family Owner-Occupied Mortgage Purchases

Minority Percentage of Census Tract by Income of Borrower

For Calendar Year 2016
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 2,308 516 2,605 2,360 12,712 12,079 24,791

Alaska 407 78 232 622 1,609 2,093 3,702

Arizona 7,434 1,709 5,919 7,767 35,029 36,217 71,246

Arkansas 1,136 272 1,143 1,190 6,596 6,430 13,026

California 10,229 1,376 19,899 38,714 90,989 276,951 367,940

Colorado 7,752 1,667 11,606 14,018 31,570 52,471 84,041

Connecticut 3,563 813 1,660 2,480 10,415 10,297 20,712

Delaware 784 198 450 981 4,011 4,034 8,045

District of Columbia 637 109 964 780 2,281 3,033 5,314

Florida 13,055 2,551 12,731 10,512 82,063 57,266 139,329

Georgia 5,515 1,216 4,802 5,973 33,708 33,788 67,496

Hawaii 435 63 651 1,040 2,780 5,226 8,006

Idaho 3,041 756 1,547 2,033 10,983 8,160 19,143

Illinois 11,957 3,132 16,692 9,559 41,133 52,716 93,849

Indiana 5,353 1,378 2,130 4,623 19,523 18,391 37,914

Iowa 4,249 1,223 1,461 3,277 12,722 12,904 25,626

Kansas 1,857 409 797 1,578 7,687 7,864 15,551

Kentucky 2,935 753 2,801 2,240 10,352 9,497 19,849

Louisiana 1,656 302 1,308 1,990 10,363 12,005 22,368

Maine 493 108 265 749 2,783 3,314 6,097

Maryland 5,642 1,523 3,933 7,717 18,857 27,300 46,157

Massachusetts 5,995 1,180 3,891 7,231 22,333 35,796 58,129

Michigan 8,584 2,204 7,580 9,107 33,482 43,444 76,926

Minnesota 10,020 2,874 4,330 7,966 29,045 30,608 59,653

Mississippi 672 135 896 919 4,858 6,168 11,026

Missouri 5,017 1,275 2,421 5,034 20,069 24,127 44,196

Montana 896 200 418 1,095 3,963 4,561 8,524

Nebraska 2,535 638 1,064 1,974 8,861 9,307 18,168

Nevada 2,688 578 2,039 3,529 13,232 14,611 27,843

New Hampshire 1,351 296 663 1,481 5,028 5,986 11,014

New Jersey 4,154 735 2,584 4,391 25,919 34,333 60,252

New Mexico 1,215 295 1,100 1,210 6,072 5,523 11,595

New York 6,064 1,085 4,898 5,230 34,029 33,999 68,028

North Carolina 6,988 1,536 5,492 5,955 36,885 31,603 68,488

North Dakota 550 137 142 620 2,243 2,826 5,069

Ohio 8,290 2,105 3,580 6,150 31,284 27,359 58,643

Oklahoma 1,941 478 3,229 1,580 9,889 8,759 18,648

Oregon 3,156 543 3,232 4,411 18,783 24,331 43,114

Pennsylvania 8,134 2,013 3,706 7,337 32,871 33,033 65,904

Rhode Island 716 100 258 728 3,079 3,405 6,484

South Carolina 3,802 801 5,585 2,965 20,661 15,413 36,074

South Dakota 1,079 288 387 743 3,659 3,744 7,403

Tennessee 4,027 875 2,745 3,830 20,775 18,149 38,924

Texas 12,356 2,128 21,001 12,406 91,449 87,544 178,993

Utah 4,848 1,083 2,383 5,351 16,741 21,819 38,560

Vermont 363 83 149 446 1,414 1,659 3,073

Virginia 7,854 1,908 5,293 9,163 27,923 36,819 64,742

Washington 8,175 1,724 8,556 9,269 34,863 45,000 79,863

West Virginia 443 108 218 587 2,143 2,726 4,869

Wisconsin 8,545 2,191 3,129 6,693 27,351 32,639 59,990

Wyoming 660 179 229 805 2,150 2,879 5,029

Guam 0 0 22 0 29 68 97

Puerto Rico 69 5 209 274 1,066 2,898 3,964

Virgin Islands 3 0 41 0 82 47 129

Unable to Geocode 0 0 0 0 68 54 122

Total 221,628 49,932 195,066 248,683 1,040,465 1,303,273 2,343,738

Table 10A

Distribution of Fannie Mae's Single-Family Owner-Occupied Mortgage Purchases

By State and Territory

For Calendar Year 2016
Qualifying Low- Qualifying Very Low- Total Units Financed

Income Units Income Units

Alabama 4,390 698 6,021

Alaska 432 225 459

Arizona 16,686 1,005 25,781

Arkansas 1,361 324 2,367

California 9,103 1,865 39,536

Colorado 7,470 1,014 14,822

Connecticut 1,695 831 2,425

Delaware 1,112 166 1,392

District of Columbia 250 37 1,286

Florida 22,140 3,163 61,137

Georgia 25,164 4,220 34,581

Hawaii 230 101 624

Idaho 1,369 403 1,567

Illinois 5,270 1,600 8,017

Indiana 5,287 424 6,529

Iowa 1,101 332 1,306

Kansas 3,917 1,234 4,714

Kentucky 4,182 389 4,682

Louisiana 4,016 367 6,568

Maine 349 0 620

Maryland 13,669 2,987 17,051

Massachusetts 2,870 955 5,499

Michigan 10,039 2,256 12,310

Minnesota 2,223 277 2,973

Mississippi 3,813 269 4,947

Missouri 11,345 2,604 13,423

Montana 91 1 275

Nebraska 1,425 640 1,689

Nevada 5,572 235 8,521

New Hampshire 2,001 203 2,144

New Jersey 1,609 878 3,827

New Mexico 1,460 83 2,049

New York 12,743 6,431 31,962

North Carolina 15,659 1,357 23,422

North Dakota 513 101 526

Ohio 12,385 3,199 15,209

Oklahoma 3,000 915 3,900

Oregon 2,717 158 6,289

Pennsylvania 1,566 909 3,249

Rhode Island 52 0 196

South Carolina 8,887 1,451 12,003

South Dakota 0 0 0

Tennessee 8,752 1,802 11,190

Texas 84,520 13,295 110,304

Utah 3,440 907 3,659

Vermont 0 0 0

Virginia 9,391 1,985 12,881

Washington 9,864 722 15,932

West Virginia 180 0 307

Wisconsin 1,563 419 2,126

Wyoming 72 66 72

Guam 0 0 0

Puerto Rico 403 364 416

Virgin Islands 0 0 0

Other Territories 0 0 0

Unable to Geocode 0 0 0

Total 347,348 63,867 552,785

Table 10B

Distribution of Fannie Mae's

Multifamily Mortgage Purchases by State And Territory

For Calendar Year 2016
Qualifying Low- Qualifying Very Low- Total Units Financed

Income Units Income Units

Alabama 776 126 1,534

Alaska 507 61 777

Arizona 2,759 346 7,218

Arkansas 610 124 984

California 12,381 1,591 63,290

Colorado 2,858 433 8,365

Connecticut 1,867 446 2,581

Delaware 307 53 567

District of Columbia 468 142 1,145

Florida 3,061 386 12,987

Georgia 2,337 298 5,527

Hawaii 194 26 1,185

Idaho 1,420 190 2,201

Illinois 4,376 850 9,376

Indiana 1,782 300 2,571

Iowa 735 222 976

Kansas 724 147 1,116

Kentucky 986 207 1,384

Louisiana 798 134 2,079

Maine 372 36 679

Maryland 1,953 336 3,623

Massachusetts 5,185 856 8,692

Michigan 2,362 434 4,005

Minnesota 2,342 376 3,454

Mississippi 193 30 506

Missouri 2,537 622 3,450

Montana 645 97 1,117

Nebraska 608 121 899

Nevada 1,382 190 3,796

New Hampshire 779 137 1,042

New Jersey 3,099 336 7,335

New Mexico 764 159 1,540

New York 4,311 970 12,916

North Carolina 2,519 395 5,495

North Dakota 132 57 227

Ohio 4,084 1,046 5,495

Oklahoma 1,048 168 1,840

Oregon 1,966 156 5,853

Pennsylvania 3,920 890 5,808

Rhode Island 900 119 1,309

South Carolina 806 115 2,273

South Dakota 219 41 342

Tennessee 1,777 243 3,811

Texas 5,683 851 17,815

Utah 2,174 383 3,978

Vermont 159 15 282

Virginia 2,900 374 5,498

Washington 3,872 423 8,931

West Virginia 165 34 260

Wisconsin 2,959 814 3,707

Wyoming 399 101 538

Guam 0 0 0

Puerto Rico 14 0 670

Virgin Islands 7 2 65

Other Territories 0 0 0

Unable to Geocode 0 0 8

Total 101,181 17,009 253,122

Table 10C

Distribution of Rental Units Financed by Purchases of Mortgages on

Single-Family Rental Properties by State And Territory

For Calendar Year 2016
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) $2,857 $687 $2,035 $13,200 $18,450 $93,198 $111,648 

 Number of Mortgages 24,438 7,596 14,184 98,644 95,406 424,005 519,411

 Portion of Total 11.03% 15.21% 7.27% 39.67% 9.17% 32.53% 22.16%

 

60% < LTV <= 80%

 $UPB(Millions) $12,298 $2,195 $13,567 $18,634 $106,660 $176,101 $282,760 

 Number of Mortgages 83,833 20,295 70,958 122,557 435,344 725,919 1,161,263

 Portion of Total 37.83% 40.65% 36.38% 49.28% 41.84% 55.70% 49.55%

 

80% < LTV <= 90%

 $UPB(Millions) $4,139 $646 $5,510 $2,465 $41,457 $25,425 $66,882 

 Number of Mortgages 27,802 5,995 27,494 16,178 166,830 104,867 271,697

 Portion of Total 12.54% 12.01% 14.09% 6.51% 16.03% 8.05% 11.59%

 

90% < LTV <= 95%

 $UPB(Millions) $7,923 $1,052 $10,564 $914 $62,538 $7,999 $70,537 

 Number of Mortgages 54,616 9,837 57,706 6,078 271,324 34,572 305,896

 Portion of Total 24.64% 19.70% 29.58% 2.44% 26.08% 2.65% 13.05%

 

95% < LTV <= 100%

 $UPB(Millions) $4,591 $702 $4,237 $259 $13,356 $873 $14,229 

 Number of Mortgages 30,939 6,209 24,724 1,729 70,982 4,667 75,649

 Portion of Total 13.96% 12.43% 12.67% 0.70% 6.82% 0.36% 3.23%

 

100% < LTV

 $UPB(Millions) $0 $0 $0 $526 $62 $1,635 $1,697 

 Number of Mortgages 0 0 0 3,496 579 9,063 9,642

 Portion of Total 0.00% 0.00% 0.00% 1.41% 0.06% 0.70% 0.41%

 

Missing LTV

 $UPB(Millions) $0 $0 $0 $0 $0 $32 $32 

 Number of Mortgages 0 0 0 1 0 180 180

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

 

Total

 $UPB(Millions) $31,808 $5,283 $35,913 $35,998 $242,523 $305,263 $547,786 

 Number of Mortgages 221,628 49,932 195,066 248,683 1,040,465 1,303,273 2,343,738

 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 2016
First-Time Repeat Buyer Status

Borrower Income Buyer Buyer Not Available Total

Mortgages Mortgages Mortgages Mortgages

Income <= 50% of Area Median Income (AMI)

 $UPB(Millions) $3,595 $1,688 $0 $5,283 

 Number of Mortgages 33,528 16,404 0 49,932

 Portion of Total Mortgages Acquired 7.54% 3.14% 0.00% 5.16%

Income >50% But <= 60% of AMI

 $UPB(Millions) $4,383 $2,147 $0 $6,530 

 Number of Mortgages 32,140 16,308 0 48,448

 Portion of Total Mortgages Acquired 7.23% 3.12% 0.00% 5.01%

Income >60% But <= 80% of AMI

 $UPB(Millions) $12,460 $7,535 $0 $19,995 

 Number of Mortgages 76,095 47,153 0 123,248

 Portion of Total Mortgages Acquired 17.11% 9.03% 0.00% 12.75%

Income >80% But <= 100% of AMI

 $UPB(Millions) $13,726 $11,135 $0 $24,861 

 Number of Mortgages 69,493 57,962 0 127,455

 Portion of Total Mortgages Acquired 15.63% 11.10% 0.00% 13.18%

Income >100% But <= 120% of AMI

 $UPB(Millions) $13,231 $13,359 $0 $26,590 

 Number of Mortgages 58,218 60,992 0 119,210

 Portion of Total Mortgages Acquired 13.09% 11.68% 0.00% 12.33%

Income >120% of AMI

 $UPB(Millions) $51,057 $92,935 $0 $143,993 

 Number of Mortgages 175,176 323,266 0 498,442

 Portion of Total Mortgages Acquired 39.39% 61.91% 0.00% 51.56%

Missing

 $UPB(Millions) $5 $11 $0 $15 

 Number of Mortgages 21 44 0 65

 Portion of Total Mortgages Acquired 0.00% 0.01% 0.00% 0.01%

All Income Levels1

 $UPB(Millions) $98,458 $128,810 $0 $227,267 

 Number of Mortgages 444,671 522,129 0 966,800

 Portion of Total Mortgages Acquired 100.00% 100.00% 0.00% 100.00%

1

Includes "Tenant Rent 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 2016
First-Time Repeat Status of

Subgoal Qualifying Status Buyer Buyer Buyer Total

Mortgages Mortgages Not Available Mortgages

Subgoal-Qualifying Mortgages

 $UPB(Millions) $18,469 $11,229 $0 $29,698 

 Number of Mortgages 98,821 57,670 0 156,491

 Percentage of Total 22.22% 11.05% 0.00% 16.19%

Non-Qualifying Mortgages

 $UPB(Millions) $79,989 $117,581 $0 $197,569 

 Number of Mortgages 345,850 464,459 0 810,309

 Percentage of Total 77.78% 88.95% 0.00% 83.81%

Total Mortgages

 $UPB(Millions) $98,458 $128,810 $0 $227,267 

 Number of Mortgages 444,671 522,129 0 966,800

 Percentage of Total 100.00% 100.00% 0.00% 100.00%

Table 12B

Single-Family Owner-Occupied Purchase Money Mortgages Acquired by

First-Time/Repeat Borrower Status, for Mortgages Qualifying

and Not Qualifying for the Low-Income Area Purchase SUBGOAL

For Calendar Year 2016