FANNIE MAE 

2015 ANNUAL HOUSING ACTIVITIES REPORT

and 

ANNUAL MORTGAGE REPORT

SUBMITTED TO: 

THE FEDERAL HOUSING FINANCE AGENCY (FHFA) 

THE COMMITTEE ON FINANCIAL SERVICES

OF THE

UNITED STATES HOUSE OF REPRESENTATIVES

THE COMMITTEE ON BANKING, HOUSING AND URBAN AFFAIRS 

OF THE

UNITED STATES SENATE

PURSUANT TO 

The Federal National Mortgage Association 

Charter Act 

March 14, 2016
INTRODUCTION

Fannie Mae was created in 1938 to serve America’s housing market. We’re a national mortgage finance 

company, but we don’t offer home loans. We stand behind mortgage lenders – local and national banks, 

thrifts, credit unions and other financial institutions in all 50 US states and many of its territories. We buy 

the mortgage loans that they originate, which helps replenish their funds so they can lend to other home 

and apartment owners. 

By serving our partners, we help create affordable housing opportunities in communities across America. 

We provide affordable, sustainable financing in all markets at all times as a reliable partner for lenders, 

real estate professionals, home builders, and apartment owners. With them, we help ensure access to safe, 

affordable housing options for low-income borrowers and those living in low-income areas. In 2015, 

Fannie Mae acquired more than 427,000 mortgage loans to serve very low- and/or low-income families. 

In 2015, 45.22 percent of single-family owner-occupied home purchase mortgages acquired by Fannie 

Mae financed mortgage loans to first-time homebuyers. In addition, in 2015, Fannie Mae acquired more 

than 2,000 loans on apartment buildings to serve very low- and/or low-income families. 

We take our responsibility to create affordable housing opportunities seriously and the people who work 

at Fannie Mae are inspired and motivated by that opportunity. We continually study market trends to 

understand the needs of homebuyers, now and in the future. 

We are proud that our company finances affordable rental housing in every market, giving millions of 

low- and moderate-income renters a place to call home. We are a leading source of financing for 

multifamily properties, with a focus on high quality workforce housing. Since 2005, at least 85 percent of 

the rental units Fannie Mae has financed are affordable for families making 100 percent of area median 

income. 

Over the past several years, we have worked with lenders, civil rights and consumer groups, real estate 

professionals, and community leaders to understand how we can better serve minority and low- and 

moderate-income households. Based on feedback from lenders, we have developed innovative solutions 

such as Fannie Mae’s HomeReady® mortgage. HomeReady mortgage gives our customers added 

flexibility, without added risk, so they can reach new creditworthy borrowers. HomeReady mortgage is a 

great option for extended families and others who may be helped by the income flexibilities of that 

product. 

HomeReady mortgage is just one way we are giving our customers the ability to lend with confidence to 

more creditworthy borrowers. We continue to lay the groundwork for expanded access and sustainable 

homeownership through solid underwriting guidelines, effective risk-assessment tools such as Desktop 

Underwriter® (“DU”) and Collateral Underwriter®, and loan features that reflect sound research and 

analytics. We also work with lenders to identify and adopt servicing practices that support borrower 

success. 

We look forward to driving more innovation and progress in 2016 and beyond, working with our partners 

to expand affordable home buying and rental housing opportunities in ways that are safe and sustainable. 

While the ways in which we meet our affordable housing responsibilities may change according to the 

needs of the market and our partners, our commitment to fulfilling these responsibilities does not change. 

It endures. 
 

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Structure of Fannie Mae’s Housing Goals 

Our Charter, established by Congress, defines who we are and the business we have become: a company 

built and operated to serve the heart of the housing market, staying in even when others leave. Our 

function is to provide liquidity, stability and affordability to the American housing market and that 

function gives us our focus and purpose. We utilize mortgage insurance and risk sharing and other forms 

of credit enhancement and we sell credit risk to others to bring additional private capital into the market 

and reduce our own and the taxpayer’s exposure. 

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 moderateincome families. This responsibility was formalized and made enforceable with the passage of the Federal 

Housing Enterprises Financial Safety and Soundness Act of 1992.1

 As a result, since 1993, Fannie Mae 

has been required by statute and regulation to meet certain Housing Goals. We report our progress in 

meeting this responsibility each year to our regulator and to the responsible oversight committees in the 

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

to the public by posting it on our website. This report fulfills the requirements of Section 309(n) of the 

Charter Act.2

 

When Congress passed the Housing and Economic Recovery Act of 20083

, it preserved the focus of 

Fannie Mae’s affordable housing mission, but changed the regulatory framework to move responsibility 

for mission oversight and enforcement to the newly-created Federal Housing Finance Agency (“FHFA”). 

Last year, FHFA established single-family and multifamily Housing Goals for 2015–2017. According to 

FHFA’s Director Melvin L. Watt, the goals “establish a solid foundation for affordable and sustainable 

homeownership and rental opportunities in this country.”4

 The following single-family home purchase 

and refinance housing goal benchmarks were established for 2015-2017. 

• Low-Income Families Home Purchase Goal: At least 24 percent of our acquisitions of mortgage 

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

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

(“AMI”)). 

• Very Low-Income Families Home Purchase Goal: At least 6 percent of our acquisitions of mortgage 

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

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

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

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

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

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

income) in designated disaster areas. For 2015, FHFA set the overall low-income areas home 

purchase benchmark goal at 19 percent. 

 

1 12 USC §§ 4562 and 4563. 

2 12 U.S.C. § 1723a(n). 

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

4 Available at http://www.fhfa.gov/mobile/Pages/public-affairs-detail.aspx?PageName=FHFA-Adopts-Final-Rule-on-2015-to2017-Housing-Goals-for-Fannie-Mae-and-Freddie-Mac.aspx. 
 

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• Low-Income Areas Home Purchase Subgoal: At least 14 percent of our acquisitions of mortgage 

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

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

• Low-Income Families Refinancing Goal: At least 21 percent of our acquisitions of refinance loans 

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

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

year may count toward this refinance goal. 

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

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

originations in the primary mortgage market (“Market Share”). We will be in compliance with the 

housing goals if we meet either the benchmarks or the Market Share. If our performance against any of 

our 2015 single-family housing goals is below the benchmark level, FHFA will compare our performance 

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

reported under the Home Mortgage Disclosure Act (“HMDA”).5

 This release will be made in the fall of 

2016. At that time, it will be determined whether Fannie Mae met any additional goals based on the 

HMDA market data. 

FHFA also established multifamily goals and subgoals for 2015-2017, including a new subgoal for small 

multifamily properties (5-50 units) affordable to low-income families. For 2015-2017, we are required to 

finance at least 300,000 units affordable to low-income families and 60,000 units affordable to very lowincome families. The new small multifamily properties subgoal requirements are as follows: at least 6,000 

units affordable to low-income families for 2015, 8,000 units for 2016, and 10,000 units for 2016. There 

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

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

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

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

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

cease-and-desist order and civil money penalties. 

For 2014, FHFA determined that we met all of our single-family goals and our subgoal. FHFA also 

determined that we met our multifamily goal and subgoal. 

The following table sets forth Fannie Mae's housing goals performance against our 2015 single-family 

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

three out of five of our single-family benchmarks for 2015, as well as all three 2015 multifamily goals. 

Final performance results, including determining whether we met the Market Share, will be calculated 

and published by FHFA.6

 

5 12 U.S.C. § 2801 et seq.

6 Our 2015 results have not been validated by FHFA. After validation they may differ from the results reported above. 
 

4 

 

 

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

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

Housing Goals 2015 

Benchmark 

2015 

Result 

Single-Family7

Low-Income Home Purchase 24% 23.54% 

Very Low-Income Home Purchase 6% 5.61% 

Low-Income Areas Home Purchase 19% 20.43% 

Low-Income Areas Home Purchase Subgoal 14% 15.59% 

Low-Income Refinance 21% 22.14% 

Multifamily (in units)

Low-Income 300,000 307,510 

Very Low-Income Subgoal 60,000 69,078 

Small Properties (5-50 units) Affordable to 

Low-Income Families Subgoal 6,000 6,731 
 

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CHARTER ACT REQUIREMENTS

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

Report.8

 Each statutory requirement is set forth below, followed by Fannie Mae’s response for 2015. 

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

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

to each of the annual housing goals. 

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

housing goals are set forth on Table 1A of the Annual Mortgage Report (“AMR”) attached hereto.9

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

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

AMR Table 1B (Multifamily) attached hereto. In 2015, Fannie Mae mortgage purchases financed 10,888 

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

properties.10 

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

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

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

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

housing financed. 

 

In 2015, Fannie Mae’s purchases of mortgages served 2,679,302 families, as measured by the number of 

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

tracts, and the geographic distribution of the housing financed, are set forth on AMR Tables 2, 3, 4, 5A, 6, 

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

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

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

In 2015, Fannie Mae purchased 5,659 single-family mortgages and 316 multifamily mortgages with an 

aggregate unpaid principal balance of approximately $724 million and $2.989 billion respectively that 

were originated in conjunction with public subsidy programs.11 

 

8 Charter Act, § 309(n)(2)(A-L).

9 The Annual Mortgage Report (“AMR”) is provided pursuant to § 309(m) of the Charter Act.

10 For 1,726 units that we financed, affordability data was not provided so these units are not included in our calculation. 

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

certain single-family and multifamily U.S. Department of Housing and Urban Development (“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.
 

6 

 

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

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

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

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

In 2015, 45.22 percent of single-family owner-occupied home purchase mortgages acquired by Fannie 

Mae financed mortgage loans to first-time homebuyers.12 

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

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

 MyCommunityMortgage, a conventional community lending mortgage that offers underwriting 

flexibilities to qualified borrowers who meet specific income criteria. As an example, this product 

was utilized by a young single woman with steady employment and moderate debts. Qualified 

through her credit union, she participated in pre-purchase counseling and received $8,000 in 

closing cost assistance from a local nonprofit. With an annual income of $39,800, she was able to 

finance a 95 percent loan-to-value (“LTV”) purchase of a $72,000 home. 

During 2015, the MyCommunityMortgage product was enhanced and was introduced as 

HomeReady mortgage in September 2015. Deliveries under HomeReady mortgage began in 

2016. 

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

(“HFA”), or other organizations to fund all or part of the down payment, closing costs, 

renovations to the property, or a permanent interest rate buy down. As an example, Fannie Mae 

has partnered with an HFA to provide liquidity on a soon-to-be launched program which is 

designed to help borrowers with a minimum of $25,000 in student loan debt. The program, which 

may be appealing to millennials, will offer discounted real estate owned properties along with 

second and third mortgage options to increase affordability. Consistent with other Community 

Seconds offerings, the program will require borrowers to take a homeownership education course 

before closing.13 

 HFA PreferredTM, a product that enables eligible HFAs to offer loans to borrowers with up to 97 

percent LTV ratios. As an example, this product was utilized by a couple with three young 

children and an annual income of $38,009. After participating in home-buyer education, the 

couple was able to finance a 95 percent LTV loan on a $161,450 house. 

 HFA Preferred Risk SharingTM, a product that also enables HFAs to offer loans to borrowers with 

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

product was utilized by a medical secretary with an annual income of $36,377. After being denied 

 

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

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

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

provided by its customers to identify units occupied by first-time homebuyers. Fannie Mae’s 2015 Single-Family Selling Guide

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

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

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

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

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

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

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

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for a loan previously, she received homeownership education and was able to qualify for a 95 

percent LTV loan on a $110,000 house. 

The percentage of single-family owner-occupied home purchase mortgages made to first-time 

homebuyers in 2015 under these special products (or revisions to conventional practices) or where Fannie 

Mae accepts the use of special products, that are designed to assist first-time homebuyers, includes the 

following: 

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

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

of origination]. 

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

Mae. 

6. Compare the level of securitization versus portfolio activity. 

During 2015, Fannie Mae securitized $516.4 billion in mortgage loans. We had total portfolio 

acquisitions of $252.2 billion, which included approximately $13.2 billion of delinquent loans purchased 

from our mortgage-backed security (“MBS”) trusts. In 2015, Fannie Mae’s portfolio decreased by $68.2 

billion.

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

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

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

revisions thereto to promote affordable housing or fair lending. 

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

fair lending laws. This program promotes fair and responsible lending on an enterprise-wide level and is 

designed to cover various aspects of Fannie Mae’s business, including its underwriting standards, 

business practices, repurchase requirements, pricing policies, fee structures, and procedures. 

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

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

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

meeting its liquidity mission, and appropriately addressing credit risk. 

 

14 The standard mortgage product was expanded to allow LTV ratios greater than 95 percent up to a maximum of 97 percent for 

purchase transactions if at least one borrower is a first-time home buyer. 

Products and Initiatives Percentage of Mortgages Made 

to First-Time Homebuyers 

97 LTV Expansion14 100.00% 

MyCommunityMortgage 94.09% 

Non-HFA Community Seconds 93.51% 

HFA Preferred 91.83% 

HFA Preferred Risk Sharing 86.44% 
 

8 

 

Fannie Mae implemented enhancements to its single-family mortgage underwriting and business practices 

in 2015. These changes were specifically designed to (1) address low- and moderate-income housing 

goals, (2) increase consistency in, and automation of, the mortgage origination process, which generally 

promotes fair lending, and (3) increase lenders’ certainty and efficiency more generally, which may have 

the ancillary effect of freeing up lender resources to focus on low- and moderate-income borrowers. 

Specifically, Fannie Mae notes a number of accomplishments: 

HomeReady Mortgage

Fannie Mae introduced the HomeReady mortgage in September 2015. HomeReady mortgage is designed 

to help lenders serve creditworthy low- and moderate-income borrowers with expanded eligibility for 

financing homes in designated low-income, minority, and disaster-impacted communities. HomeReady 

mortgage provides simplicity and certainty for lenders, improved pricing and execution, and product 

features designed to align with today’s homebuyer demographics and support sustainable 

homeownership. HomeReady mortgage requires homeownership education via Framework® (an on-line 

housing counselor) to help homebuyers prepare for homeownership. Some of the product features include 

expanded eligibility allowing up to 97 percent LTV for non-first-time homebuyers and up to 95 percent 

LTV for HomeStyle® Renovation mortgage loans. It also includes expanded underwriting and income 

flexibilities that permit use of: 

 Non-borrower household income as a compensating factor for debt-to-income ratios (“DTI”) in 

excess of 45 percent up to a maximum of 50 percent; 

 Non-occupant borrower income; 

 Rental income from an accessory unit on a 1-unit property; and 

 Boarder income. 

In addition, manufactured housing is an eligible property type for HomeReady mortgage. 

Home Affordable Refinance Program (“HARP”) 

Since 2009, Fannie Mae has provided refinance opportunities for existing Fannie Mae borrowers through 

the DU Refi PlusTM and Refi PlusTM initiatives, including HARP. FHFA has determined that HARP will 

be discontinued for loans with application dates after December 31, 2016; Fannie Mae will stop 

purchasing Refi Plus and HARP loans in September 2017. Fannie Mae will continue working with 

lenders to ensure that borrowers eligible for Refi Plus/HARP loans are aware of the 2016 expiration date. 

Credit Policy Enhancements 

Fannie Mae made the following Single-Family Selling Guide changes that impact low- and moderateincome families: 

 Expanded eligibility to allow legal guardians, in addition to parents, who provide housing for a 

physically handicapped or developmentally disabled adult to be eligible as a principal residence 

even though the parent/legal guardian will not occupy the property as their principal residence; 

 Removed the requirement that revolving accounts paid off at or prior to closing be closed, and no 

longer require inclusion of a monthly payment for such accounts in the DTI calculation; 

 Expanded the policy that allows the use of vested stocks, bonds, and mutual funds (including 

retirement accounts) for down payment, closing costs, and reserves, so that the assets may be 

valued at 100 percent rather than the previous 70 percent. Documentation of liquidation is no 

longer needed if the asset value is 20 percent or more of the funds needed for the down payment 

and closing costs; 

 Expanded the policy related to conventional first mortgage loans under the Rural Development 

(“RD”) 502 Leveraged (Blended) Loan Program to permit delivery even when the property also 

secures a direct subordinate Section 502 lien from RD; 
 

9 

 

 Expanded the acceptance of RD-Guaranteed Section 502 loans to enable all lenders to deliver 

guaranteed loans secured by manufactured housing without a negotiated contract; 

 Updated the policies regarding calculation and documentation of self-employment income, 

including parameters under which undistributed business income may be included to qualify selfemployed borrowers; and 

 Updated the policy related to non-occupant borrowers (“NOBs”) to allow the use of the NOBs’ 

income to qualify in DU. 

Alternative Credit Scores 

As another FHFA-directed joint initiative, Fannie Mae has worked with Freddie Mac to review and 

potentially update its use of credit scores. This work will continue into 2016. 

Desktop Underwriter 

Fannie Mae updated DU to include the following enhancements in 2015: 

 Updated requirements to ensure verification of disputed tradelines (i.e., credit accounts that are 

reported to the credit reporting agencies) is required only for tradelines that may impact the credit 

risk assessment; 

 Enabled underwriting of three affordable lending product options on purchase transactions where 

Fannie Mae allows LTV to be determined based solely on appraised value; 

 Implemented the HomeReady mortgage loan; and 

 Incorporated use of income and debt of non-occupant borrowers to qualify for loans, without a 

separate DTI ratio requirement for the occupying borrowers. 

In 2015, Fannie Mae also announced another important update to DU. DU Version 10.0, which will be 

implemented in June 2016, includes: (1) a more predictive model; (2) automation of Fannie Mae’s nontraditional credit underwriting guidelines set forth in the Single-Family Selling Guide for borrowers 

without a credit score; and (3) use of trended data, allowing for improved model performance as well as 

recognition for borrowers who pay off their debts. 

Collateral Underwriter (“CU”) 

Fannie Mae made CU, Fannie Mae’s proprietary appraisal risk assessment tool, available to lenders in 

2015. CU assists lenders in assessing property eligibility and appraisal quality. It performs an automated 

risk assessment of appraisals submitted to the Uniform Collateral Data Portal and returns a CU risk score, 

flags, and messages to the submitting lender. CU provides lenders additional transparency and certainty 

by giving them access to the same analytics used in Fannie Mae’s quality control process. 

Data Validation 

Fannie Mae announced that it will offer data validation services to help lenders originate loans with 

greater simplicity and certainty in the coming year. Lenders will be able to validate certain types of 

income through DU with data provided by Equifax’s The Work Number®. In addition to efficiency for 

borrowers and lenders, this could reduce the frequency of mortgage fraud. Going forward, Fannie Mae 

will determine if validation services can be offered for additional borrower data and income documents. 

Defects and Remedies 

In October 2015, at the direction of FHFA, Fannie Mae and Freddie Mac announced changes to the 

defects and remedies framework for conventional loans delivered on or after January 1, 2016. 

Repurchases can only be requested for defects that meet the “significant defect” definition added to the 

Single-Family Selling Guide. Lenders will have the right to correct defects in the timeframe and manner 

specified by the lender’s contract with Fannie Mae. Lenders may also propose repurchase alternatives 

which Fannie Mae will consider. 
 

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Uniform Residential Loan Application and Uniform Loan Application Dataset 

At the direction of FHFA, since 2014 Fannie Mae and Freddie Mac have worked together to update the 

Uniform Residential Loan Application (“URLA”) and the corresponding dataset, called the Uniform Loan 

Application Dataset (“ULAD”). The GSEs have reached out to a number of industry representatives, 

including government agencies (e.g., the U.S. Department of Housing and Urban Development (“HUD”), 

the U.S. Department of Veterans Affairs, the U.S. Department of Agriculture, and the Consumer 

Financial Protection Bureau (“CFPB”)), trade groups, and consumer advocates for feedback on the draft 

URLA and ULAD. In addition, the GSEs have retained an outside contractor, which has worked with 

both the CFPB and HUD, to conduct consumer testing of the draft form for usability and 

understandability. Fannie Mae and Freddie Mac expect to finalize and publish the updated URLA and 

ULAD in 2016 for mandatory use in 2018. Timing will be aligned with the CFPB’s revised HMDA 

requirements. 

Uniform Loan Delivery Dataset 

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

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

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

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

March 1, 2014, but lenders will not be required to deliver these new data points until the second quarter of 

2016. 

Uniform Closing Dataset 

At the direction of FHFA, Fannie Mae and Freddie Mac jointly developed the Uniform Closing Dataset 

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

form required by the CFPB. The timing for collecting and reporting the UCD will be announced in late 

2016. 

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

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

standardization and securitization of mortgage products for multifamily housing. 

Primary and Secondary Market Trends 

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

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

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

quite well during 2015, despite an influx of new, higher-end supply in some submarkets. There is strong 

continued demand for rental apartments across most of the country and this is expected to continue into 

2016. Set forth below are charts illustrating trends that impact the market for multifamily mortgage 

originations. 
 

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Source: Fannie Mae Economics and Multifamily Market Research 

 

As illustrated in the chart above, estimated rent levels have increased steadily for 23 straight quarters, 

with a 3 percent annualized increase in 2015. Estimated vacancy rates generally decreased during most of 

the same period, although the rate increased to an estimated 5 percent during the fourth quarter of 2015. 

Effective rents and net absorption both continued to increase during 2015. National asking rents grew by 

an estimated 3 percent in 2015, but did slow during the fourth quarter. National asking rents increased by 

an estimated 0.25 percent during the fourth quarter of 2015, compared with a 1.25 percent increase in the 

third quarter of 2015, but this seasonality is not unusual at the end of each year. 

Continued demand for multifamily rental units was reflected in the estimated positive net absorption (i.e., 

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

units in 2015. According to preliminary data from Reis, Inc., there was positive net absorption of 

approximately 34,000 units during the fourth quarter of 2015, compared with approximately 37,000 units 

during the third quarter of 2015. Although an estimated 276,000 units were added to the nation’s 

inventory in 2015, multifamily rental demand remained healthy. 

Estimated National Rent Level and Vacancy Rate

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

$925

$975

$1,025

$1,075

$1,125

$1,175 Rent Level

Vacancy Rate
 

12 

 

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

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

Sales of apartment properties valued at $2.5 million or greater were $50.5 billion in fourth quarter 2015, 

compared to $33.9 billion in third quarter 2015, and represent a year-over-year increase of 43 percent 

according to recent data from Real Capital Analytics. Apartment sales reached a new peak of $150 billion 

in 2015, up 32 percent compared to 2014. 

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

approximately 5.9 percent, and in the same range as over the past two years. However, capitalization rates 

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

Capital Analytics. 

Standardization and Securitization 

Standardization of securitized products 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, in 

the investor market. 

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

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

standardization and more transparent disclosure in commercial real estate securitized products. These 

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

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

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

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

Estate Finance Council; (4) the issuance by the Securities and Exchange Commission of Regulation AB 

in 2005, which established uniform disclosure requirements for all publicly registered CMBS transactions 

 

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

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

return of, capital.

5.50%

5.75%

6.00%

6.25%

6.50%

6.75%

7.00%

7.25%

$0

$5

$10

$15

$20

$25

$30

Billions

Volume

Cap Rates

National Apartment Sales Volume and Cap Rates
 

13 

 

and the 2014 revisions to Regulation AB and the passage of ABII; and (5) passage of the Dodd–Frank 

Wall Street Reform and Consumer Protection Act of 2010. 

Fannie Mae’s Delegated Underwriting and Servicing platform lets lenders swap each multifamily loan for 

a standardized, tradeable mortgage backed security that shares the characteristics of the underlying loan. 

This allows the lender to directly access the capital markets, selling a mortgage backed security to the 

highest bidder.

In 2015, Fannie Mae continued to rely on its securitization activities for new production, using MBS as 

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

This occurred through three primary activities: 

 Fannie Mae issued $42 billion in multifamily MBS in 2015, which accounted for 99 percent of its 

multifamily lender production. 

 In an effort to improve the liquidity and increase demand for multifamily MBS, in 2015 Fannie 

Mae issued $11.7 billion of Multifamily structured securities through eleven Real Estate 

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

structured securities are backed by multifamily MBS previously issued by Fannie Mae. In 2016, 

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

GeMS program. 

 In addition, the company securitized approximately $1.8 billion of whole loans held in portfolio 

into multifamily MBS in 2015. The total amount of seasoned whole loans that have been 

securitized from 2010 through 2015 is $31.2 billion, supporting liquidity and addressing 

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

multifamily trading desk structured and sold approximately $3.5 billion of these pools backed 

by seasoned loans across ten REMIC transactions in 2015. 

One of the larger recent proposals that could impact the standardization and securitization of mortgage 

products for multifamily housing is the proposal to require margining for forward-settling agency MBS 

transactions. The Federal Reserve Bank of New York’s Treasury Market Practices Group (“TMPG”) 

originally suggested securities margining on forward transactions as a “best practice.” TMPG amended its 

“best practice” on securities margining to include securitized Multifamily MBS in June of 2014, after 

originally excluding multifamily entirely. Multifamily loans that were not securitized were exempted 

from the best practice. Subsequently, in October 2015, the Financial Industry Regulatory Authority 

(“FINRA”) proposed to amend its margin rule (FINRA Rule 4210) to establish margin requirements for 

“covered agency transactions,” including multifamily securities. This proposed amendment would have 

required margining for mortgage backed securities transactions, but not for executions that rely on trading 

of multifamily whole loans, which are less liquid and less standardized. Most recently, FINRA has 

proposed a further amendment to the rule that would exclude multifamily MBS from the margining 

requirement. Comments on this most recent amendment were due February 11, 2016. 
 

14 

 

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

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

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

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

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

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

Delinquency and Default Trends Based on 2015 Performance Data 

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

borrowers 16 shows that these loans do not perform as well as loans serving borrowers with incomes above 

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

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

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

borrowers compared to loans made to borrowers with incomes above the median level, by acquisition 

year. For example, loans made in 2014 to low- and moderate-income families were 138 percent more 

likely to become 90-days delinquent and 165 percent more likely to default than loans made to families 

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

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

delinquency and default performance is based on acquisitions through December 2014; performance is 

observed through December 2015. 

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

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

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

six years ago.

 

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

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

pertains to owner- occupied principal residences.
 

15 

 

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 Year17

Acquisition 

Year Income Group 

Likelihood 

of 90-Day 

Delinquency 

Increased 

Likelihood 

of 90-Day 

Delinquency 

Likelihood 

of Default 

Increased 

Likelihood 

of Default 

2002 

Above Median 

Income 0.4% 0.8% 

Low-Mod Income 0.8% 126% 2.3% 200% 

2003 

Above Median 

Income 0.2% 1.0% 

Low-Mod Income 0.6% 157% 2.7% 177% 

2004 

Above Median 

Income 0.4% 2.4% 

Low-Mod Income 1.0% 159% 5.1% 112% 

2005 

Above Median 

Income 0.6% 6.1% 

Low-Mod Income 1.3% 123% 8.7% 42% 

2006 

Above Median 

Income 1.0% 11.1% 

Low-Mod Income 2.2% 118% 13.7% 23% 

2007 

Above Median 

Income 2.9% 13.1% 

Low-Mod Income 4.3% 49% 17.2% 31% 

2008 

Above Median 

Income 2.0% 4.8% 

Low-Mod Income 2.9% 46% 7.7% 60% 

2009 

Above Median 

Income 0.2% 0.5% 

Low-Mod Income 0.4% 108% 1.2% 135% 

2010 

Above Median 

Income 0.1% 0.4% 

Low-Mod Income 0.3% 126% 1.0% 137% 

2011 

Above Median 

Income 0.1% 0.2% 

Low-Mod Income 0.3% 137% 0.6% 143% 

2012 

Above Median 

Income 0.1% 0.2% 

Low-Mod Income 0.3% 132% 0.4% 136% 

2013 

Above Median 

Income 0.1% 0.1% 

Low-Mod Income 0.3% 168% 0.3% 176% 

2014 

Above Median 

Income 0.1% 0.0% 

Low-Mod Income 0.3% 138% 0.1% 165% 

 

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

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

default.
 

16 

 

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

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

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

with approximately 1,861 single-family and 74 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 2015 from single-family and multifamily lenders identified as minority- or 

women-owned lenders, women-owned lenders,18 and community-oriented lenders.19

Seller/Servicer Type Volume of Mortgages 

Minority- or women-owned $2.63 billion 

Women-owned $1.19 billion 

Community-oriented lenders $111.19 billion 

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

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

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

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

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

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

Housing Act.21 

Activities undertaken by Fannie Mae in 2015 with nonprofit and for-profit organizations, State and local 

governments, and HFAs include: 

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

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

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

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

issue bond program (“NIBP”). The NIBP program ended in 2012. TCLF was scheduled to 

terminate at the end of 2015 and that objective was successfully met with the remaining two HFA 

participants exiting the program. As of December 31, 2015, the program balance was zero. 

 

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

Indian-Alaskan.

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

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

regulations (12 C.F.R. § 228.12), as in effect during 2015.

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

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

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

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

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

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

17 

 

 Fannie Mae purchased 31,678 loans from HFAs in 2015, with an unpaid principal balance of 

$5.147 billion. 

 Fannie Mae facilitated the sale of eight multifamily real estate owned properties with 844 units to 

nonprofits and/or public entities involved in supporting housing strategies that address local 

affordable housing issues and needs. 

 Approximately 10 foreclosed multifamily properties, with almost 1,000 units, were marketed to 

nonprofits, public entities and/or affordable housing developer organizations for potential 

purchase to support local comprehensive housing strategies including addressing affordable 

housing issues and needs. 

 Fannie Mae helped provide financing for over 12,000 Low-Income Housing Tax Credit 

(“LIHTC”) units of housing by providing $795 million for debt financing on LIHTC projects via 

our lending partners. 

 Fannie Mae supported its existing investment in over 3,186 affordable housing LIHTC projects, 

which provide 201,802 units at LIHTC properties. Over 1,400 of these projects were developed 

and/or are managed, by local nonprofit developers. In 2015, Fannie Mae funded over $16 million 

in deferred capital contributions to its LIHTC partners for the benefit of the projects. 

 Through Fannie Mae’s SERVE Initiative volunteer programs, more than 3,203 Fannie Mae 

employees (44%) volunteered 18,016 hours to nonprofit organizations that benefit families and 

communities in need. Employees also supported a wide range of causes and nonprofit 

organizations through our employee giving programs, including raising $126,998 through 

employee “fund-raisers” for eight Help the Homeless® community partners. 

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

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

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

the activities listed above support the objectives of the legislation. 
Total Total Total Qualifying Low- Total

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

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

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

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

Purchase Mortgages Purchase Mortgages Purchase Mortgages Mortgages Refinance1

Money Money Money

Purchase of Single-Family Mortgages

 Owner-Occupied 1-Unit Properties/Mortgages:

 UPB ($ Millions) $183,773 $25,990 $183,773 $4,558 $183,773 $28,627 $22,373 $227,266 $31,457 $430,342 

 Number of Mortgages 797,063 187,381 797,063 44,691 797,063 161,230 122,592 1,032,245 227,468 1,924,105

 Owner-Occupied 2-4 Unit Properties/Mortgages:

 UPB ($ Millions) $1,604 $244 $1,604 $33 $1,604 $783 $720 $3,734 $724 $5,388 

 Number of Mortgages 5,369 1,510 5,369 331 5,369 2,727 2,480 13,013 3,912 18,542

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

 UPB ($ Millions) $185,377 $26,234 $185,377 $4,590 $185,377 $29,410 $23,092 $231,001 $32,181 $435,729 

 Number of Mortgages 802,432 188,891 802,432 45,022 802,432 163,957 125,072 1,045,258 231,380 1,942,647

Goals Performance

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

 Goals Performance Percentage 23.54% 5.61% 20.43% 22.14%

 Fannie Mae's Single-Family Subgoal 14%

 Subgoal Performance Percentage 15.59%

1

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

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

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 2015
All Mortgage 

Purchases

Purchases of Multifamily Mortgages

Multifamily 5-50 Unit Properties: 

UPB ($ Million) $366 $107 $1,132 

Number of Mortgages 263 152 361

Number of Properties 264 152 362

Number of Units 6,173 1,743 11,198

Multifamily > 50 Unit Properties:

UPB ($ Million) $17,709 $2,790 $39,057 

Number of Mortgages 1,930 1,335 2,210

Number of Properties 1,932 1,335 2,212

Number of Units 293,142 64,158 457,600

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 16,755 16,755 N/A

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

Units Where Rent Estimation is Possible 16,755 16,755 N/A

Large (>50 unit) properties 15,940 7,637 N/A

Small (5-50 unit) properties 815 558 N/A

Not Subject to Cap 16,755 8,195 16,755 3,177 N/A

Subject to Cap 0 0 0 0 N/A

5% Cap 23,440 23,440 N/A

Adjustments to Number of Units for:

Missing Data 8,195 3,177 N/A

Total Multifamily:

UPB ($ Million) $18,075 $2,897 $40,188 

Number of Mortgages 2,193 1,487 2,571

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

Number of Properties 2,196 1,487 2,574

Number of Units 299,315 65,901 468,798

Number of Units (Adjusted) 307,510 69,078 468,798

Goals Performance

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

Goal Performance (units) 307,510 69,078

Fannie Mae's Small Multifamily Goals (units) 6,000

Goal Performance (units) 6,731 .

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 2015

Qualifying Low-Income Purchases Qualifying Very Low-Income Purchases
Total Mortgages Eligible Qualifying Low-Income

To Qualify as Refinance Mortgages1 All Mortgage Purchases

Low-Income Refinance1

Purchase of Loan Modifications of At-Risk 

Mortgages

 Owner-Occupied 1-Unit Properties/Mortgages:

 UPB ($ Millions) $912 $543 $1,386 

 Number of Mortgages 4,695 3,433 6,965

 Owner-Occupied 2-4 Unit 

Properties/Mortgages:

 UPB ($ Millions) $106 $29 $147 

 Number of Mortgages 299 130 426

 Total Loan Modifications of At-Risk 

Mortgages:

 UPB ($ Millions) $1,018 $571 $1,533 

 Number of Mortgages 4,994 3,563 7,391

1

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

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

Table 1C

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

Mortgages from At-Risk Loans that were Modified

For Calendar Year 2015
Qualifying Low-Income Purchases Qualifying Very Low-Income Purchases All Mortgage Purchases

Purchases of Single Family Mortgages

 Owner-Occupied 2-4 Unit Properties/Mortgages:

 UPB ($ Millions) $1,068 $180 $2,820 

 Number of Mortgages 9,165 1,964 18,083

 Number of Units 10,888 2,291 21,937

 Investor Owned 1-4 Unit Properties/Mortgages:

 UPB ($ Millions) $10,426 $1,466 $36,557 

 Number of Mortgages 85,604 14,063 204,102

 Number of Units 115,467 19,273 253,006

Total Single Family:

 UPB ($ Millions) $11,494 $1,646 $39,377 

 Number of Mortgages 94,769 16,027 222,185

 Number of Units 126,355 21,564 274,943

Table 1D

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

Summary Table on Single Family Housing Goal Performance

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

For Calendar Year 2015
Qualifying Qualifying Very Qualifying Low- Qualifying Total Purchase Total Refinance Total Mortgages

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

Purchase Money Purchase Money Purchase Money Refinance Mortgages Acquired

Mortgages Mortgages Mortgages Mortgages Acquired

Income No More Than 50% of Median Income

 $UPB(Millions) $4,590 $4,590 $2,273 $7,273 $4,641 $7,436 $12,076 

 Number of Mortgages 45,022 45,022 22,385 65,008 45,599 66,432 112,031

 Portion of Qualifying or Total Mortgages Acquired 23.83% 100.00% 13.65% 28.10% 5.24% 6.19% 5.77%

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

 $UPB(Millions) $5,425 $0 $2,413 $6,132 $5,502 $6,222 $11,724 

 Number of Mortgages 41,459 0 18,397 46,253 42,192 46,854 89,046

 Portion of Qualifying or Total Mortgages Acquired 21.95% 0.00% 11.22% 19.99% 4.85% 4.37% 4.58%

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

 $UPB(Millions) $16,219 $0 $6,760 $18,776 $16,503 $18,983 $35,486 

 Number of Mortgages 102,410 0 42,408 120,119 104,737 121,405 226,142

 Portion of Qualifying or Total Mortgages Acquired 54.22% 0.00% 25.87% 51.91% 12.04% 11.32% 11.64%

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

 $UPB(Millions) $0 $0 $7,777 $0 $20,859 $25,131 $45,991 

 Number of Mortgages 0 0 39,917 0 109,690 136,244 245,934

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 24.35% 0.00% 12.61% 12.70% 12.66%

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

 $UPB(Millions) $0 $0 $2,543 $0 $22,626 $27,561 $50,187 

 Number of Mortgages 0 0 11,867 0 103,930 132,014 235,944

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 7.24% 0.00% 11.95% 12.31% 12.15%

Income More Than 120% of Median Income

 $UPB(Millions) $0 $0 $7,643 $0 $128,708 $151,080 $279,789 

 Number of Mortgages 0 0 28,982 0 463,696 567,877 1,031,573

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 17.68% 0.00% 53.30% 52.94% 53.10%

Missing

 $UPB(Millions) $0 $0 $0 $0 $15 $462 $477 

 Number of Mortgages 0 0 1 0 67 1,910 1,977

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 0.00% 0.00% 0.01% 0.18% 0.10%

All Income Levels2

 $UPB(Millions) $26,234 $4,590 $29,410 $32,181 $198,854 $236,875 $435,729 

 Number of Mortgages 188,891 45,022 163,957 231,380 869,911 1,072,736 1,942,647

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

1

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

2

Includes "Missing."

Table 2

Distribution of Single-Family Owner-Occupied Mortgages

Purchased by Fannie Mae

By Income Class of Mortgagor(s)1

For Calendar Year 2015
Qualifying Low-Income 

Purchases

Qualifying Very LowIncome PurchasesTotal Units Financed

Affordable At No More Than 30% Of Median Income

$UPB(MILLIONS) $1,106 $1,106 $1,106 

Number of Units 19,208 19,208 19,208

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

$UPB(MILLIONS) $1,792 $1,792 $1,792 

Number of Units 46,693 46,693 46,693

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

$UPB(MILLIONS) $4,088 $4,088 

Number of Units 83,161 83,161

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

$UPB(MILLIONS) $11,090 $11,090 

Number of Units 150,253 150,253

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

$UPB(MILLIONS) $9,044 

Number of Units 85,609

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

$UPB(MILLIONS) $4,667 

Number of Units 34,865

Affordable At More Than 120% Of Median Income

$UPB(MILLIONS) $5,749 

Number of Units 32,254

Tenant Rent Missing

$UPB(MILLIONS) $2,653 

Number of Units 16,755

All Income Levels2

$UPB(MILLIONS) $18,075 $2,897 $40,188 

Number of Units 299,315 65,901 468,798

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

Table 3A

Distribution of Rental Units

Financed by Multifamily Mortgages Purchased by Fannie Mae

By Affordability of Rent1

For Calendar Year 2015

Portion of Qualifying or Total Units Financed 6.42% 29.15% 4.10%

Portion of Qualifying or Total Units Financed 15.60% 70.85% 9.96%

Portion of Qualifying or Total Units Financed 27.78% 17.74%

Portion of Qualifying or Total Units Financed 50.20% 32.05%

Portion of Qualifying or Total Units Financed 18.26%

Portion of Qualifying or Total Units Financed 7.44%

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 6.88%

Portion of Qualifying or Total Units Financed 3.57%
Qualifying Low-Income 

Purchases

Qualifying Very Low-Income 

Purchases

Total Units Financed

Affordable At No More Than 30% Of Median Income UPB ($ Millions) $494 $494  Number of Units 3,996 3,996  Portion of Qualifying or Total Units Financed 3.16% 18.53% Affordable At More Than 30% but No More than 50% Of Median Income UPB ($ Millions) $1,152 $1,152  Number of Units 17,568 17,568  Portion of Qualifying or Total Units Financed 13.90% 81.47% Affordable At More Than 50% but No More than 60% Of Median Income UPB ($ Millions) $2,047  Number of Units 28,768  Portion of Qualifying or Total Units Financed 22.77% Affordable At More Than 60% but No More than 80% Of Median Income UPB ($ Millions) $7,802  Number of Units 76,023  Portion of Qualifying or Total Units Financed 60.17% Affordable At More Than 80% but No More than 100% Of Median Income UPB ($ Millions)  Number of Units  Portion of Qualifying or Total Units Financed Affordable At More Than 100% but No More than 120% Of Median Income UPB ($ Millions)  Number of Units  Portion of Qualifying or Total Units Financed Affordable At More Than 120% Of Median Income UPB ($ Millions)  Number of Units  Portion of Qualifying or Total Units Financed Tenant Rent Missing UPB ($ Millions)  Number of Units  Portion of Qualifying or Total Units Financed All Income Levels2

 UPB ($ Millions) $11,495 $1,646  Number of Units 126,355 21,564  Portion of Qualifying or Total Units Financed 100.00% 100.00% 

For Calendar Year 2015

1Based 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 M2Includes "Tenant Rent Missing."

Table 3B

Distribution of Rental Units

Financed by Purchases of Mortgages on Single Family

Rental Properties By Affordability of Rent1
Family Income <= Qualifying Low100% of Area Median1

Family Income > 

100% of Area Median1

Family Income <= 

100% of Area 

 Median1

Family Income >

100% of Area 

 Median1

Income Area 

Purchase Money 

Mortgages1

Total Mortgages

Eligible To Qualify As 

Low-Income Area 

Purchase Money

Tract Income <= 80% of Area Median

 $UPB(Millions) $1,596 $1,778 $7,041 $8,409 $18,825 $18,825 

 Number of Mortgages 10,858 7,035 48,016 33,814 99,723 99,723

 Percentage of Eligible 10.89% 7.05% 48.15% 33.91% 100.00% 100.00%

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

 $UPB(Millions) $774 $0 $3,494 $0 $4,268 $12,098 

 Number of Mortgages 5,019 0 20,330 0 25,349 53,754

 Percentage of Eligible 9.34% 0.00% 37.82% 0.00% 47.16% 100.00%

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

 $UPB(Millions) $906 $0 $0 $0 $906 $15,853 

 Number of Mortgages 6,476 0 0 0 6,476 92,004

 Percentage of Eligible 7.04% 0.00% 0.00% 0.00% 7.04% 100.00%

Tract Income >= 100% of Area Median2

 $UPB(Millions) $5,413 $0 $0 $0 $5,413 $138,602 

 Number of Mortgages 32,409 0 0 0 32,409 556,951

 Percentage of Eligible 5.82% 0.00% 0.00% 0.00% 5.82% 100.00%

Total

 $UPB(Millions) $8,688 $1,778 $10,535 $8,409 $29,410 $185,377 

 Number of Mortgages 54,762 7,035 68,346 33,814 163,957 802,432

 Percentage of Eligible 6.82% 0.88% 8.52% 4.21% 20.43% 100.00%

1

Includes mortgages where affordability was estimated.

2

Includes tracts with missing median incomes or missing percent minority.

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

Table 4

Fannie Mae Single-Family Owner-Occupied Mortgage Purchases

Qualifying for the Low-Income Area Purchase Goal

by Method of Qualification

For Calendar Year 2015
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) $166 $27 $187 $270 $954 $1,471 $2,425 

 Number of Mortgages 1,112 257 1,007 1,888 4,144 6,590 10,734

 

 Portion of Qualifying or Total Mortgages Acquired 0.59% 0.57% 0.61% 0.82% 0.48% 0.61% 0.55%

 

Asian2

 $UPB(Millions) $1,988 $354 $2,891 $1,853 $16,499 $19,162 $35,661 

 Number of Mortgages 11,129 2,809 12,300 9,558 55,988 62,761 118,749

 

 Portion of Qualifying or Total Mortgages Acquired 5.89% 6.24% 7.50% 4.13% 6.44% 5.85% 6.11%

 

Black or African American2

 $UPB(Millions) $941 $187 $1,268 $1,753 $5,089 $7,088 $12,177 

 Number of Mortgages 6,641 1,745 7,717 12,963 23,455 37,644 61,099

 

 Portion of Qualifying or Total Mortgages Acquired 3.52% 3.88% 4.71% 5.60% 2.70% 3.51% 3.15%

 

Native Hawaiian or Other Pacific Islander2

 $UPB(Millions) $85 $15 $121 $146 $564 $978 $1,542 

 Number of Mortgages 533 132 571 849 2,148 3,645 5,793

 

 Portion of Qualifying or Total Mortgages Acquired 0.28% 0.29% 0.35% 0.37% 0.25% 0.34% 0.30%

 

White - Hispanic or Latino3

 $UPB(Millions) $2,347 $476 $3,462 $3,441 $14,232 $18,482 $32,713 

 Number of Mortgages 16,779 4,487 19,921 22,826 64,103 86,025 150,128

 

 Portion of Qualifying or Total Mortgages Acquired 8.88% 9.97% 12.15% 9.87% 7.37% 8.02% 7.73%

 

White - Non Hispanic or Latino

 $UPB(Millions) $18,739 $3,227 $18,562 $20,740 $140,635 $156,437 $297,072 

 Number of Mortgages 139,416 32,717 107,993 155,333 637,665 731,449 1,369,114

 

 Portion of Qualifying or Total Mortgages Acquired 73.81% 72.67% 65.87% 67.13% 73.30% 68.19% 70.48%

 

Two or More Minority Races4

 $UPB(Millions) $14 $2 $17 $27 $87 $159 $246 

 Number of Mortgages 84 18 88 185 343 677 1,020

 

 Portion of Qualifying or Total Mortgages Acquired 0.04% 0.04% 0.05% 0.08% 0.04% 0.06% 0.05%

 

Joint - either Borrower or Co-Borrower are of a Minority 5 $UPB(Millions) $173 $15 $468 $260 $3,960 $4,486 $8,446 

 Number of Mortgages 1,084 136 1,985 1,669 14,151 17,008 31,159

 

 Portion of Qualifying or Total Mortgages Acquired 0.57% 0.30% 1.21% 0.72% 1.63% 1.59% 1.60%

 

Information not Provided by Borrower or Co-Borrower6

 $UPB(Millions) $1,781 $287 $2,435 $3,592 $16,834 $28,394 $45,228 

 Number of Mortgages 12,113 2,721 12,375 25,234 67,914 125,323 193,237

 

 Portion of Qualifying or Total Mortgages Acquired 6.41% 6.04% 7.55% 10.91% 7.81% 11.68% 9.95%

 

Not Applicable

 $UPB(Millions) $0 $0 $0 $3 $0 $12 $12 

 Number of Mortgages 0 0 0 22 0 56 56

 

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

 

Data not Provided by Loan Seller

 $UPB(Millions) $0 $0 $0 $96 $0 $207 $207 

 Number of Mortgages 0 0 0 853 0 1,558 1,558

 

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 0.00% 0.37% 0.00% 0.15% 0.08%

 

Total

 $UPB(Millions) $26,234 $4,590 $29,410 $32,181 $198,854 $236,875 $435,729 

 Number of Mortgages 188,891 45,022 163,957 231,380 869,911 1,072,736 1,942,647

 

 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 2015

1

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

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

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

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

5

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

6

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

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

2

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

3

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

4

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

minority races, or one borrower's race is missing and the other borrower is identified as two or more minority races.
Qualifying Qualifying Very Qualifying Low- Qualifying Total Purchase Total Refinance Total Mortgages

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

Purchase Money Purchase Money Purchase Money Refinance Mortgages Acquired

Mortgages Mortgages Mortgages Mortgages Acquired

Borrower and Co-Borrower are Hispanic or Latino:

 $UPB(Millions) $2,355 $491 $3,304 $3,691 $11,538 $16,302 $27,840 

 Number of Mortgages 16,888 4,645 19,434 24,601 54,391 79,069 133,460

 

 Portion of Qualifying or Total Mortgages Acquired 8.94% 10.32% 11.85% 10.63% 6.25% 7.37% 6.87%

 

Borrower and Co-Borrower are not Hispanic or Latino:

 $UPB(Millions) $21,990 $3,814 $23,325 $24,893 $166,846 $188,815 $355,662 

 Number of Mortgages 159,205 37,674 130,690 181,408 733,926 855,574 1,589,500

 

 Portion of Qualifying or Total Mortgages Acquired 84.28% 83.68% 79.71% 78.40% 84.37% 79.76% 81.82%

 

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

 $UPB(Millions) $191 $20 $506 $291 $4,188 $4,953 $9,141 

 Number of Mortgages 1,227 178 2,265 1,895 15,832 19,795 35,627

 

 Portion of Qualifying or Total Mortgages Acquired 0.65% 0.40% 1.38% 0.82% 1.82% 1.85% 1.83%

 

Information not Provided by Borrower or Co-Borrower:3

 $UPB(Millions) $1,699 $265 $2,275 $3,201 $16,282 $26,570 $42,852 

 Number of Mortgages 11,571 2,525 11,568 22,552 65,762 116,599 182,361

 

 Portion of Qualifying or Total Mortgages Acquired 6.13% 5.61% 7.06% 9.75% 7.56% 10.87% 9.39%

 

Not Applicable:

 $UPB(Millions) $0 $0 $0 $7 $0 $17 $17 

 Number of Mortgages 0 0 0 49 0 89 89

 

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

 

Data Not Provided by Loan Seller:

 $UPB(Millions) $0 $0 $0 $98 $0 $217 $217 

 Number of Mortgages 0 0 0 875 0 1,610 1,610

 

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 0.00% 0.38% 0.00% 0.15% 0.08%

 

Total:

 $UPB(Millions) $26,234 $4,590 $29,410 $32,181 $198,854 $236,875 $435,729 

 Number of Mortgages 188,891 45,022 163,957 231,380 869,911 1,072,736 1,942,647

 

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

 

1

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

2

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

3

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

Table 5B

Distribution of Single-Family Owner-Occupied Mortgage Purchases

By Ethnicity of Borrower(s) on Loan Application1

For Calendar Year 2015
Qualifying Low-Income 

Purchase Money 

Mortgages

Qualifying Very LowIncome Purchase Money 

Mortgages

Qualifying Low-Income 

Area Purchase Money 

Mortgages

Qualifying Low-Income 

Refinance Mortgages

Total Purchase Money 

Mortgages Acquired

Total Refinance 

Mortgages Acquired

Total Mortgages Acquired

All Male: 

 $UPB(Millions) $10,133 $1,790 $10,605 $10,427 $58,328 $62,668 $120,996 

 Number of Mortgages 73,038 17,434 60,607 74,249 263,496 285,502 548,998

 Portion of Qualifying or Total Mortgages 38.67% 38.72% 36.97% 32.09% 30.29% 26.61% 28.26%

 

All Female: 

 $UPB(Millions) $10,115 $2,126 $8,574 $11,450 $36,871 $41,475 $78,346 

 Number of Mortgages 75,124 21,341 52,890 85,455 188,913 216,503 405,416

 Portion of Qualifying or Total Mortgages 39.77% 47.40% 32.26% 36.93% 21.72% 20.18% 20.87%

 

Male and Female: 

 $UPB(Millions) $5,072 $529 $9,038 $8,151 $94,644 $115,497 $210,140 

 Number of Mortgages 34,289 4,837 44,211 56,143 380,400 492,580 872,980

 Portion of Qualifying or Total Mortgages 18.15% 10.74% 26.96% 24.26% 43.73% 45.92% 44.94%

 

Not Applicable: 

 $UPB(Millions) $0 $0 $0 $4 $0 $7 $7 

 Number of Mortgages 0 0 0 21 0 35 35

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

 

Not Provided: 

 $UPB(Millions) $915 $146 $1,193 $2,148 $9,012 $17,223 $26,235 

 Number of Mortgages 6,440 1,410 6,249 15,495 37,102 78,055 115,157

 Portion of Qualifying or Total Mortgages 3.41% 3.13% 3.81% 6.70% 4.27% 7.28% 5.93%

 

Missing: 

 $UPB(Millions) $0 $0 $0 $2 $0 $6 $6 

 Number of Mortgages 0 0 0 17 0 61 61

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

 

Total: 

 $UPB(Millions) $26,234 $4,590 $29,410 $32,181 $198,854 $236,875 $435,729 

 Number of Mortgages 188,891 45,022 163,957 231,380 869,911 1,072,736 1,942,647

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

 

1

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

Table 6

Distribution of Single-Family Owner-Occupied Mortgage Purchases

By Gender of Borrower(s)1

For Calendar Year 2015
Qualifying Low-Income 

Purchase Money Mortgages

Qualifying Very Low-Income 

Purchase Money Mortgages

Qualifying Low-Income Area 

Purchase Money Mortgages

Qualifying Low-Income 

Refinance Mortgages

Total Purchase Money 

Mortgages Acquired

Total Refinance Mortgages 

Acquired

Total Mortgages Acquired

Minority < 10% 44,179 10,587 14,962 52,688 207,722 240,216 447,938

10% <= Minority < 20% 47,590 11,156 25,568 49,865 231,041 251,599 482,640

20% <= Minority < 30% 30,141 7,047 21,678 32,191 144,018 164,567 308,585

30% <= Minority < 50% 33,888 7,824 41,796 39,942 160,698 200,612 361,310

50% <= Minority < 80% 23,361 5,900 39,324 33,877 93,392 143,370 236,762

80% <= Minority <= 100% 9,731 2,508 20,602 22,810 32,923 72,257 105,180

Tract Missing / Unable to 1 0 27 7 117 115 232

Total: 188,891 45,022 163,957 231,380 869,911 1,072,736 1,942,647

Table 7

Distribution of Single-Family Owner-Occupied Mortgage Purchases

By Minority Concentration of Census Tract

For Calendar Year 2015
Qualifying Low- Qualifying Very LowIncome Units Income Units

Total Units Financed

Minority < 10% 12,243 3,830 19,249

10% <= Minority < 20% 31,494 5,349 55,807

20% <= Minority < 30% 41,951 6,071 73,450

30% <= Minority < 50% 70,944 12,008 121,443

50% <= Minority < 80% 93,707 21,397 138,685

80% <= Minority <= 100% 48,976 17,246 60,164

Tract Missing / Unable to Classify 0 0 0

Total: 299,315 65,901 468,798

Table 8A

Distribution of Fannie Mae's Multifamily Mortgage Purchases

By Minority Concentration of Census Tract

For Calendar Year 2015
Qualifying Low- Qualifying Very LowIncome Units Income Units

Total Units Financed

Minority < 10% 17,161 3,776 28,156

10% <= Minority < 20% 23,916 4,159 47,963

20% <= Minority < 30% 17,817 2,874 40,510

30% <= Minority < 50% 24,844 3,957 59,654

50% <= Minority < 80% 24,525 3,778 56,743

80% <= Minority <= 100% 18,083 3,016 41,831

Tract Missing / Unable to Classify 9 4 86

Total: 126,355 21,564 274,943

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 2015
Qualifying LowIncome Purchase 

Money Mortgages

Qualifying Very LowIncome Purchase 

Money Mortgages

Qualifying LowIncome Area Purchase 

Money Mortgages

Qualifying LowIncome Refinance 

Mortgages

Total Purchase Money 

Mortgages Acquired

Total Refinance 

Mortgages Acquired

Total Mortgages 

Acquired

Income <=50% of Median Income

 Minority < 10% 10,587 10,587 2,172 14,607 10,773 14,967 25,740

 10% <= Minority < 30% 18,203 18,203 6,871 22,308 18,399 22,767 41,166

 30% <= Minority < 50% 7,824 7,824 5,853 11,074 7,902 11,276 19,178

 50% <= Minority < 80% 5,900 5,900 5,108 9,817 5,980 10,018 15,998

 80% <= Minority <= 100% 2,508 2,508 2,381 7,202 2,545 7,404 9,949

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

 Subtotal 45,022 45,022 22,385 65,008 45,599 66,432 112,031

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

 Minority < 10% 9,972 0 1,719 10,628 10,222 10,799 21,021

 10% <= Minority < 30% 17,028 0 5,720 16,398 17,265 16,595 33,860

 30% <= Minority < 50% 7,397 0 5,040 7,898 7,528 7,991 15,519

 50% <= Minority < 80% 4,996 0 4,021 6,757 5,082 6,828 11,910

 80% <= Minority <= 100% 2,066 0 1,897 4,570 2,095 4,639 6,734

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

 Subtotal 41,459 0 18,397 46,253 42,192 46,854 89,046

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

 Minority < 10% 23,620 0 4,039 27,453 24,349 27,820 52,169

 10% <= Minority < 30% 42,500 0 13,175 43,350 43,345 43,751 87,096

 30% <= Minority < 50% 18,667 0 11,432 20,970 19,074 21,192 40,266

 50% <= Minority < 80% 12,465 0 9,201 17,303 12,710 17,474 30,184

 80% <= Minority <= 100% 5,157 0 4,560 11,038 5,258 11,163 16,421

 Tract Missing / Unable to Classify 1 0 1 5 1 5 6

 Subtotal 102,410 0 42,408 120,119 104,737 121,405 226,142

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

 Minority < 10% 0 0 4,066 0 25,819 30,910 56,729

 10% <= Minority < 30% 0 0 13,071 0 45,767 50,145 95,912

 30% <= Minority < 50% 0 0 10,428 0 20,298 24,226 44,524

 50% <= Minority < 80% 0 0 8,244 0 12,774 19,447 32,221

 80% <= Minority <= 100% 0 0 4,107 0 5,031 11,509 16,540

 Tract Missing / Unable to Classify 0 0 1 0 1 7 8

 Subtotal 0 0 39,917 0 109,690 136,244 245,934

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

 Minority < 10% 0 0 847 0 24,666 29,669 54,335

 10% <= Minority < 30% 0 0 2,544 0 43,906 49,348 93,254

 30% <= Minority < 50% 0 0 2,646 0 19,183 24,435 43,618

 50% <= Minority < 80% 0 0 3,518 0 11,590 18,742 30,332

 80% <= Minority <= 100% 0 0 2,312 0 4,585 9,812 14,397

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

 Subtotal 0 0 11,867 0 103,930 132,014 235,944

120% MSA Median Income < Income

 Minority < 10% 0 0 2,119 0 111,892 125,720 237,612

 10% <= Minority < 30% 0 0 5,865 0 206,375 232,734 439,109

 30% <= Minority < 50% 0 0 6,397 0 86,710 111,115 197,825

 50% <= Minority < 80% 0 0 9,231 0 45,255 70,623 115,878

 80% <= Minority <= 100% 0 0 5,345 0 13,409 27,623 41,032

 Tract Missing / Unable to Classify 0 0 25 0 55 62 117

 Subtotal 0 0 28,982 0 463,696 567,877 1,031,573

Borrower Income Missing

 Minority < 10% 0 0 0 0 1 331 332

 10% <= Minority < 30% 0 0 0 0 2 826 828

 30% <= Minority < 50% 0 0 0 0 3 377 380

 50% <= Minority < 80% 0 0 1 0 1 238 239

 80% <= Minority <= 100% 0 0 0 0 0 107 107

 Tract Missing / Unable to Classify 0 0 0 0 60 31 91

 Subtotal 0 0 1 0 67 1,910 1,977

Total: 188,891 45,022 163,957 231,380 869,911 1,072,736 1,942,647

Table 9

Distribution of Single-Family Owner-Occupied Mortgage Purchases

Minority Percentage of Census Tract by Income of Borrower

For Calendar Year 2015
Qualifying LowIncome Purchase 

Money Mortgages

Qualifying Very 

Low-Income 

Purchase Money 

Mortgages

Qualifying LowIncome Area 

Purchase Money 

Mortgages

Qualifying LowIncome Refinance 

Mortgages

Total Purchase 

Money Mortgages 

Acquired

Total Refinance 

Mortgages 

Acquired

Total Mortgages 

Acquired

Alabama 2,097 501 2,221 2,441 10,336 11,199 21,535

Alaska 306 68 218 490 1,419 1,899 3,318

Arizona 5,236 1,327 3,670 6,965 26,475 29,366 55,841

Arkansas 895 226 732 1,181 5,290 5,479 10,769

California 10,078 1,447 17,801 34,615 82,813 219,347 302,160

Colorado 7,810 1,850 11,077 11,136 29,366 39,733 69,099

Connecticut 2,807 684 2,890 2,796 8,218 10,007 18,225

Delaware 687 183 385 985 3,342 3,540 6,882

District of Columbia 587 142 853 763 1,963 2,558 4,521

Florida 10,406 2,167 13,557 10,034 65,992 48,018 114,010

Georgia 4,506 1,012 3,527 5,833 26,658 28,217 54,875

Hawaii 437 56 512 901 2,577 4,350 6,927

Idaho 2,468 652 1,227 1,699 9,008 6,382 15,390

Illinois 11,239 3,280 15,017 9,102 36,479 43,182 79,661

Indiana 4,636 1,280 1,716 4,506 16,284 16,031 32,315

Iowa 3,854 1,126 1,327 3,089 11,379 10,930 22,309

Kansas 1,501 371 569 1,444 5,907 5,996 11,903

Kentucky 2,185 614 1,191 2,135 7,930 7,866 15,796

Louisiana 1,491 330 2,385 1,833 9,420 10,636 20,056

Maine 352 94 190 733 2,032 2,820 4,852

Maryland 4,560 1,327 3,030 7,196 14,449 23,085 37,534

Massachusetts 5,059 997 2,989 6,636 17,881 27,589 45,470

Michigan 7,039 1,927 6,067 8,334 27,590 36,522 64,112

Minnesota 8,141 2,575 3,359 7,596 23,039 25,974 49,013

Mississippi 625 131 961 921 4,064 5,523 9,587

Missouri 4,010 1,090 1,669 4,684 15,089 18,803 33,892

Montana 796 177 334 1,087 3,443 4,129 7,572

Nebraska 2,458 733 781 1,812 7,949 7,663 15,612

Nevada 2,191 455 1,404 3,079 10,862 12,270 23,132

New Hampshire 1,042 246 492 1,403 3,768 4,881 8,649

New Jersey 3,478 642 6,759 4,568 21,323 28,240 49,563

New Mexico 1,088 260 982 1,108 5,257 5,172 10,429

New York 5,367 995 7,661 5,773 28,712 31,961 60,673

North Carolina 5,388 1,304 3,969 5,734 28,489 25,622 54,111

North Dakota 523 109 140 546 2,170 2,465 4,635

Ohio 6,875 1,833 2,796 6,209 25,131 23,773 48,904

Oklahoma 1,761 411 2,168 1,728 9,375 8,248 17,623

Oregon 3,107 581 2,971 3,893 16,837 18,729 35,566

Pennsylvania 7,140 1,729 2,989 7,501 27,885 29,770 57,655

Rhode Island 578 101 373 816 2,285 3,095 5,380

South Carolina 2,869 624 1,793 2,704 16,694 12,647 29,341

South Dakota 981 260 344 809 3,213 3,230 6,443

Tennessee 3,019 668 2,262 3,644 15,925 14,998 30,923

Texas 11,149 1,977 10,450 11,571 80,833 74,230 155,063

Utah 4,459 1,012 2,054 4,413 14,531 16,435 30,966

Vermont 338 68 122 505 1,323 1,749 3,072

Virginia 5,599 1,430 3,857 8,387 21,737 30,545 52,282

Washington 7,402 1,726 6,969 7,832 29,123 33,383 62,506

West Virginia 328 87 388 614 1,809 2,563 4,372

Wisconsin 7,292 1,981 2,246 6,498 22,807 25,491 48,298

Wyoming 584 146 267 727 2,215 2,531 4,746

Guam 2 0 22 3 36 45 81

Puerto Rico 64 10 197 361 1,063 3,709 4,772

Virgin Islands 1 0 27 7 57 84 141

Unable to Geocode 0 0 0 0 59 26 85

Total 188,891 45,022 163,957 231,380 869,911 1,072,736 1,942,647

Table 10A

Distribution of Fannie Mae's

Single-Family Owner-Occupied Mortgage Purchases

By State and Territory

For Calendar Year 2015
Qualifying Low- Qualifying Very LowIncome Units Income Units

Total Units Financed

Alabama 2,844 643 4,288

Alaska 0 0 48

Arizona 10,748 925 15,087

Arkansas 1,891 614 2,475

California 15,220 3,800 56,283

Colorado 8,134 1,817 11,856

Connecticut 916 211 1,658

Delaware 2,560 403 2,586

District of Columbia 116 50 705

Florida 17,258 1,629 36,891

Georgia 16,034 3,400 21,072

Hawaii 1 1 1,390

Idaho 1,016 208 1,175

Illinois 10,175 2,521 16,101

Indiana 5,577 3,097 6,280

Iowa 844 758 1,066

Kansas 4,960 2,385 5,500

Kentucky 3,564 1,533 4,257

Louisiana 1,621 90 4,056

Maine 0 0 115

Maryland 11,952 2,670 13,825

Massachusetts 2,306 867 5,501

Michigan 6,427 596 7,728

Minnesota 3,406 1,040 4,399

Mississippi 1,958 257 2,922

Missouri 7,113 2,810 8,688

Montana 610 147 860

Nebraska 382 151 689

Nevada 7,172 901 8,846

New Hampshire 300 73 496

New Jersey 3,999 866 6,253

New Mexico 1,224 143 1,354

New York 5,331 1,170 15,452

North Carolina 11,940 1,600 16,017

North Dakota 0 0 0

Ohio 9,255 3,039 11,414

Oklahoma 9,668 3,104 10,192

Oregon 4,021 312 7,047

Pennsylvania 5,193 1,067 7,719

Rhode Island 268 86 600

South Carolina 6,669 1,359 9,523

South Dakota 113 0 113

Tennessee 5,060 578 8,840

Texas 66,052 13,682 91,274

Utah 3,003 408 3,570

Vermont 0 0 0

Virginia 11,294 2,842 15,869

Washington 8,334 1,065 13,131

West Virginia 164 122 164

Wisconsin 2,501 745 3,301

Wyoming 42 42 42

Guam 0 0 0

Puerto Rico 79 74 80

Virgin Islands 0 0 0

Other Territories 0 0 0

Unable to Geocode 0 0 0

Total 299,315 65,901 468,798

Table 10B

Distribution of Fannie Mae's

Multifamily Mortgage Purchases

For Calendar Year 2015

By State And Territory
Qualifying Low- Qualifying Very LowIncome Units Income Units

Total Units Financed

Alabama 972 192 1,545

Alaska 633 35 932

Arizona 3,951 628 7,839

Arkansas 668 145 987

California 16,303 1,579 71,946

Colorado 4,297 668 9,057

Connecticut 2,381 595 3,005

Delaware 440 63 686

District of Columbia 525 134 1,155

Florida 3,789 495 13,390

Georgia 3,101 365 5,688

Hawaii 275 47 1,405

Idaho 1,664 201 2,310

Illinois 5,221 1,021 10,067

Indiana 2,140 428 2,652

Iowa 876 270 1,083

Kansas 792 172 1,065

Kentucky 1,013 256 1,320

Louisiana 1,081 199 2,379

Maine 430 49 674

Maryland 2,650 438 3,999

Massachusetts 6,365 1,229 9,512

Michigan 3,074 640 4,424

Minnesota 3,013 571 3,866

Mississippi 242 48 546

Missouri 2,788 766 3,387

Montana 842 124 1,243

Nebraska 719 147 892

Nevada 1,821 241 4,372

New Hampshire 882 200 1,061

New Jersey 3,613 435 8,063

New Mexico 1,079 158 1,921

New York 4,425 1,128 13,456

North Carolina 3,203 472 5,703

North Dakota 216 55 379

Ohio 4,714 1,299 5,814

Oklahoma 1,095 182 1,835

Oregon 2,892 248 6,375

Pennsylvania 4,626 1,081 6,409

Rhode Island 1,147 184 1,491

South Carolina 1,022 144 2,448

South Dakota 280 65 369

Tennessee 1,969 319 3,608

Texas 7,277 909 18,943

Utah 2,528 439 4,084

Vermont 211 30 318

Virginia 3,800 500 6,033

Washington 5,106 637 9,374

West Virginia 137 26 230

Wisconsin 3,540 1,163 4,030

Wyoming 501 140 672

Guam 0 0 4

Puerto Rico 17 0 816

Virgin Islands 9 4 67

Other Territories 0 0 0

Unable to Geocode 0 0 14

Total 126,355 21,564 274,943

Table 10C

Distribution of Rental Units Financed by Purchases of Mortgages on

Single Family Rental Properties by State And Territory

For Calendar Year 2015
Qualifying Low-Income 

Purchase Money Mortgages

Qualifying Very Low-Income 

Purchase Money Mortgages

Qualifying Low-Income Area 

Purchase Money Mortgages

Qualifying Low-Income 

Refinance Mortgages

Total Purchase Money 

Mortgages Acquired

Total Refinance Mortgages 

Acquired

Total Mortgages Acquired

0% < LTV <= 60%

 $UPB(Millions) $2,152 $562 $1,670 $10,202 $14,356 $62,360 $76,716 

 Number of Mortgages 19,427 6,474 11,778 81,686 75,110 310,483 385,593

 Portion of Total 10.28% 14.38% 7.18% 35.30% 8.63% 28.94% 19.85%

 

60% < LTV <= 80%

 $UPB(Millions) $10,256 $1,995 $11,659 $16,791 $89,356 $139,186 $228,543 

 Number of Mortgages 73,166 19,280 62,591 114,443 370,483 601,046 971,529

 Portion of Total 38.73% 42.82% 38.18% 49.46% 42.59% 56.03% 50.01%

 

80% < LTV <= 90%

 $UPB(Millions) $3,672 $562 $4,661 $2,838 $34,889 $22,995 $57,884 

 Number of Mortgages 24,698 5,307 23,457 19,144 142,377 100,346 242,723

 Portion of Total 13.08% 11.79% 14.31% 8.27% 16.37% 9.35% 12.49%

 

90% < LTV <= 95%

 $UPB(Millions) $7,586 $1,051 $9,179 $1,125 $52,999 $8,291 $61,290 

 Number of Mortgages 53,227 10,019 52,220 7,672 240,781 38,105 278,886

 Portion of Total 28.18% 22.25% 31.85% 3.32% 27.68% 3.55% 14.36%

 

95% < LTV <= 100%

 $UPB(Millions) $2,568 $420 $2,241 $373 $7,180 $1,247 $8,427 

 Number of Mortgages 18,373 3,942 13,911 2,546 40,465 6,925 47,390

 Portion of Total 9.73% 8.76% 8.48% 1.10% 4.65% 0.65% 2.44%

 

100% < LTV

 $UPB(Millions) $0 $0 $0 $851 $74 $2,766 $2,840 

 Number of Mortgages 0 0 0 5,889 695 15,638 16,333

 Portion of Total 0.00% 0.00% 0.00% 2.55% 0.08% 1.46% 0.84%

 

Missing LTV

 $UPB(Millions) $0 $0 $0 $0 $0 $30 $30 

 Number of Mortgages 0 0 0 0 0 193 193

 Portion of Total 0.00% 0.00% 0.00% 0.00% 0.00% 0.02% 0.01%

 

Total

 $UPB(Millions) $26,234 $4,590 $29,410 $32,181 $198,854 $236,875 $435,729 

 Number of Mortgages 188,891 45,022 163,957 231,380 869,911 1,072,736 1,942,647

 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 2015