Annual Housing Activities Report 2021 © 2022 Fannie Mae

ANNUAL MORTGAGE &REPORT

2021

Annual 

Housing 

Activities 

Report
2 Annual Housing Activities Report 2021

2021

at a

glance

375,569

Home-purchase 

mortgages to lowincome borrowers* 

97,154

Home-purchase 

mortgages to very lowincome borrowers*

2,411,128

Mortgages to borrowers 

at no more than 120% of 

Area Median Income

712,699

First-time homebuyer 

mortgages, more than half 

of all Fannie Mae homepurchase mortgage* 

acquisitions

384,488

Rental units affordable 

to low-income families*

83,459

Rental units affordable 

to very low-income families*

$9.6B

Multifamily affordable 

housing volume ~$730,000

Saved through RefiNowTM 

appraisal credits in 2021

Over 250K

Fannie Mae potential 

homebuyers received 

homeownership education 

2.6M

Unique visitors to consumer 

education websites**

* Housing-goals-eligible mortgages.

** Sites reflected include KnowYourOptions.com, Here to Help, Your Own Story, and 

RefiNow during the time period 1/1/2021 – 11/30/2021.

 Affordable housing

 Consumer education

© 2022 Fannie Mae
Annual Housing Activities Report 2021

127%

Increase in the number 

of Future Housing Leaders® 

interns from 2020 

44%

Future Housing Leaders 

survey respondents 

who identify as a racial 

or ethnic minority

$1.4T

In liquidity provided 

to the mortgage market

$70B

In financing provided 

to the multifamily market

$100B

Reached in Green 

Bond issuances 

$215B

Record dollar volume 

of first-time homebuyer 

mortgages

1.3M

Single-family loans that 

exited forbearance 2021

Over 29K

Consumers who took 

advantage of counseling 

sessions

 Racial equity

 Supporting the market

 Relief response

3 © 2022 Fannie Mae
4 Annual Housing Activities Report 2021 © 2022 Fannie Mae

Good health starts at home

In partnership with Children’s National Hospital Health Systems, Fannie Mae is 

improving the quality of affordable housing and the health of residents in underserved 

communities in Washington, D.C. Our Sustainable Communities Initiative project 

addresses indoor allergens that trigger health concerns — specifically pediatric asthma 

— and provides much-needed remediations (fixing leaky roofs, installing air filtration, 

removing moldy carpet, and more) that not only improve the quality and value of the 

home, but also help keep it affordable. Learn more at fanniemae.com/childrens-national.

Tiny homes, tremendous impact

Through Fannie Mae’s Sustainable Communities Initiative, we continue to increase 

access to affordable housing. Our project with the Human Resource Development 

Council of District IX (HRDC) helped build Housing First Village in Bozeman, MT. 

This community provides stable housing to people who were previously experiencing 

homelessness and offers enhanced resident services like financial coaching, health care 

coordination, and mental health counseling. Housing First Village expects to provide 

savings to the city. Per person, the costs to community service providers, including 

health, social services, and corrections, is $28,000 per year. The cost to build housing 

and provide resident support services in Housing First Village is $12,000 per person, 

per year. That’s $16,000 in savings to the city per person, per year.

Learn more at fanniemae.com/housing-first-village.
5 Annual Housing Activities Report 2021 © 2022 Fannie Mae

Helping renters weather 

the storm

A renter in Louisiana reached out to Fannie Mae’s Disaster Response NetworkTM in 

September 2021. After months of job-searching, she had just found a new job. But 

then disaster struck. She was already six months behind on her rent because of COVID19-related unemployment — and then Hurricane Ida hit. Her new workplace was 

damaged, with no confirmed reopen date, and her apartment was uninhabitable. She 

had to live in a hotel paid for out of pocket. She submitted a claim with FEMA but was 

waiting on approval. Her property management company encouraged her to contact 

the Disaster Response Network for help. When she first spoke with her counselor, she 

was unsure how she could make ends meet or what steps to take next. After hearing her 

circumstances, the counselor was able to provide her with contact information for the 

Louisiana Emergency Rental Assistance Program as well as resources to help her secure 

emergency food and utility assistance. Since that initial call, she applied for and received 

rental assistance funds. The program allowed her to catch up on past rent and covered 

her rent through March 2022. She is living in her apartment again, back to work, and 

on her way to a full recovery.
6 Annual Housing Activities Report 2021 © 2022 Fannie Mae

Introduction

In 2021, our nation began to recover from the immense effects of the COVID-19 global 

pandemic. Although life is not the same as pre-pandemic days, the country adjusted, as 

it has always done in the face of adversity. It was time to focus on the future and create 

an opportunity to set the nation on a positive path. Fannie Mae — driven by charter and 

choice — took hold of this moment to make 2021 a year of action and innovation and 

help create an even better, even stronger housing finance industry.

Fannie Mae has served a public mission since it was founded in 1938. In early 2021, 

adapting this mission to the housing needs of a country recovering from pandemic and 

wrestling with its persistent disparities in homeownership, wealth, and opportunity 

became the central focus of our 7,400 employees. That mission, “to facilitate equitable 

and sustainable access to homeownership and quality affordable rental housing across 

America,” is brought to life in the accomplishments outlined in this report. 

Those accomplishments fall into three broad areas that we believe lay the groundwork 

for a better future for U.S. housing and Fannie Mae’s vital role in supporting it:

1. Building a fundamentally fairer housing system.

2. Supporting housing stability for homeowners and renters. 

3. Expanding affordable homebuying and rental opportunities 

across the United States.

A fairer housing system

Fannie Mae is working to knock down barriers that exclude people from accessing 

affordable, stable homeownership and rental opportunities. This includes addressing 

the barriers that disproportionately impact people of color.

• Fannie Mae was the first in the industry to incorporate and review positive 

rent payment data history in underwriting and began to accept average 

credit score for loans with multiple applicants. This will allow more firsttime homebuyers to qualify for a mortgage, including those with thin or 

unconventional credit histories.

• To help low-income homeowners with a mortgage take advantage of the low 

interest rate environment in 2021 and, therefore, reduce their mortgage costs, 

Fannie Mae launched RefiNow. By reducing potential financial and administrative 

barriers associated with refinancing, this product aims to encourage those 

who tend to refinance less often, including borrowers of color, to save on 

housing costs.
7 Annual Housing Activities Report 2021 © 2022 Fannie Mae

• We worked to find new ways to broaden and deepen inclusion policies and 

initiatives for consumers. One important step toward creating a fairer housing 

system is for the industry to better reflect the consumers that it serves. 2021 was 

a banner year for our Future Housing Leaders program and Appraiser Diversity 

Initiative, both of which aim to provide career opportunities for historically 

underrepresented groups and create a pipeline of diverse talent for the 

housing industry.

• Fannie Mae focused on identifying challenges Black borrowers face and 

shared our findings with the industry and public — including in our research 

publications, Barriers to Entry: Closing Costs for First-Time and Low-Income 

Homebuyers and Appraising the Appraisal.

Housing stability

As part of our mission to create more sustainable housing for more families, we helped 

keep borrowers and renters in their homes by providing homeownership and rental 

education, maintaining sustainable and inclusive credit standards, and highlighting 

foreclosure prevention options. 

• To help consumers prepare for homeownership, we launched the Your Own Story 

campaign with a dedicated website to provide homebuyers with accessible, 

interactive information on how to achieve sustainable homeownership. 

• Consumers took advantage of our homebuyer education programs, which, 

in 2021, were used by over 28 million Fannie Mae borrowers. 

• Our Know Your OptionsTM website featured the latest information and resources 

on buying, renting, and disaster relief, and our Disaster Response Network gave 

eligible homeowners and renters access to personalized support during natural 

disasters and the pandemic. 

• After the success of 2020’s Here to Help campaign, which provided lenders, 

servicers, borrowers, renters, and property managers with the latest information 

on COVID-19-related policy updates and relief options, we continued to highlight 

these resources. A key success metric for this effort: Of the 1.4 million Fannie Mae 

loans that received forbearance, over 87% have been paid off, been reinstated, 

or entered a payment deferral or modification. 

• By partnering with organizations in sectors adjacent to housing, such as 

employment, education, and health, Fannie Mae’s Sustainable Communities 

Initiative continued to explore innovative ways to support holistic housing — 

housing that is more stable and affordable.
8 Annual Housing Activities Report 2021 © 2022 Fannie Mae

Expanding affordable homebuying and rental opportunities 

Stable and affordable housing is foundational and transformative for individuals, 

families, and communities. Fannie Mae remained committed to promoting a stronger, 

safer, and more efficient housing finance system that serves the needs of individuals and 

families first. 

• We provided a stable source of liquidity for mortgage lending to help 

increase access to affordable home and rental housing finance in all markets, 

providing $1.4 trillion in liquidity to the Single-Family and Multifamily mortgage 

markets that supported more than 1.5 million home purchases and 3.3 million 

home refinancings. We also supported 694,000 units of rental housing, nearly 

95% of which were affordable to families earning at or below 120% of Area 

Median Income. 

• We supported 712,699 mortgages for first-time homebuyers, more than 

half of all our home purchase mortgage business in 2021.

• To support our country’s most underserved markets, we maintained incentives 

for affordable housing options like manufactured housing and helped lenders 

serve more creditworthy low-income first-time homebuyers with mortgage 

products like HomeReady®. 

• Proprietary tools like Community FirstTM allowed nonprofits and public entities 

to purchase Fannie Mae real estate owned properties (REO) before they are 

made available to the public. These community-minded organizations offer 

programs like down payment assistance, ground leases, and deed restrictions 

that make these homes affordable to lower-income buyers and preserve 

affordability over time. 

• Our Low-Income Housing Tax Credit investments continued to grow in 

2021, providing a reliable source of capital for the creation and preservation 

of affordable rental housing for renters that need it most.
9 Annual Housing Activities Report 2021 © 2022 Fannie Mae

2021 marked our country’s transition from pause to progress. This momentum inspires 

our drive to build a stronger, safer, fairer, and more accessible housing system. And 

though we accomplished much in 2021, we recognize that more work lies ahead. The 

people of Fannie Mae, along with our many partners, are ready and eager to see that 

work realized on behalf of the homeowners and renters we serve. 
10 Annual Housing Activities Report 2021 © 2022 Fannie Mae

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.1 More detailed statutory requirements 

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

and Soundness Act of 1992.2 Since then, Fannie Mae has been required by statute 

and regulation to meet certain housing goals. We report our progress in meeting this 

responsibility each year to our regulator and to the responsible oversight committees 

in the United States House of Representatives and the United States Senate. We also 

make the report available to the public by posting it on our website. This report fulfills 

the requirements of the Fannie Mae Charter Act.3

When Congress passed the Housing and Economic Recovery Act of 2008,4 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 

then-newly created Federal Housing Finance Agency (FHFA). That responsibility 

has included setting housing goals.

1 Pub. L. 90-448, sec. 802(ee), 

August 1, 1968, 82 Stat. 476.

2 Pub. L. 102-550, tit. XIII, 

October 28, 1992, 106 Stat. 3672.

3 12 U.S.C. § 1723a(n).

4 Pub. L. 110-289, July 30, 2008, 

122 Stat. 2654.
11 Annual Housing Activities Report 2021 © 2022 Fannie Mae

In 2018, FHFA established single-family housing goal benchmarks for 2018 through 2020. 

On December 16, 2020, FHFA announced that due to the economic uncertainty related 

to the COVID-19 pandemic, the benchmarks for the calendar year 2021 would remain the 

same as they were for 2018 – 2020:

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

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

to low-income families (defined as income no higher than 80% of Area Median 

Income (AMI)). 

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

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

very low-income families (defined as families with income no higher than 50% of AMI).

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

of single-family owner-occupied purchase money mortgage loans for families in 

low-income areas is set annually by notice from FHFA, based on the benchmark 

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

plus an adjustment factor reflecting the additional incremental share of mortgages 

for moderate-income families (defined as income equal to or less than 100% of 

AMI) in designated disaster areas. For 2020, FHFA set the overall low-income areas 

home purchase benchmark goal at 18%.

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

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

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

families in high-minority census tracts.

• Low-Income Families Refinances: At least 21% of our acquisitions of singlefamily owner-occupied refinance mortgage loans must be affordable to lowincome families.

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 meet our single-family housing goals if we achieve either the FHFA-set 

benchmarks or the market share metrics. For any housing goal where our single-family 

performance falls below the benchmark, FHFA assesses our performance based upon 

the market share after the release of data reported under the Home Mortgage Disclosure 

Act (HMDA),5 which typically occurs in the fall after the performance year and determines 

whether Fannie Mae met the goal based on the HMDA market data.

5 12 U.S.C. § 2801 et seq.
12 Annual Housing Activities Report 2021 © 2022 Fannie Mae

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

Similar to the single-family benchmarks, these also remained unchanged through 2021:

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

affordable to low-income families.

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

affordable to very low-income families.

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

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

There is no market-based alternative measurement for the multifamily goals. 

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

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

become subject to a housing plan that could require us to take additional steps, 

including describing the actions we would take to meet the goal in the next calendar 

year. The potential penalties for failure to comply with housing plan requirements 

include a cease-and-desist order and civil money penalties. 

In December 2021, FHFA determined that we met all of our single-family and multifamily 

housing goals for 2020.

For 2021, we believe that we met all five single-family housing goal benchmarks and all 

three multifamily goals, as set forth in the following table. We expect final performance 

results for 2021 will be calculated and published by FHFA by the fourth quarter of 2022.6

Housing Goals 2021 Benchmark 2021 Result

Single-Family

Low-Income Families Home Purchases 24% 28.75%

Very Low-Income Families Home Purchases 6% 7.44%

Low-Income Areas Home Purchases 18% 24.55%

Low-Income and High-Minority Areas Home Purchases 14% 20.32%

Low-Income Families Refinances 21% 26.20%

Multifamily (in units)

Low-Income Families 315,000 384,343

Very Low-Income Families 60,000 83,307

Small (5 – 50 units) Affordable Multifamily Properties 10,000 14,409

6 Our 2021 results have not been validated by FHFA. After validation, they may differ from 

the results reported. 
13 Annual Housing Activities Report 2021 © 2022 Fannie Mae

Fannie Mae’s commitment to be America’s most valued housing partner extends 

beyond our Housing Goals. True to our charter to provide a reliable source of affordable 

mortgage financing, we continue to innovate ways to create and preserve affordable 

housing and promote a stronger, safer, and more efficient housing finance system. 

In 2016, FHFA issued the Enterprise Duty to Serve (DTS) Underserved Markets Rule, 

charging Fannie Mae to more explicitly service three key underserved markets: 

Manufactured Housing, Affordable Housing Preservation, and Rural Housing. This 

mandate directly aligns with our mission. We seek to be a trusted partner in these 

often-overlooked markets by providing liquidity, increasing stability, and promoting 

affordability for the greatest number of families. The activities Fannie Mae executed and 

implemented in our DTS 2018 – 2021 Underserved Markets Plan set the foundation to 

improve access to mortgage financing and affordable rental housing for more families 

with modest means.

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, followed by Fannie Mae’s response for 2021.

7 Charter Act, 

§ 309(n)(2)(A-L).
14 Annual Housing Activities Report 2021 © 2022 Fannie Mae

Single-Family 

Activities

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, and government loans. 

Fannie Mae has relied on information provided by its customers to identify units occupied by first-time 

homebuyers. Fannie Mae’s 2021 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 threeyear 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 they had no 

ownership interest in a principal residence (other than a joint ownership interest with a spouse) during the 

preceding three-year time period.

Charter Act Requirement: 

Include statements of the proportion of mortgages on housing consisting of 1 to 4 dwelling units purchased by 

the corporation that have been made to first-time homebuyers, as soon as providing such data is practicable, and 

identifying any special programs (or revisions to conventional practices) facilitating homeownership opportunities 

for first-time homebuyers.

In 2021, 54.52% of home purchase mortgages on single-family owner-occupied 

properties 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 and very 

low- to moderate-income borrowers. We describe these products and programs below, 

including examples of borrowers who benefited from them in 2021: 

HomeReady is our affordable lending product designed to help our lender partners 

serve more very low- and low-income borrowers, with expanded eligibility for financing 

properties in low-income communities. Below are some examples of homebuyers who 

benefited from HomeReady in 2021:

• A family of four immigrated from Mexico to Portland, Oregon, and started 

working to achieve the dream of owning a home. Having rented for more 

than 10 years, and with a combined income of $66,000, both parents worked 

to save for the cash reserves they would need to purchase and maintain their 

first home. With over $500 in debt payments every month it wasn’t always 

easy, especially in a high-cost area, but they continued to make progress 

toward the goal of homeownership. With the help of a grant from a 
15 Annual Housing Activities Report 2021 © 2022 Fannie Mae

Community Development Corporation, as well as funds from an individual 

development account, they purchased their first home for $405,000 with a 

HomeReady mortgage and a 93% loan-to-value (LTV) ratio. 

• A health care worker from Nigeria left her family behind to settle in Chicago, 

where she lived for several years before looking to buy her first home. She

earned less than $39,000 annually, and although she had minimal debt, saving 

for a traditional 20% down payment was a challenge. She persevered, and with 

the help of a HomeReady loan, purchased a $169,000 home with a 97% LTV.

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

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

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

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

from this product in 2021 include the following:

• After transferring the ownership of their house to her ex-spouse, a divorced 

woman was looking for a new homeownership opportunity. Her open revolving 

lines of credit were high, but she had consistently paid on time, allowing her 

to maintain a credit score above 700. She earned just under $52,000 a year and 

saved considerably, coming to the table with over $28,000 to put toward her 

new home. After working with a loan officer, she was able to finance a $111,400 

manufactured home in Pennsylvania with an HFA Preferred mortgage with a final 

LTV of 80%.

• A New Mexico woman was ready to find a place for her and her one-year-old son 

to call their own after living with her parents rent free. She made $23,000 a year 

and had a credit score over 700 and only $1,500 in debt. She came to the loan 

officer prepared, having done her research and with a small savings that she’d 

built up while living with her parents. With $4,000 in closing cost assistance from 

an HFA, she was able to purchase a $90,000 three-bedroom, one-bath home with 

an HFA Preferred mortgage and a 97% LTV. 

• A family of six from Burma came to the U.S. as refugees in 2013. They had spent 

years living in public housing but continued to search for a better living opportunity. 

They had no debt except for a credit card that was paid off in full every month, 

but with an annual income under $49,000 and very little knowledge of the English 

language, the barriers to homeownership seemed insurmountable. Like many 

homebuyers, the biggest obstacle they faced was saving for the upfront costs of 

purchasing a home. They were fortunate, however, to find a loan officer at an HFA in 

Minnesota who could speak their language and educate them on the homebuying 

process. The loan officer introduced the borrowers to a program that made it 

possible to purchase a home with less than $1,900 cash to close. The borrowers 

used an HFA Preferred mortgage to purchase a $275,000 home at an LTV of 97%. 
16 Annual Housing Activities Report 2021 © 2022 Fannie Mae

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

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

community organizations to be used in conjunction with a first mortgage delivered to 

Fannie Mae. The Community Seconds mortgage may be used to fund all or part of the 

down payment, closing costs, renovations to the property, or a permanent interest rate 

buy down.9 Borrowers who benefited from this program in 2021 include the following:

• After several years of unemployment, an Idaho software developer found work 

and immediately started saving for a new home for his family. Although the 

borrower and his spouse had no children, the household included the borrower’s 

mother and brother. With an annual income over $63,000 and $12,000 in student 

loans, finding the funds for a down payment was a challenge. Working with his 

lender, he was able to get a Community Seconds mortgage, enabling the family to 

purchase a $194,000 home with an LTV of 97%.

• When the COVID-19 pandemic drove classes online, the possibility of working 

remotely opened up a number of housing options for a part-time university 

professor. After working in South Carolina, the borrower returned to Kentucky, 

where she was able to pick up additional full-time work. Even with two jobs and 

limited debt, her modest $47,000 income made purchasing a home a challenge. 

With a Community Seconds mortgage to defray down payment and closing costs, 

she was able to purchase a $53,000 home with an HFA Preferred loan at an LTV of 

97% and a combined loan-to-value (CLTV) ratio of 105%.

• After working with a nonprofit for eight years to prepare to purchase a home, a 

borrower was finally prepared to purchase his first home in Iowa. Although he’d 

been saving for a down payment for years and had little credit or debt, his $15,000 

social security income made it difficult to set money aside. Ultimately, he decided 

to purchase the home with his friend as a co-borrower to put homeownership 

more within reach. He took advantage of over $29,000 in Community Seconds to 

help cover closing costs, down payments, and renovations. In the end, he and his 

friend purchased a $70,000 home with an LTV of 62% and a CLTV of 99%.

Shared equity programs, such as Community Land Trusts (CLTs), preserve affordable 

homeownership opportunities by allowing borrowers to purchase homes at belowmarket prices. In exchange, borrowers generally agree to sell the property only to other 

income-qualified buyers and at a price no greater than a specified limit. 

• A Texas couple was dedicated to owning a home for themselves and their three 

young children. They had been saving, maintaining their credit, and keeping their 

debt manageable at under $6,000. However, the family relied on a single income 

of $30,000, which the father earned as a valet, and when restaurants started 

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

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

qualifies) to be delivered to Fannie Mae.
17 Annual Housing Activities Report 2021 © 2022 Fannie Mae

shutting their doors during the COVID-19 pandemic, he found himself out of work. 

The family remained undeterred, working with their loan officer for over a year, 

staying current on their payments, and, once they had weathered the storm, the 

father was able to get back to work. With a new stream of income, the family was 

able to purchase a home in a CLT for $243,500 with an LTV of 55%.

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

on owner-occupied properties made to first-time homebuyers in 2021 under special 

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

Products and Initiatives Percentage of Mortgages Made to First-Time 

Homebuyers for 2021

97 LTV for First-Time Homebuyer 100.00%

HomeReady 82.77%

Non-HFA Community Seconds 91.63%

HFA Preferred 92.79%

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.

Services to very low-, low-, and moderate-income families are an important part of 

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

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

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

addressing credit risk.

Fannie Mae is committed to complying with both the letter and spirit of all applicable 

laws and regulations related to fair housing and lending (Fair Lending Laws). The Fair 

Lending Laws include the Equal Credit Opportunity Act, the Fair Housing Act, and the 

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

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

prohibit discrimination in housing and lending on the basis of certain characteristics, 

including, but not limited to, race, color, national origin, sex, religion, marital status, age 

(provided the applicant has the capacity to contract), receipt of public assistance, familial 

status (children under the age of 18 living with parents or legal custodians, pregnant 

women, people securing custody of children under the age of 18), disability, sexual 

orientation/gender identity, or military status. As part of this commitment, Fannie Mae has 

developed a Fair Lending Program designed to prevent, identify, measure, mitigate, and 

manage fair lending risks. Fannie Mae’s Fair Lending Program reviews new and on-going 
18 Annual Housing Activities Report 2021 © 2022 Fannie Mae

policies and initiatives not only for compliance with the Fair Lending Laws, but also with 

a view toward increasing equity in the home lending and rental markets. The program 

promotes fair and responsible housing practices on an enterprise-wide level covering 

both Fannie Mae’s Single Family and Multifamily businesses, including underwriting 

standards, business practices, pricing policies, fee structures, and procedures.

In 2021, Fannie Mae continued to implement enhancements to its single-family 

mortgage underwriting and business practices. Several changes were specifically 

designed to: (1) achieve its housing goals; (2) increase consistency in, and automation 

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

which may have the ancillary effect of freeing up lender resources to focus on lowand moderate-income borrowers. 

Specifically, Fannie Mae notes the following accomplishments for 2021: 

“Here to Help” Response to the COVID-19 Pandemic

Starting in 2020, the nation faced the unprecedented COVID-19 pandemic. Millions of 

American homeowners and renters were out of work or otherwise financially impacted 

by COVID-19. They found it difficult to navigate their options given confusion and 

misinformation in the market in the early days of this crisis. Fannie Mae identified the 

need to help homeowners and renters understand their relief options to help them stay 

in their homes. 

As part of our COVID-19 response in 2021, Fannie Mae continued the educational 

“Here to Help” marketing and communications campaign designed to directly reach 

homeowners and renters financially impacted by COVID-19 as well as to support 

servicers that had to implement new policy and operational changes. 

Campaign highlights* include:

• Engaged with over 30.6 million diverse consumers through our marketing and 

education campaign.

• Drove approximately 2.3 million unique visitors to KnowYourOptions.com and 

Here to Help webpages since January 2021. 

• Received nearly 4.6 million engagements with educational content on our consumer 

website (KnowYourOptions.com) and mobile app — including encouraging over 

70,000 calls to the Disaster Response Network, Mortgage Help Network, and 

Post-Modification Counseling services, resulting in over 22,000 sessions.

• Recorded over 4,000 unique sessions and more than 12,000 pageviews through 

our Servicer Toolkit.

*Metrics through January – December 2021.
19 Annual Housing Activities Report 2021 © 2022 Fannie Mae

Credit Policy Enhancements

Fannie Mae, on its own or working with FHFA, made numerous Single-Family 

selling and servicing policy updates in 2021 to foster homeownership affordability 

and sustainability. 

• New refinance option: Introduced a new refinance option — RefiNow — 

to enable more low-income borrowers to refinance to a lower interest rate and 

reduce their monthly mortgage payment. With RefiNow, we provided a $500 

appraisal waiver or credit to help lower closing costs, saving the borrower out of 

pocket money to close their refinance. We also updated this option to include 

changes to requirements for borrower income limits, monthly mortgage payment 

reduction, financing closing costs, and loan seasoning.

• Assisting borrowers with refinance transactions: Published a Lender Letter 

setting the expectation that lenders should work with borrowers to ensure they 

understand what refinancing opportunities exist and the potential benefits and 

costs associated with each. Considerations include borrower income and risk 

factors, the costs of refinancing, and the key features of popular refinance options.

• Adverse market refinance fee: Eliminated the adverse market refinance fee.

• Rent payment history in Desktop Underwriter® (DU®): Implemented 

a new feature within DU that allows lenders to use positive rent payment history, 

where available, to assess eligibility for first-time homebuyers to increase 

homeownership opportunities, particularly for underserved populations.

• Credit score eligibility in DU: Updated the method by which DU determines 

whether the loan meets the minimum credit score requirement when there is more 

than one borrower to reach more borrowers within underserved populations.

• Homeownership education and counseling: Updated Fannie Mae policy to 

permit any qualified third-party provider, independent of the lender, provided the 

homeownership education content is aligned with National Industry Standards 

(NIS) or U.S. Department of Housing and Urban Development (HUD) standards, 

to meet our education requirement beginning January 1, 2022. Fannie Mae 

HomeViewTM, our new homeownership education course, can be used to satisfy 

the updated homeownership education requirement.

• Temporary requirements for condo and co-op projects: Specified temporary 

requirements that impact the eligibility of certain condos and co-op projects and 

support the long-term safety of building residents. These requirements relate to 

significant deferred maintenance and unsafe conditions, special assessments, 

reserve requirements, and more. We remain committed to providing sustainable 

homeownership opportunities for a range of housing types and helping to protect 

borrowers from physically unsafe or financially unstable projects. 
20 Annual Housing Activities Report 2021 © 2022 Fannie Mae

• COVID-19 temporary policies: Updated and continued some temporary 

origination, appraisal, and servicing policies and policy overlays to provide 

additional flexibilities during the COVID-19 pandemic to help homeowners stay 

in their homes and to aid lenders and servicers in serving their customers.

• Eligible assets: Updated policy to allow for the use of credit card reward 

points as eligible assets to be used for down payment, closing costs, and 

financial reserves, provided they are converted to cash prior to the closing 

of the loan.

• Military owner occupancy: Updated the definition of principal residence to 

include military service members on active duty.

• HomeReady income limits: Implemented the 2021 HomeReady income 

limits and, as a result, approximately 77.5% of counties experienced an income 

increase. HomeReady is our low down payment mortgage designed to help 

lenders confidently serve today’s creditworthy low-income borrowers. 

• Conventional loan limits for 2022: Provided the baseline (general) and highcost area loan limits for 2022, which increased by 18.05%, broadening access 

to conventional loans.

RefiNow

Lowering monthly mortgage payments by refinancing can help put borrowers in 

a more sustainable financial position. However, we saw that low-income borrowers 

were refinancing at a slower pace than higher income borrowers, missing the 

opportunity to take advantage of the low interest rate environment.

To address this, under the guidance of FHFA, on June 5, 2021, we launched RefiNow, 

a new refinance option for existing Fannie Mae loans that removes some of the 

impediments impacting low-income borrowers, letting them refinance to lower their 

monthly mortgage payment. The creation of RefiNow may help address the persistent 

racial and income disparities in refinance take-up rates for existing homeowners. To 

support the RefiNow launch, we deployed a multi-channel campaign to drive lender 

adoption and generate awareness among low-income borrowers about the benefits of 

refinancing during a low interest rate environment and educate them on the flexibilities 

developed to address known barriers. 

Campaign highlights*:

• Drove over 6,000 lender visits to the RefiNow product page to learn 

more about the features and benefits. 

• Inspired over 80,000 consumer visits to the KnowYourOptions.com

website, with over 7,000 consumers using our refinance calculator.

*Metrics through June – December 2021.
21 Annual Housing Activities Report 2021 © 2022 Fannie Mae

Positive Rent Payment History

For many first-time homebuyers, one of the biggest obstacles to qualifying for a 

mortgage is insufficient credit history. This barrier adversely affects many lower-income 

renters, as well as underserved minority communities. On September 18, 2021, Fannie 

Mae released a groundbreaking update to DU, our automated mortgage underwriting 

system, that allows it to consider a history of recurring rent payments in assessing 

eligibility. This is one step toward correcting housing inequities and just the beginning 

of Fannie Mae’s efforts to address racial and income disparities when evaluating 

homebuyer credit.

As part of a broad industry rollout in 2021, Fannie Mae launched a multi-channel 

campaign to encourage lender adoption of the positive rent payment history feature. 

Through educational resources, the campaign encouraged lenders to adopt and 

leverage the verification of asset (VOA) report, which uses a borrower’s bank statement 

data, including their recurring history of positive rent payments over a 12-month period, 

if applicable. The effort helps prepare lenders to operationalize positive rent payments 

in their workflow ahead of a consumer-facing campaign scheduled for early 2022 that 

will drive awareness among renters that on-time rent payments may positively impact 

their ability to purchase a home. 

Campaign highlights:

• Inspired over 13,300 page visits to the positive rent payments landing page 

to learn more about the feature, the benefits, and how to get started.

• Extended the conversation to the broader industry through multiple events, 

including webinars hosted by Fannie Mae and the Mortgage Bankers Association 

(over 450 lenders participated) and media interviews with key leaders.

In the three months since the release, adoption and campaign results are in line 

with expectations.

Homeownership Education and Counseling

Fannie Mae believes that high-quality homeownership education and counseling 

provides borrowers with the information and resources they need to navigate 

the homebuying process and make informed decisions that support sustainable 

homeownership.

In 2021, Fannie Mae: 

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

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

homebuying process. 
22 Annual Housing Activities Report 2021 © 2022 Fannie Mae

• Continued our collaboration with Framework to connect HomeReady borrowers 

and others to comprehensive, online homeownership education (provided in 

English and Spanish) and post-purchase support. More than 250,000 potential 

homebuyers completed Framework homebuyer education in 2021. 

• Partnered with national intermediary to roll out Native American post-purchase 

“train the trainer” hybrid virtual and faculty led course. 

• Through Fannie Mae-supported post-purchase counseling initiatives, contracted 

counseling agencies provided borrowers and renters with assistance through 

over 70,000 calls resulting in over 22,000 completed counseling sessions. 

• Continued waiving the $75 Framework homeownership education course fee 

to reduce the potential cost hurdle to borrowers. 

• Launched a marketing campaign called Your Own Story, which focused on the 

process of buying a home, key pain points and how to overcome them, and 

access to resources like calculators and downloadable checklists. The Your Own 

Story campaign drove approximately 500,000 unique visitors to the campaign site 

and over 17,000 engagements with our educational content. 

• To showcase our commitment to serving a diverse population through education, 

we developed Fannie Mae HomeView, a free homeownership education course 

that aligns with NIS and can be used to satisfy our Selling Guide’s education 

requirement starting January 1, 2022. Highlights include:

○ Established an Advisory Group of key housing industry stakeholders, 

including housing counselors, HUD, FHFA, and mortgage insurers, 

requesting their feedback around key knowledge gaps and common 

pain points in the homebuying process to help pave the way for 

a successful course launch. 

○ Stood up a consumer panel of 30+ low-income, first-time homebuyers 

from underserved diverse backgrounds to review the course through 

research activities to better understand hurdles for low- to moderateincome households and inform future course updates and content needs.

○ Conducted end-to-end robust user testing utilizing our consumer 

panel and internal employee volunteers.

Manufactured Housing (MH) 

Finding an affordable home is challenging when supply is low, prices are high, or 

listed properties need renovations. Fannie Mae believes today’s modern, high-quality 

manufactured homes can help ease the nation’s affordable housing shortage and 

address borrowers’ evolving needs. Today’s manufactured homes are an option offering 

significant cost savings over site-built homes. There are a variety of modern, attractive 
23 Annual Housing Activities Report 2021 © 2022 Fannie Mae

models built to high standards with today’s sought-after amenities, offering value and 

making them an affordable alternative to site-built homes. The main difference between 

site-built and manufactured homes is that the latter are built indoors in efficient stateof-the-art facilities, then delivered and installed on a home site. We have taken many 

critical steps to expand awareness of manufactured housing and liquidity 

to this market. 

• In 2021, we worked to increase awareness of MH as an affordable alternative 

to site-built construction. In markets across several states, such as CO, MD, OH, 

and CA, we provided support to manufactured home manufacturers and local 

builder/developers to begin the process of single-family home subdivision 

development utilizing manufactured homes that qualify for Fannie Mae’s MH 

Advantage® program. Also, we continued our efforts to ensure appraisers are 

informed of the requirements to properly appraise all manufactured housing per 

Fannie Mae guidelines by recommending the addition of the requirements for our 

single-width MH product to the continuing education course through McKissock 

Learning. By the end of 2021, there were 3,145 logged completions of the course 

by appraisers since its inception. 

• Fannie Mae made several notable updates to further accommodate the use of 

Fannie Mae manufactured housing products for single-width MH and MH plus 

an Accessory Dwelling Unit (ADU). In response to lender feedback regarding the 

difficulty with implementing the program requirement for single-width MH loans 

that the homes be less than 10 years old from the appraisal date, we launched a 

variance removing that requirement retroactive to the first eligible delivery date 

for that program of February 2021. Also, we approved a variance allowing the use 

of HUD-code ADUs when the primary residence is a site-built, modular, or MH 

Advantage-eligible home. These variances provided greater flexibility and liquidity 

to lenders, allowing them to more aggressively market and originate this type 

of affordable housing. 

• In addition to the policy and process innovations noted above, Fannie Mae 

continued to look for ways to lead lenders and non-lenders alike toward greater 

awareness and acceptance of manufactured housing. For instance, we conducted 

six MH training webinars where over 700 participants received basic training on 

all Fannie Mae MH programs. We also completed a robust webpage consisting of 

case studies, a comprehensive MH construction guide, and a documentary-style 

video aimed at providing builder/developers information on using MH Advantage 

homes as an alternative to site-built construction. This is meant to help further 

our efforts when working with builder/developers, as well as other stakeholders, 

to increase the use of MH in neighborhood and subdivision development in 2022. 
24 Annual Housing Activities Report 2021 © 2022 Fannie Mae

• Due to the limited nature of publicly available zoning data, Fannie Mae created 

a single-family loan static map. Sharing a snapshot into our own book 

of business, the Single-Family MH Loan Static Map contains information on 

MH loans purchased by Fannie Mae in 2020 per county in the United States. 

The Static Map can give users visibility to geographies where MH is utilized more, 

less, or about the same as the national average, compared to Fannie Mae’s book 

of business. 

• To grow awareness of our MH financing options, we launched a marketing 

campaign in May 2021 to help lenders better understand the innovations 

we have introduced in the MH space since 2018 as part of our DTS plan. 

We reached out to roughly 650 lenders who had done some MH business 

in 2020, but had done limited MH business with Fannie Mae, with a combination 

of display, native, and social media ads focused broadly on our innovative 

offerings, as well as several messages focused specifically on single-width MH. 

The campaign drove nearly 2,800 lenders to the campaign landing page to 

learn more about our suite of MH financing offerings.

• Fannie Mae has made considerable progress this year toward its MH goals. 

This progress was made possible by expanding our knowledge about the MH 

market, improving our ability to serve MH borrowers, and through increased loan 

purchases. Policy amendments, thinking creatively about how/where homes 

are purchased, and encouraging/adding new or more active MH lenders further 

allowed for this progress. This area of the market requires strong collaboration 

among key stakeholders, and Fannie Mae is prepared to be the voice that brings 

multiple parties together to move the industry forward. We are committed to 

driving positive impact by building a stronger, safer, and more resilient housing 

finance system that creates affordable, sustainable housing opportunities for 

homebuyers and renters across the country. 

Shared Equity

Fannie Mae is continuously working to determine how the company can help to remove 

barriers to garner more interest and enhance liquidity in shared equity financing. Given 

the substantial number of shared equity programs throughout the nation, and the array 

of program structures and requirements they employ, the lack of standardization in 

this space can serve as a deterrent for lenders and creates additional complexities for 

the loan origination process. In 2021, Fannie Mae conducted the following initiatives to 

standardize shared equity programs, help foster the creation and adoption of industry 

norms, and enhance lender participation:

• Fannie Mae, in alignment with Freddie Mac, worked with Grounded Solutions 

Network to develop a standardized document (Model Declaration of Affordability 

Covenants) used to impose and maintain recorded resale restrictions over 

time for shared equity homeownership programs. These model documents 
25 Annual Housing Activities Report 2021 © 2022 Fannie Mae

were published by Grounded Solutions Network on their website for access 

by shared equity program managers in late Q3 2021 and should help provide 

standardization, create process efficiencies, and enhance liquidity. 

• Fannie Mae engaged with a third-party vendor to develop and test a shared 

equity program certification system that allows programs to self-certify programlevel compliance with Duty to Serve eligibility requirements. Implementation of 

the certification mechanism and providing our lenders with a list of “approved” 

shared equity programs will help reduce the loan origination/underwriting 

burden for lenders and may increase lender confidence in delivering those 

loans to Fannie Mae.

Distressed Properties

Often overlooked by borrowers, distressed properties, which include properties 

eligible for short sale or foreclosure and REO properties, may be more affordable 

than surrounding homes and can offer borrowers an affordable path to homeownership. 

In 2021, we have continued our work to increase the number of these homes getting 

into the hands of owner occupants, municipalities, nonprofits, and other likeminded entities. 

• As part of our efforts to address issues that impact the inventory of distressed 

properties, Fannie Mae commissioned the May 8 Consulting and Reinvestment 

Fund for the white paper Evidence-Based Policy Making: An Analysis of Six 

Strategies to Stabilize Neighborhoods. There were 12 interventions identified 

in total, and the policy preventions analyzed were: Code Enforcement, 

Demolition, Scattered Site Rehabilitation, Land Banks, First Look Programs, and 

Emergency Bridge Loans/Soft Second Mortgages. The white paper, published 

on October 19, 2021, was presented to the National Association for County 

Community and Economic Development Conference on October 26 and to 

the Community Centers for Progress on November 17. The paper provides 

new data and information that is useful to government practitioners and 

administrators of federally funded programs that serve low- and moderateincome households, including affordable housing, community development, and 

economic development programs. This groundbreaking research examines the 

effectiveness of varied policy-level interventions used to stabilize neighborhoods, 

providing local governments key information to effectively and equitably protect 

and improve housing conditions in low- and moderate-income neighborhoods. 

• To provide practitioners with evidence-based guidance in real time as they define 

a local response to the COVID-19 economic crisis, the Fannie Mae team adopted a 

quick, basic policy analysis approach. Given the limitations of this approach, the 

findings for any of the six interventions studied cannot be generalized to all local 

instances of that intervention. The research findings can be leveraged for both 

iterative policymaking or crisis policymaking decisions where rapid but data-
26 Annual Housing Activities Report 2021 © 2022 Fannie Mae

based decisions are needed. The research findings will also be leveraged 

by Fannie Mae to develop place-based neighborhood stabilization initiatives 

over the coming years.

• Other Distressed Property work conducted in 2021 included our outreach in 

support of our Community First REO platform, especially as it relates to our work 

with CLT practitioners. These outreach efforts, paired with the approved CLT 

program list incorporated into our Duty to Serve certification platform, lay the 

foundation for increased REO sales to CLTs by building the network of approved 

CLTs, providing them prioritized access to our REO, and streamlining the loan 

origination process for lenders who originate loans through approved CLT 

programs. Fannie Mae has built these processes and systems to work together to 

make it easier for CLTs to buy our REO and easier for lenders to sell shared equity 

loans to Fannie Mae.

Desktop Underwriter

For more than 25 years, Desktop Underwriter, the industry’s leading automated 

underwriting system, has provided lenders a comprehensive risk assessment that 

determines whether a loan meets our eligibility requirements. DU conducts its analysis 

uniformly, and without regard to race, gender, or other prohibited factors. While average 

credit profiles (and thus underwriting outcomes) will vary by borrower group, DU uses 

only neutral, validated, statistically significant variables that have been shown to be 

predictive of mortgage delinquency across all borrower groups. 

In 2021, we introduced DU Version 11.0, which included several updates to 

further support our commitment to creating equitable and sustainable access to 

homeownership. DU 11.0’s credit risk assessment continued to analyze each loan 

casefile using variables shown to be predictive of mortgage delinquency, as well as 

new variables and logic intended to help more eligible first-time homebuyers qualify 

for mortgage credit. Updates in 2021 included: 

• To enable lenders to help more low-income borrowers take advantage of 

historically low interest rates, as outlined in Lender Letter LL-2021-10, DU 

Version 11.0 was updated on June 5, 2021, to expand refinance eligibility 

with the implementation of the RefiNow refinance option. When a one-unit, 

principal residence, limited cash-out refinance loan is underwritten in DU and 

the total income on the loan casefile is at or below 80% of the AMI, DU will 

determine if Fannie Mae owns the loan on the property and if that loan is eligible 

to be refinanced using the RefiNow refinance option. On December 4, 2021, 

the RefiNow option was expanded to increase the AMI to 100% and remove 

the maximum loan seasoning requirement of 10 years, the investor-paid MI 
27 Annual Housing Activities Report 2021 © 2022 Fannie Mae

exclusions, the $5,000 cap on the financing of closing costs, and the $50 payment 

reduction requirement (although there must still be some reduction in payment 

and a reduction in interest rate). 

• On September 18, 2021, as outlined in the Release Notes, additional 

enhancements were made in DU Version 11.0 to increase homeownership 

opportunities for more underserved borrowers, including: 

○ An update to consider a borrower’s positive rent payment history in the 

credit risk assessment. If DU is able to identify a rent payment history 

pattern in a borrower’s bank account data, it will use the rent payment 

history to positively supplement the credit risk assessment. Based on 

observations of loan casefile submissions during the first month of 

implementation, updates were made to DU on December 4, 2021, to 

further assist in identifying a borrower’s rent payment history on VOA 

reports.

• A change to the risk and eligibility assessment intended to help Fannie 

Mae’s customers better manage credit risk in the current market and provide 

sustainable options to borrowers. 
28 Annual Housing Activities Report 2021 © 2022 Fannie Mae

○ An update to the credit score used by DU in the eligibility assessment.10

For loan casefiles with more than one borrower, DU now uses an 

average median credit score when determining if a loan casefile meets 

the minimum credit score requirement of 620. As with the positive rent 

payment history enhancement, this update will only positively impact a 

borrower’s eligibility, as it will not result in a credit score lower than the 

representative credit score.

Language Resources for Lenders/Servicers

Reports reflecting the number of consumers with limited English proficiency (LEP) in 

this country vary, but we know that at least 25.1 million people in the United States 

have LEP.11 LEP borrowers may face serious barriers to homeownership when mortgage 

origination forms are not readily available in their native language, impeding their ability 

to understand information in documentation required to purchase a home. Further, LEP 

homeowners may face challenges accessing information in their language about how to 

sustain homeownership when experiencing financial hardship. 

Fannie Mae continues to partner with Freddie Mac and FHFA to ensure that LEP 

borrowers have the in-language information they need to purchase a home. A multi-year 

plan to generate awareness about in-language materials to help with the homebuying 

process has been implemented and includes Mortgage Translations, a centralized 

online clearinghouse of translated resources to assist lenders, servicers, housing 

counselors, real estate agents, and other housing professionals serving borrowers 

who have LEP. Clearinghouse resources support lending professionals who serve 

these consumers, and the clearinghouse includes mortgage documents, educational 

materials, and online glossaries translated in Spanish, traditional Chinese, Vietnamese, 

Korean, and Tagalog languages. These resources continue to be updated.

When COVID-19 hit, Fannie Mae worked with FHFA and Freddie Mac to quickly add new 

clearinghouse resources in all five languages to help LEP borrowers financially impacted 

by the pandemic. Translated COVID-19 resources added to the clearinghouse include 

a forbearance servicer script, Mortgage Assistance Application, and an educational 

servicing brochure. These documents remain available to borrowers as the impacts 

of COVID remain challenging for many consumers.

During the final phases of implementing the multi-year plan, the Enterprises learned 

from outreach to housing counselors, lenders, and industry advocates that it would 

be helpful if the Enterprises placed more emphasis on promoting existing housing 

counseling resources through marketing to create more awareness of the services 

10 Though credit scores are not an integral part of DU’s risk assessment, DU currently uses credit scores to 

ensure compliance with the 620 minimum representative credit score requirement.

11 “The Limited English Proficient Population in the United States,” Migration Policy Institute (March 2017).
29 Annual Housing Activities Report 2021 © 2022 Fannie Mae

available. In response, the Enterprises developed an Interpretive Services page that 

provides industry resources to support housing counseling and information about 

where to locate these services. 

During 2021, at the direction of FHFA, Fannie Mae and Freddie Mac worked with 

regulators, lenders, and industry officials to draft and publish the Supplemental 

Consumer Information Form (SCIF). The SCIF was created in response to the removal 

of the Homeownership Education, Housing Counseling, and Language Preference 

questions from the Uniform Residential Loan Application. Consumer groups and 

lenders may still find value in asking questions regarding language preference and 

housing counseling, so Fannie Mae and Freddie Mac developed the SCIF to collect this 

information. The SCIF is posted on the clearinghouse as well as on Fannie Mae’s and 

Freddie Mac’s multi-language resource pages.

Fannie Mae continues to partner with Freddie Mac to promote the clearinghouse and 

showcase the full breadth of available resources. Fannie Mae and Freddie Mac reported 

the results of the 2020 digital marketing campaigns to increase awareness of consumer 

engagement with LEP materials. In addition, Fannie Mae continues to provide updated 

translated resources on our multi-language website pages, including: 

• Here to Help: COVID-19 resources for single-family lenders, servicers, 

and appraisers, translated in 108 languages via Google translate.

• Know Your Options: Consumer resources, including information 

about buying, selling, refinancing, and help for those financially 

impacted by COVID-19 information, translated via Google Translate. 

• Multi-language Resources for Servicers: Resources include routine servicing 

documents as well as borrower notices related to delinquencies, modifications, 

and workout options documents, translated in Spanish, traditional Chinese, 

Vietnamese, Korean, and Tagalog. 

• Multi-language Resources for Lenders: Documents include those used in the 

loan origination process, translated in Spanish, traditional Chinese, Vietnamese, 

Korean, and Tagalog.

Uniform Residential Loan Application

At the direction of FHFA, in 2017 Fannie Mae and Freddie Mac published the redesigned 

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

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

Application Dataset. Mandatory use of the redesigned URLA and updated automated 

underwriting system specifications were successfully implemented on March 1, 2021.
30 Annual Housing Activities Report 2021 © 2022 Fannie Mae

The Enterprises collaborated with industry stakeholders, including lenders, 

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

Affairs, U.S. Department of Agriculture Office of Rural Development, and the Consumer 

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

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

includes a Spanish translation version:

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

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

to understand and navigate.

• Uses simple terminology to aid in comprehension.

To support the industry’s transition, Fannie Mae conducted a lender readiness 

campaign, leveraging social media and collaboration with industry partners, 

to promote broad stakeholder awareness and understanding of the URLA impacts. 

We also collaborated with Freddie Mac and FHFA on joint industry outreach 

to communicate updates to the implementation timeline and resources. 

HomeReady

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

creditworthy, low-income borrowers. With HomeReady, borrowers can obtain 

affordable, conventional home financing with cancellable mortgage insurance. 
31 Annual Housing Activities Report 2021 © 2022 Fannie Mae

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

price adjustments for loans with LTV ratios above 80% and a borrower credit score equal 

to or higher than 680.

HomeReady features include:

• Up to a 97% LTV ratio and a CLTV ratio up to 105% with eligible 

Community Seconds.

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

• Using boarder income and accessory unit rental income to qualify.

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

In 2021, Fannie Mae supported the use of HomeReady by:

• Providing on-demand eLearning training, which had 2,778 views. 

• Conducting six individual lender trainings on HomeReady, reaching 

900+ attendees. 

Generally, for HomeReady purchase transactions that occurred in 2021, when all 

occupying borrowers were first-time homebuyers, at least one borrower was required 

to take either a homeownership education course through Framework or to receive 

one-on-one HUD-approved counseling. Beginning January 1, 2022, the education 

requirement can be satisfied by either completing a homeownership education course 

from any qualified provider* or receiving one-on-one counseling from a HUD-approved 

counselor. Fannie Mae HomeView can be used to satisfy this requirement.

*A qualified provider must be independent of the lender, with homeownership 

education content that is aligned with NIS or HUD.

HFAs and HFA Preferred

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

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

The product offers reduced mortgage insurance coverage with no loan-level price 

adjustments on conventional loans at or below 80% of AMI. 

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

homeownership for first-time homebuyers in Duty to Serve markets using HFA Preferred 

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

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

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

Through our Duty to Serve initiatives, the HFAs were able to reach more low- to 
32 Annual Housing Activities Report 2021 © 2022 Fannie Mae

moderate-income borrowers by increasing shared equity and distressed property 

purchases, supporting the development and implementation of manufactured housing 

programs, and focusing on tough rural and high needs rural markets by partnering with 

small financial institutions. 

To support the incremental increase of affordable housing supply, Fannie Mae 

supported its HFA partner, the California Housing Finance Agency (CalHFA), in its ADU 

grant program. CalHFA’s ADU Grant Program will create more housing units in California 

by providing a grant of up to $25,000 to reimburse pre-development costs associated 

with the construction of the ADU. Fannie Mae’s role has been to help connect lenders to 

the CalHFA program and provide awareness and education about how our affordable 

lending products and ADU policy flexibilities can support this type of financing.

• To help expand affordable mortgage financing and down payment assistance 

to more lower-income households and borrowers of color, in 2021, Fannie Mae 

participated in the newly formed HFA Solutions Team (H-FAST), an industry-wide 

working group organized by the National Association of State Housing Agencies 

and the Mortgage Bankers Association. The goal of H-FAST is to create greater 

efficiencies and standardization in the HFA business, particularly with down 

payment assistance programs, so that more lenders can help borrowers take 

advantage of these much-needed programs.

Increasing Awareness of the Affordable 

Housing Supply Crisis

The shortage of safe and affordable housing affects more people in the U.S. every 

day and has growing implications for the economy and society at large. We know 

that no single entity can solve the affordable housing supply crisis alone. Therefore, 

we launched a national marketing campaign in October 2020 and continued paid media 

through March 2021 to share our research and insights, highlight lending solutions 

and innovation, encourage partnerships and collaboration, and support industry and 

borrower education. Campaign content and messaging targeted lenders, HFAs, and the 

broader housing industry, including academic experts, builders, developers, real estate 

professionals, housing counselors, advocacy leaders, and more. This campaign garnered 

strong engagement with industry stakeholders:

• Drove more than 16,000 visits to our landing page.

• Our content was shared more than 5,000 times, helping to drive awareness 

of the affordable housing supply crisis and spur the conversation.

*Metrics through October 2020 – March 2021.
33 Annual Housing Activities Report 2021 © 2022 Fannie Mae

Charter Act Requirement: 

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

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

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

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.

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

acquisition and defaults (defined as an REO 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.12 It shows that single-family 

mortgage loans serving low- and moderate-income borrowers generally do not perform 

as well as loans serving borrowers with incomes above the median level. For example, 

the 1.34% rate of 90-day delinquency on loans made in 2020 to low- and moderateincome families was 19% higher, and the 0.002% rate of default was 475% higher, 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 ratio 

or credit history. Information regarding serious delinquency and default performance 

is based on acquisitions through December 2020; performance is observed through 

December 2021. 
34 Annual Housing Activities Report 2021 © 2022 Fannie Mae

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 Year13

Acquisition 

Year

Income Group Average Rate 

of 90-day 

Delinquency

Percent 

Difference

Average Rate 

of Default 

Percent 

Difference

2005 Above Median Income 0.56% 6.52%

Low-Mod Income 1.22% 119% 9.46% 45%

2006 Above Median Income 0.99% 11.73%

Low-Mod Income 2.11% 113% 14.94% 27%

2007 Above Median Income 2.84% 13.90%

Low-Mod Income 4.15% 46% 18.80% 35%

2008 Above Median Income 2.00% 5.36%

Low-Mod Income 2.90% 45% 8.91% 66%

2009 Above Median Income 0.18% 0.62%

Low-Mod Income 0.36% 105% 1.55% 151%

2010 Above Median Income 0.13% 0.53%

Low-Mod Income 0.30% 125% 1.37% 159%

2011 Above Median Income 0.12% 0.34%

Low-Mod Income 0.28% 136% 0.92% 174%

2012 Above Median Income 0.12% 0.31%

Low-Mod Income 0.27% 132% 0.86% 179%

2013 Above Median Income 0.11% 0.28%

Low-Mod Income 0.29% 168% 0.90% 215%

2014 Above Median Income 0.14% 0.23%

Low-Mod Income 0.33% 138% 0.72% 215%

2015 Above Median Income 0.11% 0.11%

Low-Mod Income 0.26% 141% 0.35% 210%

2016 Above Median Income 0.14% 0.06%

Low-Mod Income 0.27% 94% 0.21% 251%

2017 Above Median Income 0.42% 0.05%

Low-Mod Income 0.50% 18% 0.16% 206%

2018 Above Median Income 0.21% 0.04%

Low-Mod Income 0.42% 101% 0.10% 164%

2019 Above Median Income 2.61% 0.01%

Low-Mod Income 2.80% 7% 0.02% 208%

2020 Above Median Income 1.12% 0.00%

Low-Mod Income 1.34% 19% 0.00% 475%

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

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

data. During the period 2006 through and including 2008, acquisitions of mortgage loans to borrowers of 

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

delinquency percentages shown are static and only reflect if a loan went delinquent in the first year.
35 Annual Housing Activities Report 2021 © 2022 Fannie Mae

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. Over the past decade, the U.S. multifamily sector 

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

to favorable demographic trends, ongoing job growth, and continued renter 

household formations. 

While the multifamily sector was negatively impacted throughout 2020, it experienced 

an unexpected resurgence in demand in 2021 due to a combination of an improving 

national economy, the advent of readily available vaccinations and boosters, pent-up 

demand, and demographics. A similar trend is expected in 2022, with stabilization 

anticipated to commence starting in the latter part of the year. It is important to note 

that although the national trend is expected to remain above average for the year, 

multifamily fundamentals and trends are also expected to vary by metro, submarket, 

and, in some cases, neighborhood. 
36 Annual Housing Activities Report 2021 © 2022 Fannie Mae

Annualized Multifamily Rent and Vacancy — Estimated and Projected

Rent Level ($)

Projected Rent Level

Vacancy Rate (%)

2005200620072008

200920102011

2012

2013

2014

2015

2016

20172018201920202021

2022

2023

2024

$925

$1,025

$1,125

$1,225

$1,325

$1,425

$1,525

$1,625

3%

5%

7%

9%

Source: Fannie Mae Economics and Multifamily Research 

Demand for all classes of multifamily units soared during 2021. We believe that the 

unexpectedly high increase in rent growth across the board last year stemmed from a 

combination of a quickly rebounding economy, increased job growth, and a pent-up 

demand for housing, coupled with generous concessions available in the first half of the 

year, to spur both a run-up in rental household formations and a “move up” trend by 

many renters. 

The national multifamily vacancy rate is expected to remain stable in 2022, at about 

5.0%, as illustrated in the chart below, and then begin to trend upward further out in the 

forecast in 2023 to 2024. The pace of absorption is expected to normalize this year due 

to the elevated number of new units delivering over the next 12 months. In addition, we 

expect that concession levels will continue to normalize but may increase again during 

the late spring and summer months, as some renters might encounter “sticker shock” 

upon the renewal of their leases at the pre-concession level and the expiration of the 

past year’s generous discounts. 

Based on preliminary third-party data, the estimated national multifamily vacancy 

rate for institutional investment-type apartment properties as of December 31, 2021, 

remained at 5.0% compared with 5.0% as of September 30, 2021, and 6.0% as of 

December 31, 2020. The estimated national multifamily vacancy rate remains below its 

estimated average rate of about 6.0% over the last 10 years.

Effective rents are estimated to have increased by 3.0% during the fourth quarter of 

2021 compared with an increase of 3.5% during the third quarter of 2021 and a decrease 

of 0.5% in the fourth quarter of 2020. Annualized rent growth for 2021 is estimated 

to have been 10%.
37 Annual Housing Activities Report 2021 © 2022 Fannie Mae

Multifamily construction underway remains elevated, with more than 386,000 units 

expected to have been delivered in 2021, compared with the estimated 404,000 new 

multifamily units that were completed in 2020. 

National Apartment Sales Volume and Cap Rates

Sales ($) Cap Rates (%)

Billions

4.5%

5.0%

5.5%

6.0%

6.5%

7.0%

$0

$20

$40

$60

$80

$100

$120

$140

$160

2005 Q2

Q4

2006 Q2

Q4

2007 Q2

Q4

2008 Q2

Q4

2009 Q2

Q4

2011 Q2

Q4

2012 Q2

Q4

2013 Q2

Q4

2014 Q2

Q4

2015 Q2

Q4

2016 Q2

Q4

2017 Q2

Q4

2018 Q2

Q4

2019 Q2

Q4

2020 Q2

Q4Q4

2

2021 Q2

010 Q2

Q4

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

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

valued at $2.5 million or greater totaled an estimated $335.3 billion in 2021, an increase 

of 128% above $147 billion in sales during 2020, marking the highest annual multifamily 

property sales amount to date. 

Multifamily property sales had already reached record volumes during the third 

quarter of 2021. Even so, the market tacked on an additional $148.9 billion worth of 

multifamily transactions in the fourth quarter: an astonishing increase, well above $63.6 

in multifamily sales during the same period of 2020. In fact, apartment property sales 

volume from the last quarter of 2021 alone exceeds the number of sales transactions 

throughout all of 2020 by $1.9 billion.

We believe that multifamily investors returned to the sector based on positive 

fundamentals, including strong rental demand, net absorption, and continued low 

interest rates. Indeed, we expect much of this momentum to continue into 2022, with 

reports of elevated levels of interest from many investors seeking to deploy capital in the 

multifamily sector. And while rent growth is expected to moderate this year, and interest 

rates expected to rise, buyers appear to remain undeterred, and sellers appear interested 

in selling while prices are high. 
38 Annual Housing Activities Report 2021 © 2022 Fannie Mae

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 toward standardization and more transparent 

disclosure in commercial real estate securitizations. Standardization of securitized 

financings and their associated disclosures promotes liquid trading in the capital 

markets. Transparent, liquid trading allows for the efficient origination and pricing of 

multifamily mortgage loans by market participants and the placement of those loans, 

as mortgage-backed securities (MBS), in the investor market. 

Fannie Mae’s Delegated Underwriting and Servicing (DUS®) platform allows lenders 

to swap each multifamily loan for a standardized, tradeable MBS that shares the 

characteristics of the underlying loan. Fannie Mae Multifamily MBS are predominantly 

single-loan securitizations that allow lenders to auction every MBS rate lock to multiple 

bidders. This allows for the best execution for borrowers and instantly transfers interest 

rate risk to private capital at rate lock, with no aggregation risk for Fannie Mae or 

our lenders. 

2021 Standardization & Securitization Highlights:

• Fannie Mae issued $69.4 billion in Multifamily MBS in 2021, which accounted 

for over 99% of its Multifamily production. 

• In an effort to improve the liquidity and increase demand for Multifamily MBS, in 

2021 Fannie Mae issued $8.5 billion of Multifamily structured securities through 12 

Real Estate Mortgage Investment Conduit transactions as part of our Guaranteed 

Multifamily Structures (GeMSTM) program. GeMS structured securities are backed 

by Multifamily MBS previously issued by Fannie Mae and are sold to institutional 

investors who might not otherwise invest in Multifamily MBS. Of the 2021 GeMS 

issuances, $2.391 billion were Green GeMS, which were backed by Multifamily 

Green MBS. In 2022, Fannie Mae will continue to market its multifamily 

structured product offerings through the GeMS program.
39 Annual Housing Activities Report 2021 © 2022 Fannie Mae

Affordable Housing

Partnerships

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 moderate-income families, the 

elderly, single persons, large families, residents of non-metropolitan areas, families who are participating 

in an organized program to achieve economic independence and self-sufficiency, and other categories 

of persons; (3) combined efforts with private industry, nonprofit organizations, and public institutions to 

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

(5) efforts to provide affordable housing through the production of new units, rehabilitation, or acquisition 

of existing units.

Charter Act Requirement: 

Describe the activities undertaken by the corporation with nonprofit and for-profit organizations and with state and 

local governments and housing finance agencies, including how the corporation’s activities support the objectives 

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

Housing Act.14

Activities undertaken by Fannie Mae in 2021 with nonprofit and for-profit organizations, 

state, and local governments, and HFAs include: 

• Via our lending partners, Fannie Mae provided $1.502 billion of debt financing 

on 121 different projects with Low-Income Housing Tax Credits.

• We partnered with the University of Alabama-Tuscaloosa to enhance HomeFirst, 

a program that aims to help increase the financial capability of consumers by 

reviewing an alternative coaching framework and also replicating the program 

at the University of Alabama-Birmingham. 

• We partnered with a community development financial institution (CDFI) 

intermediary to support financial coaching to improve credit scores of 

consumers; this included both urban and rural markets. 

• Fannie Mae partnered with a national nonprofit intermediary to provide training 

session and focus groups with housing counselors in order to dispel myths and 

increase knowledge on factory-built housing. 

• Fannie Mae remains engaged with a nonprofit government partner who has 

identified acquisition funding to purchase Non-Performing Loans in their areas 

of focus.
40 Annual Housing Activities Report 2021 © 2022 Fannie Mae

• We engaged and partnered with the Mortgage Bankers Association in the 

execution of its strategic initiative CONVERGENCE — a collaborative of lenders, 

state, and local governments housing not-for-profits and local community 

stakeholders — to facilitate solutions that address housing affordability 

challenges and housing inequities in Memphis, Tennessee, and Columbus, Ohio. 

We participated in informational webinars for housing practitioners related to 

mortgage products, lending resources, and tools and resources to help renters 

and homeowners facing financial stress due to COVID-19. These community 

engagement activities helped to empower housing practitioners and housing 

services providers with information and resources to serve predominantly 

minority communities. 

• In 2021, the Community First sales team held three virtual Coffee with Community 

First events with NeighborWorks, Grounded Solutions Network, and the Housing 

Partnership Network to educate potential partners on the benefits of the 

Community First platform. There were a total of 118 registrations for these events. 

Additionally, Community First expanded into 39 states and ended the year with 

256 approved entities (189 nonprofits, 57 community-minded for-profits, and 10 

public entities). 

• Fannie Mae facilitated the sale of 166 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 21 properties in the 11 Community First expansion markets. 

• Fannie Mae launched and ran a Community First social media campaign through 

LinkedIn targeting public and nonprofit community development organizations. 

The goal of the campaign was to test various value propositions and drive traffic 

to the Community First website. Two value propositions resonated with the 

majority of the audience: early, exclusive access; and cost savings. Initial results 

indicate that 490 new users visited the Community First landing page 957 times. 

Based on this feedback, future campaigns will be utilized promoting these value 

propositions with the goal of driving additional Community First registrations, 

especially in underserved markets. 

• Fannie Mae executed a nonprofit variance with Tri Counties Bank to allow a 

nonprofit to be treated like a single-family borrower (meaning they can receive 

conventional financing) in disaster-impacted communities to provide affordable 

rental units. In 2021, two Fannie Mae real estate owned lots were sold through 

Community First to Community Housing Improvement Program (CHIP) in 

Paradise, CA. Once delivered, CHIP will maintain the units as affordable rentals. 
41 Annual Housing Activities Report 2021 © 2022 Fannie Mae

• In 2021, Fannie Mae created a methodology for tracking and calculating the value 

of sweat equity as a down payment, which is permitted under HomeReady. We 

are working with Chipola Habitat, Chipola College, Rural Studios, and Regions 

Bank to close the first sweat equity loan. Four homes will be built to FORTIFIED 

and Florida Green Building Coalition standards. 

• In 2021, as part of the legislative response to the COVID-19 crisis, the Department 

of Treasury announced the $9 billion Homeowner Assistance Fund (HAF). HAF is 

a federal program that states will administer to help households that are behind 

on their mortgages and other housing-related expenses due to COVID-19. The 

majority of HAF administrators are state housing finance agencies. Fannie Mae 

supported HAF through our engagement with servicers and other industry 

stakeholders by promoting awareness and adoption of the program. Fannie 

Mae collaborated with the National Council of State Housing Agencies and the 

Housing Policy Council to maintain awareness and alignment for successful state 

HAF implementation. 

• Given the impact of COVID-19 on the economy, Fannie Mae provided flexibilities 

to allow an alternative to repurchasing loans in forbearance and while permitting 

loss mitigation options that may lead to home retention. The alternative protects 

Fannie Mae and the taxpayer without over-burdening and creating liquidity issues 

for the servicers of loans in repurchase agreements. In 2021, we worked with 

three HFA lenders and one non-HFA lender in helping hundreds of borrowers find 

a loss mitigation solution. We expect five more HFAs to take advantage of the 

repurchase alternative in 2022. 

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

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

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

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

support the objectives of this statute.
42 © 2022 Fannie Mae

Other Charter Act

Requirements

15 The AMR is provided pursuant to § 309(m) of the Charter Act (codified at 12 U.S.C. § 1723a(m)).

16 For 776 units that we financed, affordability data was not provided, so these units are not included in our 

calculation. 

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 2021, Fannie Mae 

mortgage purchases financed 21,406 units affordable to families earning 80% 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 2021, Fannie Mae’s purchases of mortgages served 4,909,631 families, as measured by 

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

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

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

Charter Act Requirement: 

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

in conjunction with public subsidy programs under Federal law.
43 Annual Mortgage Report 2021 © 2022 Fannie Mae

In 2021, Fannie Mae purchased 8,498 single-family mortgages and 619 multifamily 

mortgages, with an aggregate unpaid principal balance of approximately $1.773 

billion and $9.6 billion, respectively, that were originated in conjunction with 

public subsidy programs.17

Fannie Mae partners with state and local HFAs to offer HFA Preferred mortgages to 

support their Mortgage Revenue Bond (MRB) programs. HFAs sell tax-exempt MRBs 

and use the proceeds to finance low-cost mortgages for low- and middle-income firsttime homebuyers, or the production of affordable rental apartments to lower-income 

families. HFAs can also use MRBs to issue Mortgage Credit Certificates, which provide 

a nonrefundable federal income tax credit for part of the mortgage interest qualified 

homebuyers pay each year. In combination with MRB programs, HFA Preferred is a 

powerful mortgage financing tool to further increase first-time homeownership and 

preserve affordability.

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.

Charter Act Requirement: 

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

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

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

properties purchased by Fannie Mae.

Charter Act Requirement: 

Compare the level of securitization versus portfolio activity.

During 2021, Fannie Mae securitized $1.5 trillion in mortgage loans, including $674 

billion of loans that were held in portfolio. We had total portfolio acquisitions of $668 

billion, which included $10.4 billion of delinquent loans purchased from our MBS trusts. 

In 2021, Fannie Mae’s portfolio decreased by $53.4 billion.
44 Annual Mortgage Report 2021 © 2022 Fannie Mae

Charter Act Requirement: 

18 Some of these women-owned lenders also identified as belonging to a minority group, such as AfricanAmerican, 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 $1.384 billion as of December 31, 2020. This definition parallels the definition of “small bank” 

under the implementing regulations of the Community Reinvestment Act (12 C.F.R. § 228.12).

20 Fannie Mae’s AHARs for 2018 – 2020 underreported the volume of mortgages purchased from communityoriented lenders. The correct volume for those years was $114.51 billion (2018), $165.33 billion (2019), 

and $450.05 billion (2020). 

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

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

relationships with such lenders. 

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

or servicing relationships with approximately 1,681 single-family and 58 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 2021 from single-family lenders identified as minority- or women-owned 

lenders, women-owned lenders,18 and single-family and multifamily communityoriented lenders.19

Seller/Servicer Type Volume of Mortgages

Minority- or women-owned $27.00 billion

Women-owned $19.75 billion

Community-oriented lenders $259.73 billion20

In 2021, we began building a Minority Lender Program that is intended to increase 

diversity and inclusion within the Single-Family lender network by providing tools and 

resources to minority-owned lenders to scale their business. We began this process by 

interviewing minority-owned lenders, both approved seller/servicers and non-seller/

servicers, to understand their business objectives and identify ways Fannie Mae can 

support these objectives. 

• Launched pilot roundtable series to approved minority-owned approved 

seller and/or servicers focused on confirming our findings and diversity

in the appraisal space.

• Began regularly scheduled, individualized strategic account planning 

engagements with each minority-owned lender with a dedicated account team.

• Identified two roundtable members to lead the group in an ideation session to 

identify how to leverage each other’s strengths to address identified weaknesses.
45 Annual Mortgage Report 2021 © 2022 Fannie Mae

Fannie Mae supported community-oriented lenders through our partnership 

with the American Bankers Association through the following activities:

• Through the American Bankers Association, Community Banks received timely 

updates and changes to policies impacted by the Preferred Stock Purchase 

Agreement.

• Educated Community Banks on steps and best practices to become a Fannie 

Mae lender and navigating Appraisal Independence Requirements through 

two webinars.

• Released two articles promoting Fannie Mae’s Future Housing Leaders 

to increase diversity within the community bank workforce.

• Provided a homebuyer education toolkit for community banks to educate 

borrowers on the homebuying process.

• Promoted the innovative positive rent history DU upgrade to inform community 

banks of the impact this update will make for first-time homebuyers.

• Delivered helpful resources to support navigation of implementations and 

onboarding of eMortgages with remote work and social distancing skyrocketing 

through the COVID-19 pandemic.

Fannie Mae continued to develop relationships with community-oriented lenders 

who focus on rural lending by:

• Providing technical assistance to Federation of Appalachian Housing Enterprises, 

Inc., a CDFI and new Fannie Mae seller/servicer. 

• Providing technical assistance to four community lenders to build capacity 

and expand mortgage lending to more rural areas.

• Engaging with 15 community-oriented lenders to participate in an online 

servicing seminar about pandemic-related loss mitigation options.

• Conducting a marketing campaign targeting rural homeowners with information 

on Fannie Mae’s publicly available resources on loss mitigation options to keep 

families in their homes.

• Facilitating comprehensive interviews with nine community-oriented lenders 

about their experiences with servicing rural areas. 
46 Annual Mortgage Report 2021 © 2022 Fannie Mae

Annual 

Mortgage 

Report

2021
47 Annual Mortgage Report 2021 © 2022 Fannie Mae

Total Qualifying Total Qualifying Very Total Qualifying Low- Qualifying Low- Total Qualifying Low- All Mortgage

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

Eligible To Purchase Eligible To Purchase Eligible To Purchase Purchase Eligible To Refinance

Qualify As Money Qualify As Very Money Qualify As Low- Money Goal Money Qualify As Mortgages1

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

Purchase Purchase Purchase Mortgages Refinance1

Money Money Money

Purchase of Single-Family Mortgages

 Owner-Occupied 1-Unit Properties/Mortgages:

 UPB ($ Millions) $402,049 $77,520 $402,049 $14,790 $402,049 $80,916 $68,034 $834,837 $150,890 $1,281,693 

 Number of Mortgages 1,297,092 372,999 1,297,092 96,503 1,297,092 316,218 261,179 3,063,338 801,583 4,520,153

 Owner-Occupied 2-4 Unit Properties/Mortgages:

 UPB ($ Millions) $3,801 $581 $3,801 $95 $3,801 $1,705 $1,673 $9,933 $1,987 $13,742 

 Number of Mortgages 9,367 2,570 9,367 651 9,367 4,473 4,338 26,191 7,869 35,586

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

Properties:

 UPB ($ Millions) $405,850 $78,101 $405,850 $14,885 $405,850 $82,621 $69,707 $844,770 $152,877 $1,295,435 

 Number of Mortgages 1,306,459 375,569 1,306,459 97,154 1,306,459 320,691 265,517 3,089,529 809,452 4,555,739

Goals Performance

 Fannie Mae's Single-Family Goals 24% 6% 18% 21%

 Goals Performance Percentage 28.75% 7.44% 24.55% 26.20%

 Fannie Mae's Single-Family Subgoal 14%

 Subgoal Performance Percentage 20.32%

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 2021

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

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 2021
48 Annual Mortgage Report 2021 © 2022 Fannie Mae

All Mortgage 

Purchases

Purchases of Multifamily Mortgages

Multifamily 5-50 Unit Properties: 

UPB ($ Million) $1,393 $328 $3,776 

Number of Mortgages 661 359 863

Number of Properties 693 377 902

Number of Units 14,247 4,093 25,416

Multifamily > 50 Unit Properties:

UPB ($ Million) $33,731 $6,124 $60,118 

Number of Mortgages 2,617 1,727 2,847

Number of Properties 2,628 1,733 2,858

Number of Units 368,465 78,099 531,736

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 3,187 3,187 N/A

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

Units Where Rent Estimation is Possible 3,187 3,187 N/A

Large (>50 unit) properties 2,909 1,614 2,909 1,122 N/A

Small (5-50 unit) properties 278 162 278 145 N/A

Not Subject to Cap 3,187 1,776 3,187 1,267 N/A

Subject to Cap N/A

5% Cap 27,858 27,858 N/A

Adjustments to Number of Units for:

Missing Data 1,776 1,267 N/A

Total Multifamily:

UPB ($ Million) $35,123 $6,453 $63,894 

Number of Mortgages 3,273 2,083 3,705

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

Number of Properties 3,321 2,110 3,760

Number of Units 382,712 82,192 557,152

Number of Units (Adjusted) 384,488 83,459 557,152

Goals Performance

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

Goal Performance (units) 384,488 83,459

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

Goal Performance (units) 14,409

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

Table 1B

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

Summary Table on Multifamily Housing Goal Performance

For Calendar Year 2021

Qualifying Low-Income Purchases Qualifying Very Low-Income 

Purchases

Table 1B: Fannie Mae’s Mortgage Purchases by Property Size and Housing Goal Status Summary Table 

on Multifamily Housing Goal Performance | For Calendar Year 2021
49 Annual Mortgage Report 2021 © 2022 Fannie Mae

Total Mortgages Eligible Qualifying Low-Income All Mortgage Purchases

To Qualify as Refinance Mortgages1

Low-Income Refinance1

Purchase of Loan Modifications of At-Risk Mortgages

 Owner-Occupied 1-Unit Properties/Mortgages:

 UPB ($ Millions) $0 $0 $0 

 Number of Mortgages 0 0 0

 Owner-Occupied 2-4 Unit Properties/Mortgages:

 UPB ($ Millions) $0 $0 $0 

 Number of Mortgages 0 0 0

 Total Loan Modifications of At-Risk Mortgages:

 UPB ($ Millions) $0 $0 $0 

 Number of Mortgages 0 0 0

Table 1C

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

Mortgages from At-Risk Loans that were Modified

For Calendar Year 2021

Low-Income Units Very Low-Income Units Total Units Financed

Purchases of Single-Family Mortgages

 Owner-Occupied 2-4 Unit Properties/Mortgages:

 UPB ($ Millions) $2,781 $546 $7,403 

 Number of Mortgages 17,867 4,193 35,558

 Number of Units 21,405 4,836 43,222

 Investor Owned 1-4 Unit Properties/Mortgages:

 UPB ($ Millions) $16,022 $3,663 $59,394 

 Number of Mortgages 93,579 22,069 257,070

 Number of Units 126,560 29,655 310,617

Total Single-Family:

 UPB ($ Millions) $18,803 $4,209 $66,796 

 Number of Mortgages 111,446 26,262 292,628

 Number of Units 147,965 34,491 353,839

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

Table 1D

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

Summary Table on Single-Family Housing Goal Performance

For Calendar Year 2021

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 2021

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 2021
50 Annual Mortgage Report 2021 © 2022 Fannie Mae

Qualifying Qualifying Very Qualifying Low- Qualifying Total Purchase Total Refinance Total Mortgages

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

Purchase Money Purchase Money Purchase Money Refinance Mortgages Acquired

Mortgages Mortgages Mortgages Mortgages Acquired

Income No More Than 50% of Median Income

 $UPB(Millions) $14,885 $14,885 $7,742 $30,484 $15,004 $30,541 $45,545 

 Number of Mortgages 97,154 97,154 50,333 206,481 98,059 206,901 304,960

 Portion of Qualifying or Total Mortgages Acquired 25.87% 100.00% 15.70% 25.51% 6.98% 6.57% 6.69%

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

 $UPB(Millions) $16,090 $0 $7,405 $31,494 $16,250 $31,564 $47,813 

 Number of Mortgages 81,449 0 37,123 172,332 82,463 172,780 255,243

 Portion of Qualifying or Total Mortgages Acquired 21.69% 0.00% 11.58% 21.29% 5.87% 5.48% 5.60%

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

 $UPB(Millions) $47,126 $0 $19,912 $90,899 $47,726 $91,200 $138,926 

 Number of Mortgages 196,966 0 82,573 430,639 200,296 432,360 632,656

 Portion of Qualifying or Total Mortgages Acquired 52.44% 0.00% 25.75% 53.20% 14.26% 13.72% 13.89%

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

 $UPB(Millions) $0 $0 $20,919 $0 $55,595 $107,619 $163,214 

 Number of Mortgages 0 0 73,052 0 197,672 443,600 641,272

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 22.78% 0.00% 14.08% 14.08% 14.08%

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

 $UPB(Millions) $0 $0 $7,382 $0 $55,230 $108,611 $163,841 

 Number of Mortgages 0 0 23,831 0 174,843 402,154 576,997

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 7.43% 0.00% 12.45% 12.76% 12.67%

Income More Than 120% of Median Income

 $UPB(Millions) $0 $0 $19,262 $0 $243,906 $492,185 $736,090 

 Number of Mortgages 0 0 53,779 0 650,924 1,493,671 2,144,595

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 16.77% 0.00% 46.35% 47.40% 47.07%

Missing

 $UPB(Millions) $0 $0 $0 $0 $3 $3 $5 

 Number of Mortgages 0 0 0 0 9 7 16

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

All Income Levels1

 $UPB(Millions) $78,101 $14,885 $82,621 $152,877 $433,713 $861,722 $1,295,435 

 Number of Mortgages 375,569 97,154 320,691 809,452 1,404,266 3,151,473 4,555,739

 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 2021

Table 2: Distribution of Single-Family Owner-Occupied Mortgages Purchased by Fannie Mae by Income Class 

of Mortgagor(s) | For Calendar Year 2021
51 Annual Mortgage Report 2021 © 2022 Fannie Mae

Qualifying Low-Income 

Purchases

Qualifying Very LowIncome PurchasesTotal Units Financed

Affordable At No More Than 30% of Median Income

$UPB(MILLIONS) $2,800 $2,800 $2,800 

Number of Units 25,869 25,869 25,869

6.76% 31.47% 4.64%

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

$UPB(MILLIONS) $3,653 $3,653 $3,653 

Number of Units 56,323 56,323 56,323

14.72% 68.53% 10.11%

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

$UPB(MILLIONS) $7,895 $7,895 

Number of Units 105,451 105,451

27.55% 18.93%

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

Units in Multifamily Properties: $20,776 $20,776 

Number of Units 195,069 195,069

50.97% 35.01%

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

$UPB(MILLIONS) $14,623 

Number of Units 103,849

18.64%

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

$UPB(MILLIONS) $6,941 

Number of Units 40,549

7.28%

Affordable At More Than 120% of Median Income

$UPB(MILLIONS) $6,450 

Number of Units 26,855

4.82%

Tenant Rent Missing

$UPB(MILLIONS) $758 

Number of Units 3,187

0.57%

All Income Levels2

$UPB(MILLIONS) $35,123 $6,453 $63,894 

Number of Units 382,712 82,192 557,152

Portion of Qualifying or Total Units Financed 100% 100% 100%

Table 3A

Distribution of Rental Units

Financed by Multifamily Mortgages Purchased by Fannie Mae

For Calendar Year 2021

Portion of Qualifying or Total Units Financed

Portion of Qualifying or Total Units Financed

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

Portion of Qualifying or Total Units Financed

Portion of Qualifying or Total Units Financed

Portion of Qualifying or Total Units Financed

Portion of Qualifying or Total Units Financed

Portion of Qualifying or Total Units Financed

Table 3A: Distribution of Rental Units Financed by Multifamily Mortgages Purchased by Fannie Mae by Affordability 

of Rent1 | For Calendar Year 2021
52 Annual Mortgage Report 2021 © 2022 Fannie Mae

Low-Income Units Very Low-Income Units Total Units Financed

Affordable At No More Than 30% of Median Income

 UPB ($ Millions) $1,499 $1,499 $1,499 

 Number of Units 7,728 7,728 7,728

 Portion of Low-Income, Very Low-Income, or Total Units Financed 6.82% 29.38% 2.88%

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

 UPB ($ Millions) $1,707 $1,707 $1,707 

 Number of Units 18,576 18,576 18,576

 Portion of Low-Income, Very Low-Income, or Total Units Financed 16.39% 70.62% 6.93%

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

 UPB ($ Millions) $2,504 $2,504 

 Number of Units 24,707 24,707

 Portion of Low-Income, Very Low-Income, or Total Units Financed 21.80% 9.22%

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

 UPB ($ Millions) $8,604 $8,604 

 Number of Units 62,317 62,317

 Portion of Low-Income, Very Low-Income, or Total Units Financed 54.99% 23.25%

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

 UPB ($ Millions) $10,666 

 Number of Units 55,831

 Portion of Low-Income, Very Low-Income, or Total Units Financed 20.83%

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

 UPB ($ Millions) $7,461 

 Number of Units 31,671

 Portion of Low-Income, Very Low-Income, or Total Units Financed 11.81%

Affordable At More Than 120% of Median Income

 UPB ($ Millions) $10,473 

 Number of Units 34,871

 Portion of Low-Income, Very Low-Income, or Total Units Financed 13.01%

Tenant Rent Missing

 UPB ($ Millions) $7,277 

 Number of Units 32,360

 Portion of Low-Income, Very Low-Income, or Total Units Financed 12.07%

All Income Levels2

 UPB ($ Millions) $14,314 $3,206 $50,192 

 Number of Units 113,328 26,304 268,061

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

1

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

2

Includes "Tenant Rent Missing."

Table 3B

Distribution of Rental Units

Financed by Purchases of Mortgages on Single-Family

Rental Properties By Affordability of Rent1

For Calendar Year 2021

Table 3B: Distribution of Rental Units Financed by Purchases of Mortgages on Single-Family Rental Properties 

by Affordability of Rent1 | For Calendar Year 2021
53 Annual Mortgage Report 2021 © 2022 Fannie Mae

Family Income <= Family Income > Family Income <= Family Income > Qualifying Low- Total Mortgages

100% of Area 

Median

100% of Area 

Median

100% of Area

Median

100% of Area

Median

Income Area 

Purchase Money

Mortgages

Eligible To 

Qualify As

Low-Income Area

Purchase Money

Tract Income <= 80% of Area Median

 $UPB(Millions) $4,790 $6,478 $24,168 $20,166 $55,601 $55,601 

 Number of Mortgages 20,967 16,666 111,806 60,944 210,383 210,383

 Percentage of Eligible 9.97% 7.92% 53.14% 28.97% 100.00% 100.00%

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

 $UPB(Millions) $2,343 $0 $11,762 $0 $14,106 $34,687 

 Number of Mortgages 8,481 0 46,653 0 55,134 110,119

 Percentage of Eligible 7.70% 0.00% 42.37% 0.00% 50.07% 100.00%

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

 $UPB(Millions) $2,625 $0 $0 $0 $2,625 $43,142 

 Number of Mortgages 13,323 0 0 0 13,323 174,981

 Percentage of Eligible 7.61% 0.00% 0.00% 0.00% 7.61% 100.00%

Tract Income >= 100% of Area Median1

 $UPB(Millions) $10,289 $0 $0 $0 $10,289 $272,420 

 Number of Mortgages 41,851 0 0 0 41,851 810,976

 Percentage of Eligible 5.16% 0.00% 0.00% 0.00% 5.16% 100.00%

Total

 $UPB(Millions) $20,048 $6,478 $35,930 $20,166 $82,621 $405,850 

 Number of Mortgages 84,622 16,666 158,459 60,944 320,691 1,306,459

 Percentage of Eligible 6.48% 1.28% 12.13% 4.66% 24.55% 100.00%

Table 4

Fannie Mae Single-Family Owner-Occupied Mortgage Purchases

Qualifying for the Low-Income Area Purchase Goal

by Method of Qualification

For Calendar Year 2021

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 2021
54 Annual Mortgage Report 2021 © 2022 Fannie Mae

Qualifying Qualifying Very Qualifying Low- Qualifying Total Purchase Total Refinance Total Mortgages

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

Purchase Money Purchase Money Purchase Money Refinance Mortgages Acquired

Mortgages Mortgages Mortgages Mortgages Acquired

American Indian or Alaskan Native2

 $UPB(Millions) $446 $91 $494 $774 $1,778 $2,899 $4,676 

 Number of Mortgages 2,185 612 2,031 4,213 6,207 11,816 18,023

 

 Portion of Qualifying or Total Mortgages Acquired 0.58% 0.63% 0.63% 0.52% 0.44% 0.37% 0.40%

 

Asian2

 $UPB(Millions) $6,950 $1,251 $8,943 $10,706 $44,547 $84,678 $129,225 

 Number of Mortgages 25,707 6,503 26,046 42,486 114,193 233,802 347,995

 

 Portion of Qualifying or Total Mortgages Acquired 6.84% 6.69% 8.12% 5.25% 8.13% 7.42% 7.64%

 

Black or African American2

 $UPB(Millions) $4,889 $1,045 $5,979 $7,551 $19,662 $28,559 $48,221 

 Number of Mortgages 23,170 6,585 24,737 40,975 66,834 116,235 183,069

 

 Portion of Qualifying or Total Mortgages Acquired 6.17% 6.78% 7.71% 5.06% 4.76% 3.69% 4.02%

 

Native Hawaiian or Other Pacific Islander2

 $UPB(Millions) $179 $29 $231 $445 $838 $1,940 $2,778 

 Number of Mortgages 760 182 762 1,864 2,462 6,080 8,542

 

 Portion of Qualifying or Total Mortgages Acquired 0.20% 0.19% 0.24% 0.23% 0.18% 0.19% 0.19%

 

White - Hispanic or Latino3

 $UPB(Millions) $10,249 $2,130 $13,565 $15,922 $46,458 $68,808 $115,266 

 Number of Mortgages 46,441 12,598 51,639 77,087 151,697 252,621 404,318

 

 Portion of Qualifying or Total Mortgages Acquired 12.37% 12.97% 16.10% 9.52% 10.80% 8.02% 8.87%

 

White - Non Hispanic or Latino

 $UPB(Millions) $44,467 $8,360 $39,595 $87,796 $248,477 $494,412 $742,888 

 Number of Mortgages 227,592 58,275 165,893 493,886 846,958 1,909,219 2,756,177

 

 Portion of Qualifying or Total Mortgages Acquired 60.60% 59.98% 51.73% 61.01% 60.31% 60.58% 60.50%

 

Two or More Minority Races4

 $UPB(Millions) $172 $34 $234 $246 $835 $1,163 $1,998 

 Number of Mortgages 718 199 790 1,112 2,436 3,772 6,208

 

 Portion of Qualifying or Total Mortgages Acquired 0.19% 0.20% 0.25% 0.14% 0.17% 0.12% 0.14%

 

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

 $UPB(Millions) $719 $63 $1,663 $1,383 $10,714 $17,086 $27,800 

 Number of Mortgages 2,993 366 5,120 6,363 29,042 53,215 82,257

 

 Portion of Qualifying or Total Mortgages Acquired 0.80% 0.38% 1.60% 0.79% 2.07% 1.69% 1.81%

 

Information not Provided by Borrower or Co-Borrower6

 $UPB(Millions) $8,663 $1,604 $10,309 $25,600 $52,462 $146,283 $198,744 

 Number of Mortgages 39,383 10,040 37,450 129,023 158,739 509,673 668,412

 

 Portion of Qualifying or Total Mortgages Acquired 10.49% 10.33% 11.68% 15.94% 11.30% 16.17% 14.67%

 

Not Applicable

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

 Number of Mortgages 0 0 0 0 0 0 0

 

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

 

Data not Provided by Loan Seller7

 $UPB(Millions) $1,366 $276 $1,607 $2,454 $7,944 $15,895 $23,838 

 Number of Mortgages 6,620 1,794 6,223 12,443 25,698 55,040 80,738

 

 Portion of Qualifying or Total Mortgages Acquired 1.76% 1.85% 1.94% 1.54% 1.83% 1.75% 1.77%

 

Total

 $UPB(Millions) $78,101 $14,885 $82,621 $152,877 $433,713 $861,722 $1,295,435 

 Number of Mortgages 375,569 97,154 320,691 809,452 1,404,266 3,151,473 4,555,739

 

 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 2021

Calendar Year 2021

Table 5A continues on next page.

Distribution of Single-Family Owner-Occupied Mortgage Purchases

By Race of Borrower(s) on Loan Application1

Table 5A

Table 5A: Distribution of Single-Family Owner-Occupied Mortgage Purchases by Race of Borrower(s) on Loan 

Application1 | For Calendar Year 2021 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) $446 $91 $494 $774 $1,778 $2,899 $4,676 

 Number of Mortgages 2,185 612 2,031 4,213 6,207 11,816 18,023

 

 Portion of Qualifying or Total Mortgages Acquired 0.58% 0.63% 0.63% 0.52% 0.44% 0.37% 0.40%

 

Asian2

 $UPB(Millions) $6,950 $1,251 $8,943 $10,706 $44,547 $84,678 $129,225 

 Number of Mortgages 25,707 6,503 26,046 42,486 114,193 233,802 347,995

 

 Portion of Qualifying or Total Mortgages Acquired 6.84% 6.69% 8.12% 5.25% 8.13% 7.42% 7.64%

 

Black or African American2

 $UPB(Millions) $4,889 $1,045 $5,979 $7,551 $19,662 $28,559 $48,221 

 Number of Mortgages 23,170 6,585 24,737 40,975 66,834 116,235 183,069

 

 Portion of Qualifying or Total Mortgages Acquired 6.17% 6.78% 7.71% 5.06% 4.76% 3.69% 4.02%

 

Native Hawaiian or Other Pacific Islander2

 $UPB(Millions) $179 $29 $231 $445 $838 $1,940 $2,778 

 Number of Mortgages 760 182 762 1,864 2,462 6,080 8,542

 

 Portion of Qualifying or Total Mortgages Acquired 0.20% 0.19% 0.24% 0.23% 0.18% 0.19% 0.19%

 

White - Hispanic or Latino3

 $UPB(Millions) $10,249 $2,130 $13,565 $15,922 $46,458 $68,808 $115,266 

 Number of Mortgages 46,441 12,598 51,639 77,087 151,697 252,621 404,318

 

 Portion of Qualifying or Total Mortgages Acquired 12.37% 12.97% 16.10% 9.52% 10.80% 8.02% 8.87%

 

White - Non Hispanic or Latino

 $UPB(Millions) $44,467 $8,360 $39,595 $87,796 $248,477 $494,412 $742,888 

 Number of Mortgages 227,592 58,275 165,893 493,886 846,958 1,909,219 2,756,177

 

 Portion of Qualifying or Total Mortgages Acquired 60.60% 59.98% 51.73% 61.01% 60.31% 60.58% 60.50%

 

Two or More Minority Races4

 $UPB(Millions) $172 $34 $234 $246 $835 $1,163 $1,998 

 Number of Mortgages 718 199 790 1,112 2,436 3,772 6,208

 

 Portion of Qualifying or Total Mortgages Acquired 0.19% 0.20% 0.25% 0.14% 0.17% 0.12% 0.14%

 

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

 $UPB(Millions) $719 $63 $1,663 $1,383 $10,714 $17,086 $27,800 

 Number of Mortgages 2,993 366 5,120 6,363 29,042 53,215 82,257

 

 Portion of Qualifying or Total Mortgages Acquired 0.80% 0.38% 1.60% 0.79% 2.07% 1.69% 1.81%

 

Information not Provided by Borrower or Co-Borrower6

 $UPB(Millions) $8,663 $1,604 $10,309 $25,600 $52,462 $146,283 $198,744 

 Number of Mortgages 39,383 10,040 37,450 129,023 158,739 509,673 668,412

 

 Portion of Qualifying or Total Mortgages Acquired 10.49% 10.33% 11.68% 15.94% 11.30% 16.17% 14.67%

 

Not Applicable

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

 Number of Mortgages 0 0 0 0 0 0 0

 

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

 

Data not Provided by Loan Seller7

 $UPB(Millions) $1,366 $276 $1,607 $2,454 $7,944 $15,895 $23,838 

 Number of Mortgages 6,620 1,794 6,223 12,443 25,698 55,040 80,738

 

 Portion of Qualifying or Total Mortgages Acquired 1.76% 1.85% 1.94% 1.54% 1.83% 1.75% 1.77%

 

Total

 $UPB(Millions) $78,101 $14,885 $82,621 $152,877 $433,713 $861,722 $1,295,435 

 Number of Mortgages 375,569 97,154 320,691 809,452 1,404,266 3,151,473 4,555,739

 

 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 2021

Calendar Year 2021

Table 5A continues on next page.

Distribution of Single-Family Owner-Occupied Mortgage Purchases

By Race of Borrower(s) on Loan Application1

Table 5A
55 Annual Mortgage Report 2021 © 2022 Fannie Mae

1

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

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

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

one of the two White categories. 

6

This category consists of mortgages where borrower and co-borrower race information is not provided 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 and if either borrower or co-borrower is identified as Hispanic or Latino, the loan is classified as "White - Hispanic or Latino." The category "White - 

Non-Hispanic or Latino" includes loans where borrower and co-borrower are both identified as "Not Hispanic or Latino" or when the ethnicity is missing for both borrowers. Table 5B 

shows the ethnicity distribution of all loans acquired.

4

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

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

5

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

7

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

Table 5A: Distribution of Single-Family Owner-Occupied Mortgage Purchases by Race of Borrower(s) on Loan 

Application1 | For Calendar Year 2021
56 Annual Mortgage Report 2021 © 2022 Fannie Mae

Qualifying Qualifying Very Qualifying Low- Qualifying Total Purchase Total Refinance Total Mortgages

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

Purchase Money Purchase Money Purchase Money Refinance Mortgages Acquired

Mortgages Mortgages Mortgages Mortgages Acquired

Borrower and Co-Borrower are Hispanic or Latino:

 $UPB(Millions) $12,013 $2,585 $15,215 $18,807 $47,018 $70,037 $117,056 

 Number of Mortgages 54,528 15,334 58,558 91,733 156,983 263,897 420,880

 

 Portion of Qualifying or Total Mortgages Acquired 14.52% 15.78% 18.26% 11.33% 11.18% 8.37% 9.24%

 

Borrower and Co-Borrower are not Hispanic or 

 $UPB(Millions) $55,990 $10,534 $54,996 $105,980 $316,721 $615,831 $932,552 

 Number of Mortgages 274,523 70,538 217,362 575,859 1,036,160 2,279,796 3,315,956

 

 Portion of Qualifying or Total Mortgages Acquired 73.10% 72.60% 67.78% 71.14% 73.79% 72.34% 72.79%

 

Joint - Either Borrower or Co-Borrower are Hispanic 

 $UPB(Millions) $850 $71 $1,862 $1,537 $11,870 $18,128 $29,998 

 Number of Mortgages 3,605 438 6,012 7,204 33,471 59,386 92,857

 

 Portion of Qualifying or Total Mortgages Acquired 0.96% 0.45% 1.87% 0.89% 2.38% 1.88% 2.04%

 

Information not Provided by Borrower or Co-

 $UPB(Millions) $7,923 $1,449 $9,023 $23,957 $49,883 $140,695 $190,578 

 Number of Mortgages 36,588 9,234 33,077 121,882 151,956 490,970 642,926

 

 Portion of Qualifying or Total Mortgages Acquired 9.74% 9.50% 10.31% 15.06% 10.82% 15.58% 14.11%

 

Not Applicable:

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

 Number of Mortgages 0 0 0 0 0 0 0

 

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

 

Data Not Provided by Loan Seller:4

 $UPB(Millions) $1,325 $246 $1,525 $2,596 $8,221 $17,031 $25,252 

 Number of Mortgages 6,325 1,610 5,682 12,774 25,696 57,424 83,120

 

 Portion of Qualifying or Total Mortgages Acquired 1.68% 1.66% 1.77% 1.58% 1.83% 1.82% 1.82%

 

Total:

 $UPB(Millions) $78,101 $14,885 $82,621 $152,877 $433,713 $861,722 $1,295,435 

 Number of Mortgages 375,569 97,154 320,691 809,452 1,404,266 3,151,473 4,555,739

 

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

 

4

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

1

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

2

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

3

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

Table 5B

Distribution of Single-Family Owner-Occupied Mortgage Purchases

By Ethnicity of Borrower(s) on Loan Application1

For Calendar Year 2021

Table 5B: Distribution of Single-Family Owner-Occupied Mortgage Purchases by Ethnicity of Borrower(s) on Loan 

Application1 | For Calendar Year 2021
57 Annual Mortgage Report 2021 © 2022 Fannie Mae

Qualifying Qualifying Very Qualifying Low- Qualifying Total Purchase Total Refinance Total Mortgages

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

Purchase Money Purchase Money Purchase Money Refinance Mortgages Acquired

Mortgages Mortgages Mortgages Mortgages Acquired

All Male: 

 $UPB(Millions) $30,836 $5,988 $30,432 $50,423 $140,628 $256,273 $396,901 

 Number of Mortgages 148,098 38,412 119,906 264,173 463,999 928,683 1,392,682

 Portion of Qualifying or Total Mortgages Acquired 39.43% 39.54% 37.39% 32.64% 33.04% 29.47% 30.57%

 

All Female: 

 $UPB(Millions) $28,608 $6,663 $23,964 $51,356 $92,270 $160,831 $253,101 

 Number of Mortgages 143,651 44,659 102,120 285,035 338,619 666,866 1,005,485

 Portion of Qualifying or Total Mortgages Acquired 38.25% 45.97% 31.84% 35.21% 24.11% 21.16% 22.07%

 

Male and Female: 

 $UPB(Millions) $14,716 $1,490 $23,729 $36,463 $175,747 $359,498 $535,245 

 Number of Mortgages 65,069 9,231 81,684 183,374 523,349 1,249,418 1,772,767

 Portion of Qualifying or Total Mortgages Acquired 17.33% 9.50% 25.47% 22.65% 37.27% 39.65% 38.91%

 

Not Applicable: 

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

 Number of Mortgages 0 0 0 0 0 0 0

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

 

Not Provided: 

 $UPB(Millions) $3,571 $673 $4,043 $13,865 $22,609 $79,042 $101,651 

 Number of Mortgages 16,949 4,377 15,241 73,023 70,462 286,152 356,614

 Portion of Qualifying or Total Mortgages Acquired 4.51% 4.51% 4.75% 9.02% 5.02% 9.08% 7.83%

 

Missing:2

 $UPB(Millions) $370 $71 $452 $771 $2,459 $6,077 $8,537 

 Number of Mortgages 1,802 475 1,740 3,847 7,837 20,354 28,191

 Portion of Qualifying or Total Mortgages Acquired 0.48% 0.49% 0.54% 0.48% 0.56% 0.65% 0.62%

 

Total: 

 $UPB(Millions) $78,101 $14,885 $82,621 $152,877 $433,713 $861,722 $1,295,435 

 Number of Mortgages 375,569 97,154 320,691 809,452 1,404,266 3,151,473 4,555,739

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

 

2

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

1

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

Table 6

Distribution of Single-Family Owner-Occupied Mortgage Purchases

By Gender of Borrower(s)1

For Calendar Year 2021

Table 6: Distribution of Single-Family Owner-Occupied Mortgage Purchases by Gender of Borrower(s)1

| For Calendar Year 2021
58 Annual Mortgage Report 2021 © 2022 Fannie Mae

Qualifying Qualifying Very Qualifying Low- Qualifying Total Purchase Total Refinance Total Mortgages

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

Purchase Money Purchase Money Purchase Money Refinance Mortgages Acquired

Mortgages Mortgages Mortgages Mortgages Acquired

Minority < 10% 87,930 23,871 32,928 180,468 318,934 707,966 1,026,900

10% <= Minority < 20% 88,554 22,167 42,178 182,997 349,726 762,132 1,111,858

20% <= Minority < 30% 58,022 14,455 34,740 119,015 227,152 495,518 722,670

30% <= Minority < 50% 68,885 17,015 81,181 145,356 264,560 588,852 853,412

50% <= Minority < 80% 50,141 13,392 82,331 115,177 173,899 406,443 580,342

80% <= Minority <= 100% 22,032 6,253 47,270 66,436 69,851 190,476 260,327

Tract Missing / Unable to Classify 5 1 63 3 144 86 230

Total: 375,569 97,154 320,691 809,452 1,404,266 3,151,473 4,555,739

Table 7

Distribution of Single-Family Owner-Occupied Mortgage Purchases

By Minority Concentration of Census Tract

For Calendar Year 2021

Qualifying Low- Qualifying Very Low- Total Units Financed

Income Units Income Units

Minority < 10% 23,698 4,080 34,829

10% <= Minority < 20% 54,436 11,524 82,932

20% <= Minority < 30% 59,989 10,700 87,770

30% <= Minority < 50% 94,286 17,355 144,506

50% <= Minority < 80% 91,562 18,398 130,637

80% <= Minority <= 100% 58,741 20,135 76,478

Tract Missing / Unable to Classify 0 0 0

Total: 382,712 82,192 557,152

Table 8A

Distribution of Fannie Mae's Multifamily Mortgage Purchases

By Minority Concentration of Census Tract

For Calendar Year 2021

Qualifying Low- Qualifying Very Low- Total Units Financed

Income Units Income Units

Minority < 10% 19,212 5,617 35,382

10% <= Minority < 20% 26,435 6,010 59,911

20% <= Minority < 30% 20,384 4,479 51,650

30% <= Minority < 50% 29,019 6,342 77,593

50% <= Minority < 80% 28,908 6,604 72,850

80% <= Minority <= 100% 23,994 5,439 56,393

Tract Missing / Unable to Classify 13 0 60

Total: 147,965 34,491 353,839

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 2021

Table 7: Distribution of Single-Family Owner-Occupied Mortgage Purchases by Minority Concentration of Census 

Tract | For Calendar Year 2021

Table 8A: Distribution of Fannie Mae’s Multifamily Mortgage Purchases by Minority Concentration of Census Tract 

| For Calendar Year 2021

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 2021
59 Annual Mortgage Report 2021 © 2022 Fannie Mae

Qualifying Qualifying Very Qualifying Low- Qualifying Total Purchase Total Refinance Total Mortgages

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

Purchase Money Purchase Money Purchase Money Refinance Mortgages Acquired

Mortgages Mortgages Mortgages Mortgages Acquired

Income <=50% of Median Income

 Minority < 10% 23,871 23,871 6,155 44,583 24,162 44,708 68,870

 10% <= Minority < 30% 36,622 36,622 13,272 75,049 36,940 75,181 112,121

 30% <= Minority < 50% 17,015 17,015 12,869 37,527 17,151 37,588 54,739

 50% <= Minority < 80% 13,392 13,392 11,965 31,045 13,504 31,109 44,613

 80% <= Minority <= 100% 6,253 6,253 6,071 18,277 6,301 18,315 24,616

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

 Subtotal 97,154 97,154 50,333 206,481 98,059 206,901 304,960

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

 Minority < 10% 19,620 0 4,219 38,777 19,941 38,911 58,852

 10% <= Minority < 30% 31,912 0 9,669 63,823 32,261 63,973 96,234

 30% <= Minority < 50% 14,607 0 9,942 30,875 14,783 30,947 45,730

 50% <= Minority < 80% 10,779 0 9,016 24,578 10,903 24,631 35,534

 80% <= Minority <= 100% 4,530 0 4,276 14,278 4,574 14,317 18,891

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

 Subtotal 81,449 0 37,123 172,332 82,463 172,780 255,243

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

 Minority < 10% 44,439 0 8,866 97,108 45,470 97,676 143,146

 10% <= Minority < 30% 78,042 0 20,307 163,140 79,236 163,702 242,938

 30% <= Minority < 50% 37,263 0 22,778 76,954 37,883 77,232 115,115

 50% <= Minority < 80% 25,970 0 20,213 59,554 26,342 59,759 86,101

 80% <= Minority <= 100% 11,249 0 10,406 33,881 11,362 33,989 45,351

 Tract Missing / Unable to Classify 3 0 3 2 3 2 5

 Subtotal 196,966 0 82,573 430,639 200,296 432,360 632,656

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

 Minority < 10% 0 0 7,502 0 43,137 100,309 143,446

 10% <= Minority < 30% 0 0 17,956 0 80,290 170,618 250,908

 30% <= Minority < 50% 0 0 19,861 0 37,693 80,125 117,818

 50% <= Minority < 80% 0 0 18,133 0 25,608 60,095 85,703

 80% <= Minority <= 100% 0 0 9,598 0 10,941 32,448 43,389

 Tract Missing / Unable to Classify 0 0 2 0 3 5 8

 Subtotal 0 0 73,052 0 197,672 443,600 641,272

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

 Minority < 10% 0 0 1,901 0 38,275 89,880 128,155

 10% <= Minority < 30% 0 0 5,022 0 71,561 157,036 228,597

 30% <= Minority < 50% 0 0 4,867 0 33,045 74,543 107,588

 50% <= Minority < 80% 0 0 6,913 0 22,543 54,178 76,721

 80% <= Minority <= 100% 0 0 5,121 0 9,411 26,509 35,920

 Tract Missing / Unable to Classify 0 0 7 0 8 8 16

 Subtotal 0 0 23,831 0 174,843 402,154 576,997

120% MSA Median Income < Income

 Minority < 10% 0 0 4,285 0 147,949 336,482 484,431

 10% <= Minority < 30% 0 0 10,692 0 276,590 627,140 903,730

 30% <= Minority < 50% 0 0 10,864 0 124,005 288,417 412,422

 50% <= Minority < 80% 0 0 16,091 0 74,999 176,671 251,670

 80% <= Minority <= 100% 0 0 11,798 0 27,262 64,898 92,160

 Tract Missing / Unable to Classify 0 0 49 0 119 63 182

 Subtotal 0 0 53,779 0 650,924 1,493,671 2,144,595

Borrower Income Missing

 Minority < 10% 0 0 0 0 0 0 0

 10% <= Minority < 30% 0 0 0 0 0 0 0

 30% <= Minority < 50% 0 0 0 0 0 0 0

 50% <= Minority < 80% 0 0 0 0 0 0 0

 80% <= Minority <= 100% 0 0 0 0 0 0 0

 Tract Missing / Unable to Classify 0 0 0 0 9 7 16

 Subtotal 0 0 0 0 9 7 16

Total: 375,569 97,154 320,691 809,452 1,404,266 3,151,473 4,555,739

Table 9

Distribution of Single-Family Owner-Occupied Mortgage Purchases

Minority Percentage of Census Tract by Income of Borrower

For Calendar Year 2021

Table 9: Distribution of Single-Family Owner-Occupied Mortgage Purchases Minority Percentage of Census Tract 

by Income of Borrower | For Calendar Year 2021
60 Annual Mortgage Report 2021 © 2022 Fannie Mae

Qualifying Qualifying Very Qualifying Low- Qualifying Total Purchase Total Refinance Total Mortgages

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

Purchase Money Purchase Money Purchase Money Refinance Mortgages Acquired

Mortgages Mortgages Mortgages Mortgages Acquired

Alabama 4,486 1,173 3,651 7,041 18,046 29,769 47,815

Alaska 606 185 784 1,293 1,833 3,974 5,807

Arizona 10,460 2,234 9,393 33,945 44,612 117,105 161,717

Arkansas 2,224 601 1,851 3,895 9,227 17,122 26,349

California 16,519 1,956 40,439 116,232 131,192 575,554 706,746

Colorado 12,136 2,650 9,590 35,446 39,256 102,448 141,704

Connecticut 5,135 1,580 2,314 7,222 12,440 25,270 37,710

Delaware 1,358 411 934 3,238 5,382 11,603 16,985

District of Columbia 947 227 923 1,858 3,051 7,120 10,171

Florida 24,715 5,152 25,709 36,690 129,796 164,619 294,415

Georgia 13,032 3,353 10,419 23,885 50,189 93,070 143,259

Hawaii 893 174 1,612 3,448 4,193 12,908 17,101

Idaho 2,216 368 2,035 8,900 12,181 32,188 44,369

Illinois 20,042 6,397 10,566 27,031 55,420 108,539 163,959

Indiana 11,017 3,712 8,365 18,463 28,468 54,526 82,994

Iowa 7,033 2,498 5,929 8,453 15,755 26,068 41,823

Kansas 3,406 1,052 1,527 4,730 10,162 18,076 28,238

Kentucky 4,924 1,537 2,174 7,312 13,802 24,757 38,559

Louisiana 2,672 680 2,855 3,734 11,577 20,338 31,915

Maine 1,084 275 475 3,395 3,960 10,699 14,659

Maryland 10,978 3,626 7,686 24,712 27,134 70,918 98,052

Massachusetts 6,728 1,467 4,177 22,084 21,002 75,552 96,554

Michigan 15,822 5,074 7,601 31,621 46,153 106,828 152,981

Minnesota 15,184 5,139 6,196 27,565 34,775 76,651 111,426

Mississippi 1,362 334 1,130 2,438 6,578 12,251 18,829

Missouri 8,827 2,833 8,801 15,672 25,395 52,428 77,823

Montana 1,323 315 801 3,268 4,886 11,803 16,689

Nebraska 4,087 1,235 4,414 5,907 10,449 19,780 30,229

Nevada 4,571 1,068 3,954 12,626 20,647 42,191 62,838

New Hampshire 1,990 505 1,072 5,675 5,906 17,009 22,915

New Jersey 9,158 1,970 5,658 16,598 39,774 89,792 129,566

New Mexico 2,007 450 2,157 3,136 8,988 14,711 23,699

New York 10,592 2,109 7,706 13,721 47,499 82,164 129,663

North Carolina 12,842 3,326 14,019 25,564 51,804 106,198 158,002

North Dakota 999 300 252 1,627 2,839 5,309 8,148

Ohio 14,855 4,971 8,285 20,401 38,203 70,627 108,830

Oklahoma 3,423 952 3,932 3,932 12,688 17,426 30,114

Oregon 5,087 813 6,776 15,821 23,156 57,249 80,405

Pennsylvania 15,095 4,562 7,122 21,638 44,776 84,222 128,998

Rhode Island 1,172 235 639 3,009 4,029 10,496 14,525

South Carolina 7,332 1,899 7,045 11,414 29,069 44,608 73,677

South Dakota 1,694 476 1,750 2,351 4,344 7,645 11,989

Tennessee 7,929 1,915 7,319 15,040 30,466 56,727 87,193

Texas 23,484 4,147 27,557 33,534 121,563 190,850 312,413

Utah 6,133 1,088 6,379 21,750 19,863 62,940 82,803

Vermont 465 114 205 1,169 1,774 3,869 5,643

Virginia 12,800 3,813 8,495 29,264 36,936 92,455 129,391

Washington 10,666 1,973 9,757 35,500 42,624 122,868 165,492

West Virginia 1,077 327 485 1,814 3,829 7,103 10,932

Wisconsin 11,957 3,596 6,947 22,122 30,942 73,172 104,114

Wyoming 895 290 328 2,114 2,596 6,182 8,778

Guam 6 1 52 5 69 45 114

Puerto Rico 119 15 386 146 2,829 3,567 6,396

Virgin Islands 5 1 63 3 135 79 214

Other Territories 0 0 0 0 0 0 0

Unable to Geocode 0 0 0 0 4 5 9

Total 375,569 97,154 320,691 809,452 1,404,266 3,151,473 4,555,739

Table 10A

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

By State and Territory

For Calendar Year 2021

Table 10A: Distribution of Fannie Mae’s Single-Family Owner-Occupied Mortgage Purchases by State and Territory 

| For Calendar Year 2021
61 Annual Mortgage Report 2021 © 2022 Fannie Mae

Qualifying Low- Qualifying Very Low- Total Units Financed

Income Units Income Units

Alabama 6,168 1,423 7,313

Alaska 83 2 83

Arizona 7,080 277 14,269

Arkansas 3,147 314 4,145

California 16,869 4,475 48,526

Colorado 9,729 1,356 13,537

Connecticut 3,497 1,881 4,828

Delaware 2,435 553 3,117

District of Columbia 579 195 1,327

Florida 16,837 2,182 35,633

Georgia 21,832 4,531 29,553

Hawaii 0 0 0

Idaho 1,690 102 3,215

Illinois 10,925 3,547 15,430

Indiana 13,445 4,231 14,119

Iowa 3,608 2,023 3,756

Kansas 5,281 2,326 5,388

Kentucky 6,536 457 8,054

Louisiana 3,595 113 5,598

Maine 459 57 884

Maryland 16,027 4,890 17,782

Massachusetts 2,517 462 4,365

Michigan 16,098 3,475 17,665

Minnesota 10,079 2,713 11,054

Mississippi 4,183 168 5,106

Missouri 7,945 3,887 9,837

Montana 538 13 851

Nebraska 2,192 1,002 2,304

Nevada 2,578 584 5,525

New Hampshire 678 195 1,513

New Jersey 6,778 1,987 10,522

New Mexico 2,501 140 4,215

New York 18,267 7,068 35,053

North Carolina 14,428 1,850 19,125

North Dakota 328 59 328

Ohio 13,659 4,670 16,327

Oklahoma 6,194 1,632 7,147

Oregon 5,556 454 8,050

Pennsylvania 11,232 1,954 14,831

Rhode Island 45 20 1,232

South Carolina 6,251 1,202 8,668

South Dakota 2,060 758 2,126

Tennessee 9,206 1,369 12,885

Texas 59,197 6,842 81,853

Utah 5,363 517 6,212

Vermont 0 0 101

Virginia 13,207 2,655 16,421

Washington 8,089 682 11,663

West Virginia 517 118 686

Wisconsin 3,018 679 4,533

Wyoming 186 102 397

Guam 0 0 0

Puerto Rico 0 0 0

Virgin Islands 0 0 0

Other Territories 0 0 0

Unable to Geocode 0 0 0

Total 382,712 82,192 557,152

Table 10B

Distribution of Fannie Mae's

Multifamily Mortgage Purchases by State And Territory

For Calendar Year 2021

Table 10B: Distribution of Fannie Mae’s Multifamily Mortgage Purchases by State and Territory 

| For Calendar Year 2021
62 Annual Mortgage Report 2021 © 2022 Fannie Mae

Low- Very Low- Total Units Financed

Income Units Income Units

Alabama 1,678 381 2,733

Alaska 453 67 655

Arizona 3,182 531 11,544

Arkansas 1,102 186 1,765

California 16,474 3,727 83,294

Colorado 3,524 681 10,705

Connecticut 2,673 910 3,519

Delaware 432 82 800

District of Columbia 584 146 1,503

Florida 4,453 896 18,378

Georgia 3,823 687 8,610

Hawaii 251 85 1,272

Idaho 1,592 211 3,340

Illinois 7,314 2,079 12,678

Indiana 3,052 968 4,216

Iowa 1,167 471 1,412

Kansas 1,099 362 1,594

Kentucky 1,140 282 1,697

Louisiana 1,142 181 2,573

Maine 598 88 1,021

Maryland 3,304 648 5,543

Massachusetts 7,020 1,445 11,739

Michigan 4,056 1,032 6,116

Minnesota 3,495 850 4,949

Mississippi 320 58 698

Missouri 4,248 1,478 5,383

Montana 577 101 1,097

Nebraska 865 215 1,210

Nevada 1,614 325 5,303

New Hampshire 1,123 218 1,454

New Jersey 6,376 868 12,873

New Mexico 722 135 1,865

New York 5,511 1,535 16,735

North Carolina 4,130 660 9,554

North Dakota 219 132 269

Ohio 5,994 2,230 7,443

Oklahoma 1,306 166 2,270

Oregon 2,167 304 6,291

Pennsylvania 5,662 1,623 8,215

Rhode Island 1,511 248 2,146

South Carolina 1,283 207 3,172

South Dakota 499 177 674

Tennessee 2,529 432 6,009

Texas 8,778 1,451 24,103

Utah 2,819 526 5,840

Vermont 174 32 319

Virginia 4,464 850 8,579

Washington 4,808 904 12,012

West Virginia 196 62 321

Wisconsin 5,858 2,345 6,917

Wyoming 567 206 740

Guam 3 2 12

Puerto Rico 21 5 620

Virgin Islands 13 0 57

Other Territories 0 0 0

Unable to Geocode 0 0 2

Total 147,965 34,491 353,839

Table 10C

Distribution of Rental Units Financed by Purchases of Mortgages on

Single-Family Rental Properties by State And Territory

For Calendar Year 2021

Table 10C: Distribution of Rental Units Financed by Purchases of Mortgages on Single-Family Rental Properties 

by State and Territory | For Calendar Year 2021
63 Annual Mortgage Report 2021 © 2022 Fannie Mae

Qualifying Qualifying Very Qualifying Low- Qualifying Total Purchase Total Refinance Total Mortgages

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

Purchase Money Purchase Money Purchase Money Refinance Mortgages Acquired

Mortgages Mortgages Mortgages Mortgages Acquired

0% < LTV <= 60%

 $UPB(Millions) $6,196 $1,688 $4,205 $74,166 $32,009 $376,101 $408,110 

 Number of Mortgages 38,098 13,283 21,421 422,876 125,764 1,476,160 1,601,924

 Portion of Total 10.14% 13.67% 6.68% 52.24% 8.96% 46.84% 35.16%

 

60% < LTV <= 80%

 $UPB(Millions) $24,779 $4,702 $25,177 $68,885 $173,355 $432,654 $606,009 

 Number of Mortgages 116,426 30,011 94,081 340,746 531,984 1,493,953 2,025,937

 Portion of Total 31.00% 30.89% 29.34% 42.10% 37.88% 47.40% 44.47%

 

80% < LTV <= 90%

 $UPB(Millions) $10,834 $1,854 $12,780 $8,084 $74,833 $43,895 $118,727 

 Number of Mortgages 48,242 11,438 44,650 37,645 225,109 150,016 375,125

 Portion of Total 12.85% 11.77% 13.92% 4.65% 16.03% 4.76% 8.23%

 

90% < LTV <= 95%

 $UPB(Millions) $19,380 $3,092 $25,559 $1,674 $113,573 $8,841 $122,414 

 Number of Mortgages 89,245 19,517 94,770 7,840 361,276 30,410 391,686

 Portion of Total 23.76% 20.09% 29.55% 0.97% 25.73% 0.96% 8.60%

 

95% < LTV <= 100%

 $UPB(Millions) $16,912 $3,549 $14,900 $70 $39,887 $229 $40,116 

 Number of Mortgages 83,558 22,905 65,769 345 159,741 924 160,665

 Portion of Total 22.25% 23.58% 20.51% 0.04% 11.38% 0.03% 3.53%

 

100% < LTV

 $UPB(Millions) $0 $0 $0 $0 $57 $2 $59 

 Number of Mortgages 0 0 0 0 392 10 402

 Portion of Total 0.00% 0.00% 0.00% 0.00% 0.03% 0.00% 0.01%

 

Missing LTV

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

 Number of Mortgages 0 0 0 0 0 0 0

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

 

Total

 $UPB(Millions) $78,101 $14,885 $82,621 $152,877 $433,713 $861,722 $1,295,435 

 Number of Mortgages 375,569 97,154 320,691 809,452 1,404,266 3,151,473 4,555,739

 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 2021

Table 11: Distribution of Single-Family Owner-Occupied Mortgage Purchases1 by LTV Category 

| For Calendar Year 2021
64 Annual Mortgage Report 2021 © 2022 Fannie Mae

First-Time Repeat Buyer Status Total

Borrower Income Buyer Buyer Not Available Mortgages

Mortgages Mortgages Mortgages

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

 $UPB(Millions) $10,805 $4,079 $0 $14,885 

 Number of Mortgages 69,792 27,362 0 97,154

 Portion of Total Mortgages Acquired 9.79% 4.61% 0.00% 7.44%

Income >50% But <= 60% of AMI

 $UPB(Millions) $11,255 $4,835 $0 $16,090 

 Number of Mortgages 56,433 25,016 0 81,449

 Portion of Total Mortgages Acquired 7.92% 4.21% 0.00% 6.23%

Income >60% But <= 80% of AMI

 $UPB(Millions) $31,096 $16,030 $0 $47,126 

 Number of Mortgages 128,271 68,695 0 196,966

 Portion of Total Mortgages Acquired 18.00% 11.57% 0.00% 15.08%

Income >80% But <= 100% of AMI $0 $0 $0 $0 

 $UPB(Millions) 33,044 21,545 0 54,589

 Number of Mortgages 114225 78440 0 192665

 Portion of Total Mortgages Acquired 15.98% 13.02% 0.00% 14.53%

Income >100% But <= 120% of AMI

 $UPB(Millions) $30,686 $23,213 $0 $53,899 

 Number of Mortgages 93,545 75,167 0 168,712

 Portion of Total Mortgages Acquired 13.13% 12.66% 0.00% 12.91%

Income >120% of AMI

 $UPB(Millions) $98,080 $121,180 $0 $219,260 

 Number of Mortgages 250,429 319,077 0 569,506

 Portion of Total Mortgages Acquired 35.14% 53.74% 0.00% 43.59%

Missing

 $UPB(Millions) $1 $1 $0 $2 

 Number of Mortgages 4 3 0 7

 Portion of Total Mortgages Acquired 0.00% 0.00% 0.00% 0.00%

All Income Levels1

 $UPB(Millions) $214,967 $190,883 $0 $405,850 

 Number of Mortgages 712,699 593,760 0 1,306,459

 Portion of Total Mortgages Acquired 100.00% 100.00% 0.00% 100.00%

1

Includes "Borrower Income Missing."

Table 12A

Distribution of Single-Family Owner-Occupied Purchase Money Mortgages

Acquired by Fannie Mae

By Income Class and First Time/Repeat Borrower Status

For Calendar Year 2021

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 2021
65 Annual Mortgage Report 2021 © 2022 Fannie Mae

First-Time Repeat Status of Total

Subgoal Qualifying Status Buyer Buyer Buyer Mortgages

Mortgages Mortgages Not Available

Subgoal-Qualifying Mortgages

 $UPB(Millions) $47,578 $22,129 $0 $69,707 

 Number of Mortgages 182,369 83,148 0 265,517

 Percentage of Total 25.59% 14.00% 0.00% 20.32%

Non-Qualifying Mortgages

 $UPB(Millions) $167,389 $168,754 $0 $336,143 

 Number of Mortgages 530,330 510,612 0 1,040,942

 Percentage of Total 74.41% 86.00% 0.00% 79.68%

Total Mortgages

 $UPB(Millions) $214,967 $190,883 $0 $405,850 

 Number of Mortgages 712,699 593,760 0 1,306,459

 Percentage of Total 100.00% 100.00% 0.00% 100.00%

Table 12B

Single-Family Owner-Occupied Purchase Money Mortgages Acquired by

Fannie Mae by First-Time/Repeat Borrower Status, for Mortgages Qualifying

and Not Qualifying for the Low-Income Area Purchase SUBGOAL

For Calendar Year 2021

Table 12B: Single-Family Owner-Occupied Purchase Money Mortgages Acquired by Fannie Mae by First-Time/

Repeat Borrower Status, for Mortgages Qualifying and Not Qualifying for the Low-Income Area Purchase SUBGOAL 

| For Calendar Year 2021