Annual Housing Activities Report 2020 © 2021 Fannie Mae

Annual Housing 

Activities Report

Annual 

Mortgage 

Report

2020
2 Annual Housing Activities Report 2020 © 2021 Fannie Mae

2020 

at a glance

347,376 

Home-purchase mortgages 

to low-income borrowers* 

93,909

Home-purchase mortgages 

to very low-income borrowers*

2,257,026

Mortgages to borrowers at no more 

than 120% of Area Median Income

659,088

First-time homebuyer 

mortgages, more than half 

of all Fannie Mae homepurchase mortgage acquisitions

 Affordable housing

 Consumer education

441,773

Rental units affordable 

to low-income families*

95,416

Rental units affordable 

to very low-income families*

$7.8B

Multifamily affordable 

housing volume 

Over 260K

Fannie Mae borrowers 

received homebuyer 

education

* Housing Goals qualifying 

 mortgages.
3 Annual Housing Activities Report 2020 © 2021 Fannie Mae

$5.3B

Multifamily loans in

forbearance (unpaid balance) 

783,820

Single-family loans that 

exited forbearance in 2020

1.3M

Single-family loans

in forbearance

150M

People reached with our 

Here to Help campaign

Over 15K

Consumers who 

took advantage of 

counseling sessions 

$76B

Financing provided to 

the multifamily market 

$1.4T

In liquidity provided 

to the mortgage market

193%

Increase in the number 

of Future Housing Leaders 

interns from 2019

47%

Future Housing Leaders survey 

respondents who identify as 

a racial or ethnic minority

 Relief response

 Supporting the market

 Racial equity

Finding support and success

Right after losing his job in March 2020, 

a homeowner contacted one of our counselors 

through the Disaster Response NetworkTM. 

He knew that he would be unable to pay his 

mortgage due to the disruption in income. 

His Money Management International counselor 

helped him review his budget and discussed 

prioritizing his expenses and securing utility 

assistance. They talked about his mortgage 

forbearance and the importance of contacting 

his servicer right away and having regular, 

monthly updates. In a follow-up communication, 

the homeowner let his counselor know that 

he was able to secure the forbearance and 

was even able to continue making regular 

partial payments on his mortgage. 
4 Annual Housing Activities Report 2020 © 2021 Fannie Mae

Helping a veteran rebuild

A Navy veteran living in Lake Charles, LA, was unemployed 

due to COVID-19 and took advantage of a COVID-related 

forbearance. Things started looking up — he was able to 

return to work (albeit at a lower income), made his third 

trial period payment, and was waiting for permanent 

modification documents. Then Hurricanes Laura and 

Delta hit, severely damaging his home and truck, which he 

needed for work. He called Fannie Mae’s Disaster Response 

Network for counseling on the status of his modification, 

his options to recover and rebuild, and which parts of his 

recovery to prioritize. His Money Management International 

counselor explained the roles of FEMA, the Small Business 

Administration (SBA), and his insurance and referred him 

to local organizations providing aid to natural disaster 

survivors. Together, they created a plan with clear goals 

and next steps. He was able to secure a new disaster 

forbearance, start repair work on his home, fix his truck, 

and return to work quickly. He successfully implemented 

the spending changes that his counselor recommended 

and is preparing to resume mortgage payments. The 

savings through budget changes and mortgage relief 

allowed him to decline an SBA disaster assistance loan, 

and he is on track to complete his recovery in early 2021. 

His long-term goal is to open his own business, which 

he believes can be achieved within the next year.
5 Annual Housing Activities Report 2020 © 2021 Fannie Mae

Introduction

In 2020, our nation felt the devastating impact of a global health pandemic. Seemingly 

overnight, homes became offices, schools, daycares, and more. As COVID-19 case 

numbers rose and businesses shut down, millions endured job losses, income 

reduction, illness, and other consequences of the pandemic. Unemployment rates 

reached record highs, and homeowners and renters struggled to make timely mortgage 

and rent payments. The pandemic brought into sharp focus the health, economic, and 

civil rights disparities exacerbated by systemic racism, creating a pivotal turning point 

in our country’s racial reckoning, reflection, and action. More than ever, people needed 

access to safe, decent, affordable housing.

By our charter and our choice, Fannie Mae’s mission is to provide stability and funding 

to the housing and mortgage market in good times and tough times. The challenges of 

2020 helped clarify our priorities: support our lenders and their borrowers and renters, 

help keep people in their homes, stabilize the housing market, and strengthen housing 

security through and beyond the crisis. Fannie Mae leaned into the housing challenges 

of the pandemic and put people first ― safeguarding the health and well-being of 

employees so they could continue to help ensure that the nation’s mortgage and 

housing markets were open for business. The commitment of our 7,500 employees to 

support the people we serve and to provide a solid foundation for the housing market 

prepared us for this vital work. Despite personal disruptions and uncertainty, our people 

remained focused on our mission at a time when the country needed it most.
6 Annual Housing Activities Report 2020 © 2021 Fannie Mae

With guidance from the Federal Housing Finance Agency (FHFA), Fannie Mae has taken 

steps from the early days of the COVID-19 emergency to halt foreclosures, provide relief 

to homeowners struggling to make mortgage payments, and stop evictions for nonpayment of rent. The enterprises developed new solutions and provided servicers with 

tools, information, and guidance to make forbearance plans and repayment options easily 

accessible to borrowers. In February 2020, roughly 6,000 Fannie Mae single-family home 

borrowers — out of 17 million total — were in an active forbearance plan. By May 2020, 

that number surpassed 1 million. The years since 2008 prepared Fannie Mae to meet 

the challenges of the current crisis. Leveraging ready-to-use loss mitigation solutions 

defined and vetted through existing policy allowed us to serve more people faster.

Providing relief on multiple fronts was imperative to help the multifamily residents 

facing challenges during the pandemic. Starting in March 2020, before the passage of the 

CARES Act, we allowed multifamily lenders to grant forbearance to borrowers of Fannie 

Mae-financed multifamily properties if they experienced a COVID-19 financial hardship. 

In exchange, the borrowers committed to provide tenant protections, including rent 

repayment flexibility and suspended evictions for non-payment of rent. We aligned our 

forbearance program with the CARES Act once it was enacted and have since further 

enhanced our forbearance program with additional tenant protections and notification 

requirements, including continuing the 30-day notice to vacate to impacted tenants. As 

of December 31, 2020, based on unpaid principal balance, 1.4% of our Multifamily Book 

of Business received a COVID-19-related forbearance plan.

To ensure lenders, servicers, borrowers, renters, and property managers had the latest 

information on policy updates and relief options, we launched our largest direct-toconsumer marketing effort, the Here to Help campaign. Our outreach efforts highlighted 

relief options, provided helpful tools and resources, and communicated the latest, most 

accurate market information ― empowering people to take informed action. Almost 

3.5 million people visited our updated KnowYourOptions.com site, and about 14,000 

consumers took advantage of counseling sessions through the Disaster Response 

Network during 2020.

While we supported servicers, borrowers, and renters, we also acted as a stabilizing 

force to help keep the mortgage market open. As other investors pulled away from 

the mortgage-backed securities market, we stepped in and purchased mortgages 

from lenders, providing a critical source of market liquidity. We sustained securities 

transactions activity despite market conditions, prioritizing market stability over returns. 

Homeowners took advantage of historically low mortgage rates, and Fannie Mae was 

there to support lenders by purchasing a record number of refinance mortgage loans. 

As a result, we acquired $1.4 trillion in single-family and multifamily loans in 2020, 

providing the largest amount of liquidity to the mortgage market for any year in 

Fannie Mae’s history.
7 Annual Housing Activities Report 2020 © 2021 Fannie Mae

In the summer of 2020, the Centers for Disease Control and Prevention released 

data1 that revealed racial and ethnic minority groups were disproportionately affected 

by COVID-19, bringing to light longstanding systemic health and social inequities. 

The world also witnessed the death of George Floyd, which triggered civil unrest and 

served as another reminder of the stark reality for millions in this country — particularly 

Black people and other people of color. The focus on existing disparities has been 

amplified, and our nation is acknowledging racially discriminatory policies like redlining 

that have denied Black people access to neighborhoods with quality jobs, schools, 

and health care. The lack of affordable housing in areas with economic opportunity 

continues to aggravate systemic racial inequalities, with health and financial 

challenges falling disproportionately on people of color.

Our commitment to helping more people access safe, healthy, sustainable, and 

affordable housing existed before the pandemic and will continue to be a priority 

through this crisis and beyond. Fannie Mae has reaffirmed our dedication to help 

increase sustainable and affordable housing supply, provide education on renting 

and homeownership to keep more people in their homes, close the racial housing 

gap, and advance systemic racial equity within the housing industry. Responsibly 

financing an expansion of homeownership for Black families will help make the future 

of our nation’s housing fundamentally fairer — and healthier — than its past.

Throughout a year defined by constant flux, Fannie Mae remained steadfastly 

focused on our mission. Our work helped keep more people in their homes, stabilize 

the housing market, and promote housing security through the crisis. In this report, 

we will present an assessment of Fannie Mae’s 2020 performance toward our goals 

to provide a stable source of liquidity for mortgage lending amid uncertain market 

conditions and to increase access to affordable home and rental housing finance 

in all markets, at all times.

1 “Health Equity Considerations and Racial and Ethnic Minority Groups,” Centers for Disease Control and 

Prevention, accessed February 17, 2021, cdc.gov/coronavirus/2019-ncov/community/health-equity/raceethnicity.html.
8 Annual Housing Activities Report 2020 © 2021 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.2 More detailed statutory requirements 

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

and Soundness Act of 1992.3 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.4

When Congress passed the Housing and Economic Recovery Act of 2008,5 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 FHFA. That responsibility has included setting housing goals.

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

Aug. 1, 1968, 82 Stat. 476.

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

Oct. 28, 1992, 106 Stat. 3672.

4 12 U.S.C. § 1723a(n).

5 Pub. L. 110-289, 

July 30, 2008, 122 Stat. 2654.
9 Annual Housing Activities Report 2020 © 2021 Fannie Mae

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

for 2018 through 2020:

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

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

affordable to low-income families (defined as income no higher than 80 percent 

of Area Median Income (AMI)). 

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

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

must be affordable to very low-income families (defined as families with income 

no higher than 50 percent of AMI).

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

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

in 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 percent of AMI) in designated disaster areas. For 2020, FHFA set the 

overall low-income areas home purchase benchmark goal at 18 percent.

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

of our acquisitions of single-family owner-occupied purchase money 

mortgage loans must be affordable to families in low-income census tracts 

or to moderate-income families in high-minority census tracts.

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

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

to low-income families.

For 2020, we believe that we met all five single-family housing goal benchmarks. 

Single-family housing goals performance is measured against both the FHFA-set 

benchmarks and against goals-qualifying originations in the primary mortgage market 

(market share). We meet our single-family housing goals if we achieve either the FHFAset benchmarks or the market share metrics. For any housing goals where our singlefamily 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),6 which typically occurs in the fall after the performance year, 

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

6 12 U.S.C. § 2801 et seq.
10 Annual Housing Activities Report 2020 © 2021 Fannie Mae

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

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

be affordable to low-income families.

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

be affordable to very low-income families.

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

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

There is no market-based alternative measurement for the multifamily goals. For 2020, 

we believe that we met all three 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 October 2020, FHFA determined that we met all of our single-family and multifamily 

housing goals for 2019.

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

housing goals benchmarks for 2020. We expect final performance results for 2020 

will be calculated and published by FHFA by the fourth quarter of 2021.7

Housing Goals 2020 Benchmark 2020 Result

Single-Family

Low-Income Families Home Purchases 24% 29.05%

Very Low-Income Families Home Purchases 6% 7.29%

Low-Income Areas Home Purchases 18% 23.58%

Low-Income and High-Minority Areas Home Purchases 14% 18.34%

Low-Income Families Refinances 21% 21.18%

Multifamily (in units)

Low-Income Families 315,000 441,773

Very Low-Income Families 60,000 95,416

Small (5 – 50 units) Affordable Multifamily Properties 10,000 21,797

7 Our 2020 results have not been validated by FHFA. After validation, they may differ from the results reported. 
11 Annual Housing Activities Report 2020 © 2021 Fannie Mae

Charter Act 

Requirements

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

in the Annual Housing Activities Report (AHAR).8 Each statutory requirement 

is set forth below, followed by Fannie Mae’s response for 2020.

8 Charter Act, § 309(n)(2)(A-L).
12 Annual Housing Activities Report 2020 © 2021 Fannie Mae

Single-Family 

Activities

9 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 2020 Single-Family Selling Guide provides that a first-time homebuyer is an 

individual who (1) is purchasing the security property; (2) will reside in the security property as a principal 

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

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

displaced homemaker or single parent also will be considered a first-time homebuyer if he or she had no 

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

preceding three-year time period.

Charter Act Requirement: 

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

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

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

for first-time homebuyers.

In 2020, 51.09 percent of home purchase mortgages on single-family owner-occupied 

properties acquired by Fannie Mae financed mortgage loans to first-time homebuyers.9

This is a small increase over 2019.

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

including programs tailored for state and/or local Housing Finance Agencies (HFAs), 

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 2020.

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

serve more very low- and low-income borrowers. Below are some examples of 

homebuyers who benefited from HomeReady in 2020:

• A mother in Florida worked two jobs to earn almost $32,000 a year, less than 

80 percent of AMI, and had been looking to purchase a new home. Although she 

started her journey with roughly $10,000 in debt, after a year of working with 

her loan officer to manage her finances, that debt had dropped to $2,000. Now 

in a better position to purchase a home, she worked with her lender to receive 
13 Annual Housing Activities Report 2020 © 2021 Fannie Mae

Community Seconds® down payment assistance and ultimately purchased 

a $185,000 home with a HomeReady mortgage. Her final loan-to-value (LTV) 

was 87 percent.

• An older couple in Kentucky was seeking a new home. With a fixed annual income 

of $43,600 and minimal debt, they were very concerned about what they could 

afford and had already passed on one lender whose quote had been too high for 

their comfort. Working with a local community development financial institution 

(CDFI), the couple received 20 percent in Community Seconds down payment 

assistance. They were able to qualify for a HomeReady mortgage on a $75,000 

home, with an 80 percent LTV and 100 percent combined loan-to-value (CLTV).

• A Florida woman who had lived in the U.S. for 25 years after immigrating from 

Cuba had always dreamed of owning her own home. She had managed her credit 

well, with her only debt being a parent-student loan to support her child’s college 

education. But, with a modest $29,000 annual salary, less than 80 percent of the 

AMI, homeownership seemed out of reach. Fortunately, her mother was able to 

help, signing on as co-borrower and contributing just under $1,000 a month in 

Social Security income. With that family support, she was able to purchase 

a $190,000 home with a HomeReady mortgage. Her final LTV was 97 percent.

HFA PreferredTM is a Fannie Mae product that enables eligible HFAs to offer loans to 

borrowers with up to 97 percent LTV ratios. HFA Preferred is ideal for borrowers who 

have limited funds for down payment and closing costs and for those needing extra 

flexibilities on credit and income sources. Borrowers who benefited from this product in 

2020 include the following:

• After years of renting, a married couple living in Idaho grew tired of making rent 

payments that weren’t contributing toward an investment like homeownership. 

They decided it was time for them and their six-week-old to move into a home 

of their own, but with a combined annual income of only $36,500 and $16,000 in 

student debt, their budget was tight and their options were limited. The couple 

was able to find a home in their area for $187,000. They worked with their state 

HFA to qualify for an HFA Preferred mortgage with a 97 percent LTV, putting this 

affordable home within their reach.

• A widowed mother and hospice volunteer in Nevada was looking to move into a 

new space. She had an income of $110,000, but supporting a child in law school 

was putting a strain on her finances, and a traditional 20 percent down payment 

was going to be difficult to achieve. After meeting with an HFA, she was able to 

qualify for a low down payment 95 percent LTV HFA Preferred mortgage on a 

$332,000 home. 
14 Annual Housing Activities Report 2020 © 2021 Fannie Mae

• A mother in New Hampshire was looking to buy her first home, but with a modest 

nursing salary of $54,500, her options were limited. With the help of her state HFA, 

she was able to find the assistance she needed. She qualified for three percent in 

down payment assistance and an interest-free, no-term $10,000 second mortgage 

that is due upon sale or refinance. Additionally, her lender helped her qualify 

for a Homebuyer Tax Credit, which may provide up to $2,000 in reduced federal 

tax liability every year she lives in the home and pays mortgage interest. In the 

end, she was able to use an HFA Preferred mortgage to purchase a $235,000 

manufactured home with an LTV of 83 percent in a resident-owned manufactured 

home community.

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.10 Borrowers who benefited from this program in 2020 include the following:

• A Maryland woman had dreamt about becoming a homeowner her whole life, 

so after years of renting, she and her husband finally started looking for a way to 

achieve that dream. With a combined income of $110,000, they discovered their 

local HFA had a four percent closing cost assistance program that qualified as a 

Community Seconds, as well as a forgivable loan of $20,000. The savings allowed 

them to invest in renovating the home they selected. With an HFA Preferred loan, 

the couple was able to realize their dream and purchased a $300,000 home with 

an LTV of 95 percent.

• An Idaho man had “lost everything” several years ago and had thought he 

would never be able to own a home again. On a salary of $70,000, he was able 

to save enough to repair some of his credit concerns, but not enough to offer a 

substantial down payment. He worked with a state HFA and was able to qualify 

for a 97 percent LTV HFA Preferred mortgage with an additional 2.5 percent 

Community Seconds down payment assistance. In the end, he was able to 

purchase a $95,000 home.

10 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.
15 Annual Housing Activities Report 2020 © 2021 Fannie Mae

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

on owner-occupied properties made to first-time homebuyers in 2020 under special 

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

included the following:

Products and Initiatives Percentage of Mortgages Made 

to First-Time Homebuyers for 2020

97 LTV Expansion11 100.00%

HomeReady 80.08%

Non-HFA Community Seconds 89.80%

HFA Preferred 91.09%

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

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

Charter Act Requirement: 

Assess underwriting standards, business practices, repurchase requirements, pricing, fees, and procedures that 

affect the purchase of mortgages for 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.

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

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

practices, repurchase requirements, and procedures to balance the company’s 

multiple objectives of serving families of modest means, meeting its liquidity 

mission, and appropriately addressing credit risk.

Fannie Mae 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. This program promotes fair and 
16 Annual Housing Activities Report 2020 © 2021 Fannie Mae

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

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

practices, pricing policies, fee structures, and procedures. 

In 2020, Fannie Mae continued to implement enhancements to its single-family 

mortgage underwriting and business practices. Several changes were specifically 

designed to: (1) respond to the COVID-19 pandemic; (2) achieve its housing goals; 

(3) increase consistency in, and automation of, the mortgage origination process; 

and (4) increase lenders’ certainty and efficiency, which may have the ancillary effect 

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

Specifically, Fannie Mae notes a number of accomplishments for 2020:

Here to Help Response to the COVID-19 Pandemic

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 COVID19. 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, Fannie Mae launched an 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:

• Approximately 3.1 million unique visitors to KnowYourOptions.com

and Here to Help webpages since March 2020. 

• Nearly 4 million engagements with educational content on our website and 

mobile app, including referrals to the Disaster Response Network for counseling, 

resulting in over 15,000 sessions. 

• Served over 15,000 lenders and servicers on new policy changes and product 

updates directly related to forbearance and payment deferral through trainings, 

webinars, and communications.

*Metrics from March 2020 – November 2020.
17 Annual Housing Activities Report 2020 © 2021 Fannie Mae

Manufactured Housing 

Fannie Mae has confidence in today’s modern, high-quality manufactured homes, which 

can help ease the nation’s affordable housing shortage and address borrowers’ evolving 

needs. We have taken many critical steps to expand awareness of manufactured housing 

(MH) and liquidity to this market.

• Fannie Mae believes outreach helped lay the groundwork for future success 

by identifying and addressing several barriers that arose frequently, including 

lender confusion around MH state titling requirements, lack of familiarity from 

some appraisers on how to appraise MH and MH Advantage®-eligible homes, and 

general lack of familiarity about MH among some housing counselors. In each 

of these cases, we launched and promoted educational resources to address a 

pervasive challenge to MH mortgage financing. Highlights of these efforts include: 

○ Through a collaboration with Next Step launched in the fourth quarter, 

we delivered a webinar training entitled “Integrating Factory-built 

Housing into Your Existing Homeownership Program” to 149 housing 

counselors and expect to continue this work in 2021.

○ Expanding on work started in 2019, we released a document titled 

“Titling Requirements for Manufactured Homes” that summarizes 

MH title conversion requirements in all 50 states and Washington, D.C. 

○ We provided support on an ad hoc basis, developed a self-directed 

30-minute training course available for free on our website, and worked 

with McKissock Learning to produce in-depth continuing education 

training on MH and MH Advantage. Since launching the latter, we have 

observed over 1,700 completions of the training and are aware of several 

hundred more registered but not yet completed appraiser trainings.

• MH Advantage-eligible subdivisions can significantly impact affordable housing 

supply through more sustainable, large-scale developments that have the 

potential to lower costs through faster speed-to-market and scalability. In early 

2020, we partnered with MetroStudy/Meyers Research to create a cost-analysis 

model to identify geographic markets most primed for MH Advantage. We 

publicized that research through one national and multiple regional webinars 

and subsequently developed an internal framework for vetting builder/developer 

leads. We also supported Fannie Mae’s regional outreach efforts with builders and 

developers by providing talking points, customized presentations, print, digital 

collateral, and email marketing. In addition, we produced several lender-facing 

marketing resources describing our efforts, enabling customer-facing teams to 

further drive lender adoption and awareness of the product. 
18 Annual Housing Activities Report 2020 © 2021 Fannie Mae

• After a thorough review of the Selling Guide and discussions with numerous 

industry participants, we published a significant policy change that permits 

the delivery of certain single-width homes titled as real property. Although a 

significant number of single-width manufactured homes are likely to be ineligible 

for conventional mortgage financing because they are titled as personal property 

or do not meet Fannie Mae’s collateral requirements, exploratory research with 

select lenders suggests there is demand for financing single-width MH titled as 

real property. Notably, this demand aligns well with the Duty to Serve affordable 

focus, as a typical structure is estimated to cost only $46,700 per unit. We also 

updated the Selling Guide to allow for the purchase of mortgage loans that have 

an MH accessory dwelling unit, which further enables the use of MH to help 

combat the affordable supply crisis in markets across the country.

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

Mae continued to look for ways to increase awareness and acceptance of 

manufactured housing among lenders and non-lenders alike. In one instance, 

we helped convene housing and land-use practitioners in Panama City, FL, to 

educate the city on MH and its capability to help rebuild the city after Hurricane 

Michael devastated much of the area’s housing stock. This awareness prompted 

the city to amend its land development code to allow for MH. 

• From a marketing communications standpoint, Fannie Mae specifically targeted 

retailers in high-volume MH states during the first quarter, driving over 3,700 

visits to a landing page developed specifically for MH retailers. Based on lenders’ 

reactions to these efforts, we believe empowering more education of consumers 

and retailers at the point of sale is critical. As a result, in late 2020 we began 

working with ManufacturedHomes.com to leverage their platform to reach these 

audiences to be live in market in the first quarter of 2021. In the second half of 

2020, Fannie Mae initiated three separate MH marketing email communications. 

We reached nearly 100 lenders, including over 60 who do not currently offer MH 

Advantage, to raise awareness of the program’s benefits, as well as titling and 

appraiser resources. Finally, in the last quarter of 2020, we launched an appraiserfocused campaign that drove over 5,000 visits to our appraiser resource landing 

page over a two-month period.

Credit Policy Enhancements

Fannie Mae made numerous single-family selling and servicing policy updates in 

2020 to foster homeownership affordability and sustainability. Due to the COVID-19 

pandemic and its impact on the housing industry, many of these policy updates were 

focused on maintaining liquidity in the market and supporting homeowners facing 

financial hardships.
19 Annual Housing Activities Report 2020 © 2021 Fannie Mae

• Manufactured homes: Promoted homeownership affordability by increasing 

manufactured home flexibility, expanding single-width manufactured home 

eligibility, and allowing a manufactured home to be eligible as an accessory 

dwelling unit.

• Assets as income: Updated the requirements to increase flexibilities for 

borrowers to use retirement, government annuity, pension income, and 

employment-related assets as income, promoting homeownership affordability.

• COVID-19 temporary policies: Enacted temporary origination, appraisal, 

and servicing policies 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. This includes, but is not limited to:

○ Selling policies, allowing flexibilities related to the lender process 

for obtaining the verbal verification of employment; providing power 

of attorney flexibilities; and adopting other temporary measures to 

help ensure lenders have the clarity and flexibility to continue to lend 

in a prudent and responsible manner during the COVID-19 pandemic.

○ Appraisal policies, allowing temporary flexibilities, including 

desktop or exterior-only inspection appraisals for many refinance 

and purchase loans.

○ Servicing policies, suspending most foreclosure-related activities; 

and implementing a temporary mortgage insurance termination policy 

to waive certain payment history requirements for borrowers who have 

experienced a financial hardship related to COVID-19.

• Payment deferral: Introduced a new set of borrower home retention options 

that are easier for servicers to manage. These options include:

○ Payment deferral, a home retention workout option that enables 

servicers to assist eligible borrowers who have resolved a temporary 

hardship and resumed their payments but cannot yet afford to bring 

their loan current.

○ COVID-19 payment deferral, a new workout option specifically 

designed to help borrowers impacted by a hardship related to 

COVID-19 return their mortgage to a current status after up to 

12 months of missed payments. 

○ Disaster-related payment deferral, a home retention workout option 

for borrowers with resolved financial hardships related to disasters.

• Community land trusts: Simplified our eligibility requirements for community 

land trusts, which increase access to affordable housing for low- to moderateincome residents through nonprofit organizations developed by communities 

or public entities.
20 Annual Housing Activities Report 2020 © 2021 Fannie Mae

• Earthquake insurance: Removed the requirement for earthquake insurance 

on loans in Puerto Rico and Guam, reducing costs for some homeowners.

• Remote online notarizations: To provide enhanced flexibility, we expanded 

the use of remote online notarization.

• Solar panel policies: Clarified the underwriting and appraisal requirements 

associated with different financing structures used for the purchase of solar 

panels, which can help homeowners save on energy costs.

• HomeReady income limits: Implemented the 2020 HomeReady income limits, 

with an increase by 4.4 percent on average. HomeReady is our low down payment 

mortgage designed to help lenders confidently serve today’s creditworthy lowincome borrowers.

• Conventional loan limits for 2021: Implemented increased loan limits for 2021, 

broadening access to conventional loans.

Desktop Underwriter

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

underwriting system, has provided lenders a comprehensive risk assessment that 

determines whether a loan meets Fannie Mae’s eligibility requirements. DU’s evaluation 

is fair and objective, applying the same criteria to every mortgage loan application 

it considers. 

In 2020, we made several updates to DU Version 10.3 to support sustainability and 

stabilization of the housing market due to rapidly changing economic conditions. DU 

10.3’s credit risk assessment continued to analyze each loan casefile using variables 

shown to be predictive of mortgage delinquency. Updates in 2020 included: 

• 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. 

• To assist lenders in applying temporary COVID-19 flexibilities to our appraisal 

inspection and report requirements, outlined in Lender Letter LL-2020-04, DU 

was updated to issue a new message if the borrower’s existing loan was identified 

as owned by Fannie Mae to help lenders and borrowers gain efficiencies in the 

refinance process. DU was also updated to issue a message on all loan casefiles 

reminding lenders to refer to all Fannie Mae Lender Letters related to the “Impact 

of COVID-19.”

• Additional temporary COVID-19 policy changes in DU validation service were 

also made to support sustainable homeownership while ensuring prudent risk 

management during COVID-19. In 2020, 766,168 loans were delivered with some form 

of validation from the DU validation service, compared with 349,693 loans in 2019.
21 Annual Housing Activities Report 2020 © 2021 Fannie Mae

Language Resources for Lenders/Servicers

An estimated 26 million people in the United States have limited proficiency with the 

English language. These borrowers face serious barriers to homeownership and may 

face challenges accessing information about how to sustain homeownership when 

facing financial hardship. 

Fannie Mae teamed up with Freddie Mac and FHFA to finalize the implementation of a 

multi-year plan to generate awareness of 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 limited 

English proficiency (LEP). Clearinghouse resources to support lending professionals 

who serve these consumers include mortgage documents, educational materials, and 

online glossaries translated in Spanish, traditional Chinese, and ― added in 2020 ― 

Vietnamese, Korean, and Tagalog languages. 

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. 

As part of the plan for the final year of the LEP initiative, the government-sponsored 

enterprises (GSEs) were required to develop a language access line. Extensive outreach 

to housing counselors, lenders, and advocates in the mortgage industry, however, 

revealed that creating a new line would be duplicative of other options currently 

available to multilanguage borrowers. Rather than creating a new line, outreach 

respondents asked the GSEs to place more emphasis on promoting existing housing 

counseling resources through marketing. Armed with this feedback, the GSEs focused 

on developing an interpretive services web page and comprehensive marketing plan. 

The new Interpretive Services page in the clearinghouse offers information about 

how borrowers navigating the mortgage process can speak with someone in their 

primary language and highlights industry resources to support housing counseling. 

To develop content for this page, the GSEs worked with the U.S. Department of 

Housing and Urban Development (HUD), the Consumer Financial Protection Bureau, 

and the Homeownership Preservation Foundation. The page provides information 

about interpretation services for consumers to talk with housing counselors about 

the mortgage process, mortgage documents, loan payments, staying in their home, 

and avoiding scams and fraud. 

To promote the clearinghouse, Fannie Mae partnered with Freddie Mac to execute a 

marketing plan to showcase the full breadth of available resources, with an emphasis 

on new translations in Vietnamese, Korean, and Tagalog; COVID-19 resources; and 

interpretive services information. Key marketing activities included:
22 Annual Housing Activities Report 2020 © 2021 Fannie Mae

• Fannie Mae and Freddie Mac both launched successful paid digital and social 

media marketing campaigns to increase awareness of and drive traffic to 

the clearinghouse. Fannie Mae’s campaign delivered more than 2.1 million 

impressions and garnered strong engagement with industry stakeholders.

• Freddie Mac’s podcast was leveraged to produce an episode titled, “The 

Language of Home: Overcoming Barriers for Limited English Proficiency 

Borrowers.” 

• A new overview video was created to highlight the full suite of language and 

interpretive services resources. 

• Customizable marketing outreach toolkits were created to help industry partners 

amplify messaging and promote the clearinghouse through their own channels.

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 OptionsTM: 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 Servicers: Documents include those used in the 

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

Korean, and Tagalog.

Uniform Residential Loan Application

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. 

The enterprises collaborated with industry stakeholders, including lenders, 

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

Veterans Affairs, U.S. Department of Agriculture Office of Rural Development, and 
23 Annual Housing Activities Report 2020 © 2021 Fannie Mae

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.

The enterprises have established March 1, 2021, as the date for required use of the 

redesigned URLA and updated automated underwriter system specifications. 

Fannie Mae implemented 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, and an educational 

component is supplied to assist in making homeownership sustainable. 

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

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

credit score equal to or higher than 680.

Generally, for HomeReady purchase transactions, when all occupying borrowers are 

first-time homebuyers, at least one borrower is required to take the homeownership 

education course either through Framework or receive one-on-one HUD-approved 

housing counseling. 

HomeReady features include:

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

Community Seconds.

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

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

• Manufactured housing titled as real estate is also an eligible property type.
24 Annual Housing Activities Report 2020 © 2021 Fannie Mae

In 2020, Fannie Mae supported the use of HomeReady by:

• Providing on-demand eLearning training, which had 2,541 views 

from 99 unique lenders. 

• Conducting 13 individual lender trainings on HomeReady, reaching 

more than 700 attendees. 

HFA Preferred

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

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

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

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

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

In addition, to further help HFAs reach more borrowers, Fannie Mae created a mapping 

and visualization tool that channels socioeconomic data into meaningful business 

intelligence to help HFAs identify business development opportunities in Duty to 

Serve markets to further expand access to credit. Through our Duty to Serve initiatives, 

HFAs were able to serve more low- to moderate-income borrowers by increasing 

shared equity and distressed property purchases, supporting the development and 

implementation of manufactured housing programs, and focusing on underserved 

rural and high-needs rural markets by partnering with small financial institutions. 

In 2020, the COVID-19 pandemic highlighted the need to provide additional servicing 

resources and support for our HFAs as they worked to help impacted borrowers. Our 

combined efforts helped HFAs manage their forbearance pipelines and helped borrowers 

with loss mitigation solutions as they exited forbearance through the following:

• Allocated additional servicing support personnel to assist the HFAs 

with managing forbearance loans in their conventional portfolios.

• Conducted COVID-19 trainings with servicing staff to educate them 

on our policies, resources, and workout options.

• Educated HFAs and their staff on our available resources, such as: 

Here to Help resources, Know Your Options, and KYO Virtual Assistant.

• Met monthly with HFAs that have large servicing portfolios to review their 

servicing performance and provide guidance on our policies and reporting 

requirements.
25 Annual Housing Activities Report 2020 © 2021 Fannie Mae

Homebuyer Education and Counseling

Fannie Mae believes that high-quality homeownership education and counseling 

provides homebuyers and borrowers with the information and resources they 

need to navigate the homebuying process and make informed decisions that 

support sustainable homeownership.

In 2020, Fannie Mae:

• Continued waiving the $75 Framework homeownership education 

course fee to reduce the potential cost hurdle to borrowers.

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

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

homebuying process.

• Partnered with CDFIs to expand housing counseling services throughout highneeds rural regions, including the Lower Mississippi Delta, colonias, and Middle 

Appalachia. In addition, we worked to improve the capacity of direct housing 

counseling service providers in these regions, as well as with Native American 

populations.

• 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 225,000 potential 

homebuyers completed Framework homebuyer education in 2020. 

• Partnered with a national intermediary and supported the creation 

of a Native American post-purchase “train the trainer” curriculum. 

• Supported housing counseling activities that provided vital information to 

potential homebuyers and current homeowners through more than 14,000 

counseling sessions, which included resources to help borrowers navigate 

homeownership for the life of the loan.

• Initiated a process of gathering information from homebuyer education and 

post-purchase housing counseling providers through Request for Information.
26 Annual Housing Activities Report 2020 © 2021 Fannie Mae

Increasing Awareness of the 

Affordable Housing Supply Crisis

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

everyday and has growing implications for the economy and society at large. 

Fannie Mae believes that housing should be attainable and sustainable for all. That’s 

why we’re dedicated to working with industry partners and community organizations 

to rally behind this common goal.

We know that no one entity can solve the affordable housing supply crisis alone. So, 

we created a national marketing campaign to share our research and insights, highlight 

lending solutions and innovation, encourage partnerships and collaboration, and 

support industry and borrower education. The campaign targeted lenders, HFAs, and 

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

estate professionals, housing counselors, advocacy leaders, and more. Launched in 

October 2020 and scheduled to continue through the first quarter of 2021, the campaign 

delivered more than 10 million impressions and garnered strong engagement with 

industry stakeholders by the end of December 2020.
27 Annual Housing Activities Report 2020 © 2021 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 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.12 It shows that single-family 

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

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

2.78 percent rate of 90-day delinquency on loans made in 2019 to low- and moderateincome families was 7 percent higher, and the 0.01 percent rate of default was 161 

percent higher, than loans made to families with income above the median level. 

Absolute default counts for both groups in 2019 rose when compared to the previous 

year. However, the higher 2019 counts are still lower than previous years. This analysis 

is based on income relative to AMI and does not control for other risk dimensions, such 

as LTV ratio or credit history. Information regarding serious delinquency and default 

performance is based on acquisitions through December 2018; performance 

is observed through December 2019.
28 Annual Housing Activities Report 2020 © 2021 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% 6.50%

Low-Mod Income 1.22% 119% 9.43% 45%

2006 Above Median Income 0.99% 11.71%

Low-Mod Income 2.11% 113% 14.90% 27%

2007 Above Median Income 2.84% 13.88%

Low-Mod Income 4.15% 46% 18.75% 35%

2008 Above Median Income 2.00% 5.35%

Low-Mod Income 2.90% 45% 8.88% 66%

2009 Above Median Income 0.18% 0.61%

Low-Mod Income 0.36% 105% 1.53% 150%

2010 Above Median Income 0.13% 0.52%

Low-Mod Income 0.30% 125% 1.35% 158%

2011 Above Median Income 0.12% 0.33%

Low-Mod Income 0.28% 136% 0.90% 173%

2012 Above Median Income 0.12% 0.30%

Low-Mod Income 0.27% 132% 0.84% 177%

2013 Above Median Income 0.11% 0.28%

Low-Mod Income 0.29% 168% 0.86% 212%

2014 Above Median Income 0.14% 0.22%

Low-Mod Income 0.33% 138% 0.68% 212%

2015 Above Median Income 0.11% 0.10%

Low-Mod Income 0.26% 141% 0.32% 206%

2016 Above Median Income 0.14% 0.05%

Low-Mod Income 0.27% 94% 0.19% 248%

2017 Above Median Income 0.42% 0.04%

Low-Mod Income 0.50% 18% 0.13% 194%

2018 Above Median Income 0.21% 0.03%

Low-Mod Income 0.42% 101% 0.07% 125%

2019 Above Median Income 2.60% 0.00%

Low-Mod Income 2.78% 7% 0.01% 161%

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.
29 Annual Housing Activities Report 2020 © 2021 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. Then the COVID-19 pandemic hit in early 2020, impacting the national 

economy and, in turn, multifamily fundamentals. 
30 Annual Housing Activities Report 2020 © 2021 Fannie Mae

The multifamily sector was negatively impacted in 2020 from rising vacancy, declining 

rents, and higher concession rates due to the economic dislocation resulting from the 

COVID-19 pandemic. A similar trend is expected in 2021, 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 subdued for most of the year, multifamily 

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

cases, neighborhood. 

The national multifamily vacancy rate is expected to peak in 2021, at around 6.5 percent, 

as illustrated in the chart below from Moody’s Analytics REIS, and then begin to trend 

downward starting in 2022. The pace of absorption is expected to remain sluggish due 

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

expect that concession levels will continue to rise in the first few months of the year, as 

the first quarter normally tends to experience a slower pace of apartment unit lease-ups 

and renewals. Looking to the coming year, the national multifamily sector is expected to 

stay its course, since fundamentals are expected to remain the same. The vacancy rate is 

expected to increase slightly, and rent growth should remain positive in 2020, similar to 

last year’s pace.

Estimated National Rent Level and Vacancy Rate

3%

5%

7%

9%

$925

$975

$1,025

$1,075

$1,125

$1,175

$1,225

$1,275

$1,325 Rent Level Vacancy Rates

2005Q12005Q42006Q32007Q22008Q12008Q42009Q32010Q22011Q12011Q42012Q3

2013Q2

2014Q12014Q4

2015Q3

2016Q22017Q1

2017Q4

2018Q32019Q2

2020Q12020Q4

Source: Fannie Mae Economics and Multifamily Research
31 Annual Housing Activities Report 2020 © 2021 Fannie Mae

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

rate for institutional investment-type apartment properties as of December 31, 2020, 

increased to 6.0 percent compared to 5.75 percent as of September 30, 2020, and 5.5 

percent as of December 31, 2019. The estimated national multifamily vacancy rate is 

now in line with its estimated average rate of about 6.0 percent over the last 10 years. 

We believe that elevated levels of new supply delivering during the quarter, especially in 

higher cost metros and submarkets that have been experiencing a decline in multifamily 

demand, pushed the estimated national vacancy level higher. 

In addition, we estimate that the national multifamily effective rent decreased once 

again in the fourth quarter of 2020, but this time by -0.5 percent, which is higher than the 

estimated -0.25 percent decrease during the third quarter of 2020, but the same as the 

-50 basis point estimated decline during the second quarter of 2020, and in contrast to 

the 0.25 percent increase during the fourth quarter of 2019. It is estimated that, in 2020, 

increase in rent growth occurred only during the first quarter (an estimated 0.5 percent). 

As a result, estimated rent growth for full year 2020 is negative, at -0.75 percent. 

Despite construction delays earlier in the year, the most recent third-party estimates 

indicate that approximately 396,000 new multifamily units were completed in 2020. We 

believe this additional supply resulted in rising concession rates overall in many places 

across the country.

National Apartment Sales Volume and Cap Rates

$0

$5

$10

$15

$20

$25

$30

4.75%

5.00%

5.25%

5.50%

5.75%

6.00%

6.25%

6.50%

6.75%

7.00%

Volume Cap Rates 7.25%

J-06

S-06

M-07

J-08

S-08

M-09

J-10

S-10

M-11

J-12

S-12

M-13

J-14

S-14

M-15

J-16

S-16

M-17

J-18

S-18

M-19

J-20

S-20

Billions

Source: Real Capital Analytics (www.rcanalytics.com)
32 Annual Housing Activities Report 2020 © 2021 Fannie Mae

Although there is variation depending upon whether it is for a mid-/high-rise property 

or a garden-style one, multifamily capitalization rate levels remained low during 2020 

despite a decline in sales activity throughout much of the year. The national estimated 

multifamily cap rate remained in a range of 5.2 percent to 5.0 percent in 2020, as seen 

in the chart above. With interest rates having stayed low throughout 2020 and the 

increasing pressure on the performance of the hotel, retail, and, to a lesser extent, office 

sectors during the COVID-19 pandemic, investors appear to have remained steadfastly 

interested in the multifamily sector.

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, which shares the 

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

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

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

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

 our lenders. 

2020 standardization and securitization highlights:

• Fannie Mae issued $76 billion in Multifamily MBS in 2020, which accounted for 

over 99 percent of its Multifamily production. 

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

2020 Fannie Mae issued $9.1 billion of Multifamily structured securities through 11 

Real Estate Mortgage Investment Conduit transactions as part of our Guaranteed 

Multifamily Structures (Fannie Mae 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 2020 

GeMS issuances, $1.94 billion were Green GeMS backed by Multifamily Green MBS.

• In 2020, Multifamily enhanced our DUS Disclose® platform by publishing new 

data attributes, as well as utilizing these attributes within the search capabilities 

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

These enhancements included additional ongoing energy metrics available 
33 Annual Housing Activities Report 2020 © 2021 Fannie Mae

for our Green products, allowing us to provide additional transparency to the 

investor base for our securities. All of these activities support the liquidity of 

our lending platform. Multifamily published the Multifamily Loan Performance 

Data, which includes Multifamily loans acquired on or after January 1, 2000, 

through September 30, 2020, representing over 84 percent of acquisitions in 

the period, with over 54,000 loans included in the dataset. This file provides 

market participants information that can be used to further analyze our loan 

performance history, helping to support the liquidity of our lending platform. 

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

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

hold credit risk for the life of the securitization. Although Fannie Mae’s issuances of fully 

guaranteed securities are deemed to satisfy risk retention requirements while Fannie 

Mae is operating in conservatorship with capital support from the United States, our DUS 

program has required similar risk-sharing of our Multifamily lenders for more than 25 

years. Under the DUS program, the originating lender shares credit risk with Fannie Mae 

through the life of the loan. This early adoption of risk-sharing has helped ensure strong 

Multifamily credit and loan performance, encourages the participation of private capital 

in our MBS, and helps to broaden the investor base for Fannie Mae Multifamily securities.
34 Annual Housing Activities Report 2020 © 2021 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

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

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

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

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

the objectives of this statute.

Activities undertaken by Fannie Mae in 2020 with nonprofit and for-profit organizations, 

state and local governments, and HFAs included the following: 

• Fannie Mae helped provide financing for over 19,900 Low-Income Housing Tax 

Credit (LIHTC) units of housing by providing $2.14 million of debt financing on 

LIHTC projects via our lending partners.

• In 2020, despite the global pandemic and social distancing requirements, Fannie 

Mae had a continued focus on participating in volunteer opportunities with 

community-based organizations that align individual interests and the company’s 

business. At company-sponsored virtual events in 2020, over 2,500 employees 

volunteered nearly 8,000 hours through Fannie Mae’s SERVETM initiative programs. 

• Fannie Mae employees donated over $1.9 million to a wide range of causes 

through Fannie Mae’s employee-giving platform in 2020, including over $10,000 

to provide meals to families in need during September’s National Hunger Action 

Month and over $60,000 to provide holiday meals and gifts during our Season 
35 Annual Housing Activities Report 2020 © 2021 Fannie Mae

of Giving program in December. For eligible donations, the financial impact of 

donations was doubled through Fannie Mae’s matching gift program, which 

provides up to $5,000 in eligible matching gifts for each employee.

• We engaged with HUD intermediaries and nonprofit housing counseling agencies 

on homeownership counseling initiatives aimed at sustaining homeownership. 

This included providing COVID-19 response training to around 1,100 housing 

counselors and professionals.

• We continued to partner with the University of Alabama to enhance and expand 

HomeFirst, a service-learning program that aims to help increase the financial 

capability of consumers through student financial coaches. This included the 

publishing of a white paper to document results. The program will ultimately 

increase the pool of mortgage-ready buyers.

• We continued to partner with a CDFI intermediary to support the opening 

of Financial Opportunity Centers in rural markets.

• We partnered with a national nonprofit intermediary to provide training to 

149 housing counselors on factory-built housing.

• The COVID-19 pandemic highlighted the dramatic inequities in communities 

of color. In metrics ranging from infection and mortality rates, to employment 

disruption, to educational impact, data show minority communities in the United 

States have taken the brunt of the toll. To this end, the focus for most of 2020 

was to partner with minority trade associations such as the Asian American Real 

Estate Association, National Association of Real Estate Brokers, and National 

Association of Hispanic Real Estate Professionals to support education pertaining 

to mortgage relief options due to COVID-19-related hardships. Fannie Mae worked 

with these trade associations to disseminate information around the Here to 

Help campaign. This campaign not only provided forbearance information to 

homeowners, but also provided resources to renters to help them stay in 

their apartments.

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

of its strategic initiative CONVERGENCE, a collaboration 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. 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 a predominantly minority community.
36 Annual Housing Activities Report 2020 © 2021 Fannie Mae

• Fannie Mae facilitated the sale of 479 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 440 properties in the 28 historic markets of the Neighborhood 

Stabilization Initiative now served by Community First Look. 

• In 2020, the Community First sales team held five virtual events to educate 

potential nonprofit and public entity partners on the benefits of Community 

First. The largest of these events was Coffee with Community First, which had 136 

registrants. By the end of 2020, Community First expanded into an additional 16 

states and had 221 registered entities, with an additional 40 awaiting additional 

submission information and another 17 pending final review and approval.

• Fannie Mae reached out to 25 HFA and CDFI partners to demonstrate the value 

of its Housing Visualization Tool (HVT). The HVT is a mapping and visualization 

application that channels socioeconomic data into meaningful business 

intelligence to help identify business development opportunities in Duty to Serve 

markets, further enabling our partners to expand access to credit.
37 Annual Housing Activities Report 2020 © 2021 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 2020, Fannie Mae mortgage 

purchases financed 17,862 units affordable to families earning 80 percent or less of AMI 

living in owner-occupied 2-4 unit properties.16

Charter Act Requirement: 

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

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

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

of the housing financed.

In 2020, Fannie Mae’s purchases of single-family and multifamily mortgages served 

5,592,510 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.
38 Annual Housing Activities Report 2020 © 2021 Fannie Mae

Charter Act Requirement: 

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.

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 2020, Fannie Mae purchased 12,000 single-family mortgages and 552 multifamily 

mortgages, with an aggregate unpaid principal balance of approximately $2.484 billion 

and $7.8 billion, respectively, that were originated in conjunction with public subsidy 

programs.17

For example, Fannie Mae partners with state and local HFAs to offer HFA Preferred 

mortgages to support their Mortgage Revenue Bond (MRB) programs. HFAs sell taxexempt MRBs and use the proceeds to finance low-cost mortgages for low- and middleincome first-time 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.

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 2020, Fannie Mae securitized $1.4 trillion in mortgage loans. We had total 

portfolio acquisitions of $790.2 billion, which included $13.5 billion of delinquent loans 

purchased from our MBS trusts. In 2020, Fannie Mae’s portfolio increased by $9.0 billion.
39 Annual Housing Activities Report 2020 © 2021 Fannie Mae

Charter Act Requirement: 

18 Some of these women-owned lenders also identified as belonging to 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 $1.305 billion as of December 31, 2019. This definition parallels the definition of “small bank” 

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

during 2020.

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

channels.

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 1,704 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 2020 from single-family lenders identified as minority- or women-owned 

lenders, women-owned lenders,18 and single-family and multifamily lenders communityoriented lenders.19

Seller/Servicer Type Volume of Mortgages

Minority- or women-owned $25.44 billion

Women-owned $20.56 billion

Community-oriented lenders $411.18 billion

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

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

lender participation with Fannie Mae.20

Fannie Mae supported community-oriented lenders through our partnership with 

the American Bankers Association, a trade organization for community banks, 

through the following activities:

• Through the American Bankers Association, provided timely information 

to community banks in response to the ever-changing COVID-19 pandemic 

through two specific webinars, reaching 300 lenders, and distributed Here 

to Help campaign communications in the Mortgage Bankers Association (MBA) 

InsightsTM newsletter, reaching 21,000 (2,000 unique opens) subscribers.
40 Annual Housing Activities Report 2020 © 2021 Fannie Mae

• Educated community banks on the benefits of implementing eMortgage via 

two webinars and solicited feedback and challenges from the Community 

Bankers Council.

• Completed two webinars on forbearance, one to educate bankers on forbearance 

details and options and one on post-forbearance opportunities.

• Promoted Fannie Mae forbearance options via MBA Insights.

• Prepared the bankers for the upcoming URLA Mandate through a Lender 

Readiness webinar and additional collateral distributed through MBA Insights.

Fannie Mae continued to develop relationships with community-oriented lenders 

who focus on rural lending by:

• Supporting a CDFI and new Fannie Mae Seller/Servicer to leverage HomeReady 

and Community Seconds to better serve its rural customers.

• Providing support and resources to seven small financial institutions as 

they navigated the process to deliver loans to Fannie Mae.

• Engaging with 16 community-oriented lenders to participate in an online 

servicing seminar about COVID-19 forbearance response.

• Facilitating comprehensive interviews with nine community-oriented 

lenders about their experiences with servicing rural areas.
41 © 2021 Fannie Mae

Annual 

Mortgage 

Report

2020
42 Annual Mortgage Report 2020 © 2021 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) $363,549 $70,995 $363,549 $13,292 $363,549 $67,482 $54,195 $878,211 $126,710 $1,288,861 

 Number of Mortgages 1,281,866 372,376 1,281,866 93,434 1,281,866 300,744 233,258 3,111,029 657,838 4,568,555

 Owner-Occupied 2-4 Unit Properties/Mortgages:

 UPB ($ Millions) $2,533 $411 $2,533 $66 $2,533 $1,071 $1,046 $8,593 $1,423 $11,146 

 Number of Mortgages 6,940 2,000 6,940 475 6,940 3,214 3,100 22,902 5,829 29,904

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

Properties:

 UPB ($ Millions) $366,081 $71,406 $366,081 $13,358 $366,081 $68,553 $55,241 $886,804 $128,133 $1,300,007 

 Number of Mortgages 1,288,806 374,376 1,288,806 93,909 1,288,806 303,958 236,358 3,133,931 663,667 4,598,459

Goals Performance

 Fannie Mae's Single-Family Goals 24% 6% 18% 21%

 Goals Performance Percentage 29.05% 7.29% 23.58% 21.18%

 Fannie Mae's Single-Family Subgoal 14%

 Subgoal Performance Percentage 18.34%

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 2020

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 2020
43 Annual Mortgage Report 2020 © 2021 Fannie Mae

All Mortgage 

Purchases

Purchases of Multifamily Mortgages

Multifamily 5-50 Unit Properties: 

UPB ($ Million) $1,898 $501 $4,948 

Number of Mortgages 1,012 570 1,307

Number of Properties 1,067 611 1,364

Number of Units 21,284 6,640 36,880

Multifamily > 50 Unit Properties:

UPB ($ Million) $34,609 $5,916 $64,248 

Number of Mortgages 3,020 2,038 3,285

Number of Properties 3,040 2,056 3,306

Number of Units 416,220 86,038 600,816

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 6,064 6,064 N/A

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

Units Where Rent Estimation is Possible 6,064 6,064 N/A

Large (>50 unit) properties 5,362 3,756 5,362 2,393 N/A

Small (5-50 unit) properties 702 513 702 345 N/A

Not Subject to Cap 6,064 4,269 6,064 2,738 N/A

Subject to Cap 0 0 N/A

5% Cap 31,884 31,884 N/A

Adjustments to Number of Units for:

Missing Data 4,269 2,738 N/A

Total Multifamily:

UPB ($ Million) $36,507 $6,417 $69,196 

Number of Mortgages 4,025 2,602 4,585

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

Number of Properties 4,107 2,667 4,670

Number of Units 437,504 92,678 637,696

Number of Units (Adjusted) 441,773 95,416 637,696

Goals Performance

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

Goal Performance (units) 441,773 95,416

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

Goal Performance (units) 21,797

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 2020

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 2020
44 Annual Mortgage Report 2020 © 2021 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 2020

Low-Income Units Very Low-Income Units Total Units Financed

Purchases of Single-Family Mortgages

 Owner-Occupied 2-4 Unit Properties/Mortgages:

 UPB ($ Millions) $2,227 $459 $5,995 

 Number of Mortgages 14,876 3,637 29,842

 Number of Units 17,861 4,215 36,296

 Investor Owned 1-4 Unit Properties/Mortgages:

 UPB ($ Millions) $16,748 $3,667 $58,973 

 Number of Mortgages 100,643 23,390 259,166

 Number of Units 137,327 31,509 319,968

Total Single-Family:

 UPB ($ Millions) $18,975 $4,126 $64,968 

 Number of Mortgages 115,519 27,027 289,008

 Number of Units 155,188 35,724 356,264

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 2020

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 2020

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 2020
45 Annual Mortgage Report 2020 © 2021 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) $13,358 $13,358 $6,661 $21,249 $13,480 $21,299 $34,779 

 Number of Mortgages 93,909 93,909 47,642 143,873 94,956 144,231 239,187

 Portion of Qualifying or Total Mortgages Acquired 25.08% 100.00% 15.67% 21.68% 6.82% 4.50% 5.20%

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

 $UPB(Millions) $15,052 $0 $6,631 $25,418 $15,232 $25,483 $40,715 

 Number of Mortgages 82,737 0 37,260 138,582 83,999 139,001 223,000

 Portion of Qualifying or Total Mortgages Acquired 22.10% 0.00% 12.26% 20.88% 6.03% 4.34% 4.85%

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

 $UPB(Millions) $42,996 $0 $17,291 $81,466 $43,629 $81,758 $125,387 

 Number of Mortgages 197,730 0 81,982 381,212 201,573 382,859 584,432

 Portion of Qualifying or Total Mortgages Acquired 52.82% 0.00% 26.97% 57.44% 14.48% 11.94% 12.71%

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

 $UPB(Millions) $0 $0 $17,674 $0 $48,896 $106,056 $154,951 

 Number of Mortgages 0 0 71,409 0 192,764 429,690 622,454

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 23.49% 0.00% 13.84% 13.40% 13.54%

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

 $UPB(Millions) $0 $0 $5,574 $0 $48,566 $114,363 $162,929 

 Number of Mortgages 0 0 20,182 0 170,631 417,322 587,953

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 6.64% 0.00% 12.25% 13.02% 12.79%

Income More Than 120% of Median Income

 $UPB(Millions) $0 $0 $14,721 $0 $223,477 $557,763 $781,240 

 Number of Mortgages 0 0 45,483 0 648,612 1,692,782 2,341,394

 Portion of Qualifying or Total Mortgages Acquired 0.00% 0.00% 14.96% 0.00% 46.58% 52.80% 50.92%

Missing

 $UPB(Millions) $0 $0 $0 $0 $1 $5 $7 

 Number of Mortgages 0 0 0 0 6 33 39

 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) $71,406 $13,358 $68,553 $128,133 $393,280 $906,727 $1,300,007 

 Number of Mortgages 374,376 93,909 303,958 663,667 1,392,541 3,205,918 4,598,459

 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 2020

Table 2: Distribution of Single-Family Owner-Occupied Mortgages Purchased by Fannie Mae by Income Class 

of Mortgagor(s) | For Calendar Year 2020
46 Annual Mortgage Report 2020 © 2021 Fannie Mae

Qualifying Low-Income 

Purchases

Qualifying Very LowIncome PurchasesTotal Units Financed

Affordable At No More Than 30% of Median Income

$UPB(MILLIONS) $2,579 $2,579 $2,579 

Number of Units 27,319 27,319 27,319

6.24% 29.48% 4.28%

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

$UPB(MILLIONS) $3,838 $3,838 $3,838 

Number of Units 65,359 65,359 65,359

14.94% 70.52% 10.25%

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

$UPB(MILLIONS) $9,274 $9,274 

Number of Units 129,990 129,990

29.71% 20.38%

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

$UPB(MILLIONS) $20,816 $20,816 

Number of Units 214,836 214,836

49.10% 33.69%

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

$UPB(MILLIONS) $14,484 

Number of Units 108,467

17.01%

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

$UPB(MILLIONS) $7,347 

Number of Units 44,686

7.01%

Affordable At More Than 120% of Median Income

$UPB(MILLIONS) $9,917 

Number of Units 40,975

6.43%

Tenant Rent Missing

$UPB(MILLIONS) $941 

Number of Units 6,064

0.95%

All Income Levels2

$UPB(MILLIONS) $36,507 $6,417 $69,196 

Number of Units 437,504 92,678 637,696

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 2020

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 2020
47 Annual Mortgage Report 2020 © 2021 Fannie Mae

Low-Income Units Very Low-Income Units Total Units Financed

Affordable At No More Than 30% of Median Income

 UPB ($ Millions) $1,887 $1,887 $1,887 

 Number of Units 10,502 10,502 10,502

 Portion of Low-Income, Very Low-Income, or Total Units Financed 6.77% 29.40% 2.95%

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

 UPB ($ Millions) $2,239 $2,239 $2,239 

 Number of Units 25,222 25,222 25,222

 Portion of Low-Income, Very Low-Income, or Total Units Financed 16.25% 70.60% 7.08%

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

 UPB ($ Millions) $3,338 $3,338 

 Number of Units 33,901 33,901

 Portion of Low-Income, Very Low-Income, or Total Units Financed 21.85% 9.52%

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

 UPB ($ Millions) $11,511 $11,511 

 Number of Units 85,563 85,563

 Portion of Low-Income, Very Low-Income, or Total Units Financed 55.14% 24.02%

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

 UPB ($ Millions) $14,268 

 Number of Units 77,362

 Portion of Low-Income, Very Low-Income, or Total Units Financed 21.71%

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

 UPB ($ Millions) $10,067 

 Number of Units 42,929

 Portion of Low-Income, Very Low-Income, or Total Units Financed 12.05%

Affordable At More Than 120% of Median Income

 UPB ($ Millions) $14,300 

 Number of Units 47,502

 Portion of Low-Income, Very Low-Income, or Total Units Financed 13.33%

Tenant Rent Missing

 UPB ($ Millions) $7,357 

 Number of Units 33,283

 Portion of Low-Income, Very Low-Income, or Total Units Financed 9.34%

All Income Levels2

 UPB ($ Millions) $18,975 $4,126 $64,968 

 Number of Units 155,188 35,724 356,264

 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 2020

Table 3B: Distribution of Rental Units Financed by Purchases of Mortgages on Single-Family Rental Properties 

by Affordability of Rent1 | For Calendar Year 2020
48 Annual Mortgage Report 2020 © 2021 Fannie Mae

Family Income <= Family Income > Family Income <= Family Income > Qualifying Low- Total Mortgages

100% of Area 

Median

100% of Area 

Median

100% of Area

Median

100% of Area

Median

Income Area 

Purchase Money

Mortgages

Eligible To 

Qualify As

Low-Income Area

Purchase Money

Tract Income <= 80% of Area Median

 $UPB(Millions) $3,935 $5,330 $19,363 $14,965 $43,594 $43,594 

 Number of Mortgages 22,251 16,924 97,157 48,741 185,073 185,073

 Percentage of Eligible 12.02% 9.14% 52.50% 26.34% 100.00% 100.00%

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

 $UPB(Millions) $2,391 $0 $9,256 $0 $11,647 $27,402 

 Number of Mortgages 11,683 0 39,602 0 51,285 98,004

 Percentage of Eligible 11.92% 0.00% 40.41% 0.00% 52.33% 100.00%

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

 $UPB(Millions) $2,320 $0 $0 $0 $2,320 $37,428 

 Number of Mortgages 14,374 0 0 0 14,374 168,155

 Percentage of Eligible 8.55% 0.00% 0.00% 0.00% 8.55% 100.00%

Tract Income >= 100% of Area Median1

 $UPB(Millions) $10,992 $0 $0 $0 $10,992 $257,658 

 Number of Mortgages 53,226 0 0 0 53,226 837,574

 Percentage of Eligible 6.35% 0.00% 0.00% 0.00% 6.35% 100.00%

Total

 $UPB(Millions) $19,638 $5,330 $28,619 $14,965 $68,553 $366,081 

 Number of Mortgages 101,534 16,924 136,759 48,741 303,958 1,288,806

 Percentage of Eligible 7.88% 1.31% 10.61% 3.78% 23.58% 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 2020

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 2020
49 Annual Mortgage Report 2020 © 2021 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) $317 $63 $325 $543 $1,323 $2,349 $3,672 

 Number of Mortgages 1,699 447 1,527 2,943 5,026 9,257 14,283

 Portion of Qualifying or Total Mortgages Acquired 0.45% 0.48% 0.50% 0.44% 0.36% 0.29% 0.31%

Asian2

 $UPB(Millions) $5,116 $973 $6,117 $9,349 $31,348 $90,560 $121,908 

 Number of Mortgages 21,218 5,545 20,439 36,230 88,718 249,327 338,045

 Portion of Qualifying or Total Mortgages Acquired 5.67% 5.90% 6.72% 5.46% 6.37% 7.78% 7.35%

Black or African American2

 $UPB(Millions) $3,828 $782 $4,480 $4,730 $14,930 $21,836 $36,766 

 Number of Mortgages 19,942 5,396 21,049 24,879 55,998 84,488 140,486

 Portion of Qualifying or Total Mortgages Acquired 5.33% 5.75% 6.92% 3.75% 4.02% 2.64% 3.06%

Native Hawaiian or Other Pacific Islander2

 $UPB(Millions) $173 $30 $193 $369 $781 $2,014 $2,795 

 Number of Mortgages 777 192 701 1,566 2,451 6,159 8,610

 Portion of Qualifying or Total Mortgages Acquired 0.21% 0.20% 0.23% 0.24% 0.18% 0.19% 0.19%

White - Hispanic or Latino3

 $UPB(Millions) $8,522 $1,794 $10,806 $12,229 $37,932 $65,421 $103,352 

 Number of Mortgages 42,672 11,568 47,172 59,470 135,707 233,692 369,399

 Portion of Qualifying or Total Mortgages Acquired 11.40% 12.32% 15.52% 8.96% 9.75% 7.29% 8.03%

White - Non Hispanic or Latino

 $UPB(Millions) $44,514 $8,170 $36,252 $78,766 $246,981 $554,305 $801,286 

 Number of Mortgages 244,210 60,419 171,101 429,255 909,852 2,052,583 2,962,435

 Portion of Qualifying or Total Mortgages Acquired 65.23% 64.34% 56.29% 64.68% 65.34% 64.02% 64.42%

Two or More Minority Races4

 $UPB(Millions) $138 $19 $154 $198 $585 $1,109 $1,694 

 Number of Mortgages 606 123 593 866 1,874 3,482 5,356

 Portion of Qualifying or Total Mortgages Acquired 0.16% 0.13% 0.20% 0.13% 0.13% 0.11% 0.12%

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

 $UPB(Millions) $620 $61 $1,221 $1,224 $9,075 $18,468 $27,543 

 Number of Mortgages 2,806 372 4,270 5,451 26,690 56,048 82,738

 Portion of Qualifying or Total Mortgages Acquired 0.75% 0.40% 1.40% 0.82% 1.92% 1.75% 1.80%

Information not Provided by Borrower or Co-Borrower6

 $UPB(Millions) $7,118 $1,272 $7,783 $18,845 $43,453 $134,777 $178,230 

 Number of Mortgages 35,021 8,517 31,932 93,791 142,990 457,828 600,818

 Portion of Qualifying or Total Mortgages Acquired 9.35% 9.07% 10.51% 14.13% 10.27% 14.28% 13.07%

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) $1,061 $195 $1,221 $1,880 $6,872 $15,888 $22,760 

 Number of Mortgages 5,425 1,330 5,174 9,216 23,235 53,054 76,289

 Portion of Qualifying or Total Mortgages Acquired 1.45% 1.42% 1.70% 1.39% 1.67% 1.65% 1.66%

Total

 $UPB(Millions) $71,406 $13,358 $68,553 $128,133 $393,280 $906,727 $1,300,007 

 Number of Mortgages 374,376 93,909 303,958 663,667 1,392,541 3,205,918 4,598,459

 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 2020

Table 5A continues on next page.

Table 5A: Distribution of Single-Family Owner-Occupied Mortgage Purchases by Race of Borrower(s) on Loan 

Application1 | For Calendar Year 2020
50 Annual Mortgage Report 2020 © 2021 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 2020

Table 5A: Distribution of Single-Family Owner-Occupied Mortgage Purchases by Race of Borrower(s) on Loan 

Application1 | For Calendar Year 2020
51 Annual Mortgage Report 2020 © 2021 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) $9,623 $2,080 $11,792 $13,780 $36,762 $62,746 $99,507 

 Number of Mortgages 48,120 13,413 51,880 67,239 134,809 229,225 364,034

 

 Portion of Qualifying or Total Mortgages Acquired 12.85% 14.28% 17.07% 10.13% 9.68% 7.15% 7.92%

 

Borrower and Co-Borrower are not Hispanic or 

 $UPB(Millions) $53,037 $9,780 $46,956 $92,669 $295,770 $673,337 $969,107 

 Number of Mortgages 282,807 70,365 212,188 488,503 1,058,988 2,401,167 3,460,155

 

 Portion of Qualifying or Total Mortgages Acquired 75.54% 74.93% 69.81% 73.61% 76.05% 74.90% 75.25%

 

Joint - Either Borrower or Co-Borrower are Hispanic 

 $UPB(Millions) $714 $67 $1,359 $1,250 $9,835 $18,866 $28,700 

 Number of Mortgages 3,317 429 4,959 5,797 30,227 60,636 90,863

 

 Portion of Qualifying or Total Mortgages Acquired 0.89% 0.46% 1.63% 0.87% 2.17% 1.89% 1.98%

 

Information not Provided by Borrower or Co-

 $UPB(Millions) $7,111 $1,264 $7,432 $18,700 $44,802 $136,848 $181,650 

 Number of Mortgages 35,328 8,520 30,652 93,401 147,814 464,532 612,346

 

 Portion of Qualifying or Total Mortgages Acquired 9.44% 9.07% 10.08% 14.07% 10.61% 14.49% 13.32%

 

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) $921 $168 $1,014 $1,735 $6,112 $14,931 $21,042 

 Number of Mortgages 4,804 1,182 4,279 8,727 20,703 50,358 71,061

 

 Portion of Qualifying or Total Mortgages Acquired 1.28% 1.26% 1.41% 1.31% 1.49% 1.57% 1.55%

 

Total:

 $UPB(Millions) $71,406 $13,358 $68,553 $128,133 $393,280 $906,727 $1,300,007 

 Number of Mortgages 374,376 93,909 303,958 663,667 1,392,541 3,205,918 4,598,459

 

 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 2020

Table 5B: Distribution of Single-Family Owner-Occupied Mortgage Purchases by Ethnicity of Borrower(s) on Loan 

Application1 | For Calendar Year 2020
52 Annual Mortgage Report 2020 © 2021 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) $28,086 $5,321 $25,145 $42,258 $124,499 $264,556 $389,054 

 Number of Mortgages 146,860 36,708 113,195 217,674 451,785 931,237 1,383,022

 Portion of Qualifying or Total Mortgages Acquired 39.23% 39.09% 37.24% 32.80% 32.44% 29.05% 30.08%

 

All Female: 

 $UPB(Millions) $26,596 $5,997 $20,744 $42,755 $81,707 $155,749 $237,456 

 Number of Mortgages 144,951 43,429 100,352 230,630 330,491 618,121 948,612

 Portion of Qualifying or Total Mortgages Acquired 38.72% 46.25% 33.02% 34.75% 23.73% 19.28% 20.63%

 

Male and Female: 

 $UPB(Millions) $13,272 $1,433 $19,069 $31,721 $164,897 $404,591 $569,488 

 Number of Mortgages 65,035 9,557 75,217 156,829 535,828 1,369,728 1,905,556

 Portion of Qualifying or Total Mortgages Acquired 17.37% 10.18% 24.75% 23.63% 38.48% 42.72% 41.44%

 

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) $3,159 $555 $3,255 $10,832 $20,077 $76,023 $96,100 

 Number of Mortgages 16,031 3,856 13,769 55,838 67,434 267,891 335,325

 Portion of Qualifying or Total Mortgages Acquired 4.28% 4.11% 4.53% 8.41% 4.84% 8.36% 7.29%

 

Missing:2

 $UPB(Millions) $293 $52 $340 $567 $2,101 $5,808 $7,909 

 Number of Mortgages 1,499 359 1,425 2,696 7,003 18,941 25,944

 Portion of Qualifying or Total Mortgages Acquired 0.40% 0.38% 0.47% 0.41% 0.50% 0.59% 0.56%

 

Total: 

 $UPB(Millions) $71,406 $13,358 $68,553 $128,133 $393,280 $906,727 $1,300,007 

 Number of Mortgages 374,376 93,909 303,958 663,667 1,392,541 3,205,918 4,598,459

 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 2020

Table 6: Distribution of Single-Family Owner-Occupied Mortgage Purchases by Gender of Borrower(s)1

| For Calendar Year 2020
53 Annual Mortgage Report 2020 © 2021 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% 91,564 23,771 32,975 153,723 341,613 745,623 1,087,236

10% <= Minority < 20% 91,777 22,249 41,863 155,871 360,506 802,195 1,162,701

20% <= Minority < 30% 57,977 13,957 34,314 98,966 225,571 509,234 734,805

30% <= Minority < 50% 66,735 16,117 79,145 116,527 250,779 590,351 841,130

50% <= Minority < 80% 46,330 12,081 74,081 89,350 154,581 388,896 543,477

80% <= Minority <= 100% 19,992 5,734 41,541 49,230 59,423 169,554 228,977

Tract Missing / Unable to Classify 1 0 39 0 68 65 133

Total: 374,376 93,909 303,958 663,667 1,392,541 3,205,918 4,598,459

Table 7

Distribution of Single-Family Owner-Occupied Mortgage Purchases

By Minority Concentration of Census Tract

For Calendar Year 2020

Qualifying Low- Qualifying Very Low- Total Units Financed

Income Units Income Units

Minority < 10% 25,192 5,419 34,116

10% <= Minority < 20% 51,981 8,918 79,728

20% <= Minority < 30% 59,257 9,486 92,453

30% <= Minority < 50% 104,984 20,106 162,449

50% <= Minority < 80% 116,658 23,442 170,012

80% <= Minority <= 100% 79,432 25,307 98,938

Tract Missing / Unable to Classify 0 0 0

Total: 437,504 92,678 637,696

Table 8A

Distribution of Fannie Mae's Multifamily Mortgage Purchases

By Minority Concentration of Census Tract

For Calendar Year 2020

Qualifying Low- Qualifying Very Low- Total Units Financed

Income Units Income Units

Minority < 10% 19,417 5,736 35,500

10% <= Minority < 20% 29,429 6,585 63,525

20% <= Minority < 30% 21,606 4,835 52,650

30% <= Minority < 50% 30,346 6,590 76,587

50% <= Minority < 80% 30,078 6,470 71,381

80% <= Minority <= 100% 24,304 5,506 56,558

Tract Missing / Unable to Classify 8 2 63

Total: 155,188 35,724 356,264

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 2020

Table 7: Distribution of Single-Family Owner-Occupied Mortgage Purchases by Minority Concentration of Census 

Tract | For Calendar Year 2020

Table 8A: Distribution of Fannie Mae’s Multifamily Mortgage Purchases by Minority Concentration of Census Tract 

| For Calendar Year 2020

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 2020
54 Annual Mortgage Report 2020 © 2021 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% 23,771 23,771 6,010 32,773 24,167 32,874 57,041

 10% <= Minority < 30% 36,206 36,206 12,968 53,484 36,546 53,606 90,152

 30% <= Minority < 50% 16,117 16,117 12,325 25,550 16,276 25,604 41,880

 50% <= Minority < 80% 12,081 12,081 10,790 20,524 12,193 20,577 32,770

 80% <= Minority <= 100% 5,734 5,734 5,549 11,542 5,774 11,570 17,344

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

 Subtotal 93,909 93,909 47,642 143,873 94,956 144,231 239,187

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

 Minority < 10% 20,761 0 4,415 32,079 21,247 32,232 53,479

 10% <= Minority < 30% 33,207 0 10,107 53,246 33,629 53,383 87,012

 30% <= Minority < 50% 14,433 0 10,160 24,185 14,620 24,240 38,860

 50% <= Minority < 80% 10,131 0 8,535 18,743 10,256 18,784 29,040

 80% <= Minority <= 100% 4,205 0 4,043 10,329 4,247 10,362 14,609

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

 Subtotal 82,737 0 37,260 138,582 83,999 139,001 223,000

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

 Minority < 10% 47,032 0 9,211 88,871 48,320 89,473 137,793

 10% <= Minority < 30% 80,341 0 21,158 148,107 81,739 148,678 230,417

 30% <= Minority < 50% 36,185 0 22,952 66,792 36,869 67,043 103,912

 50% <= Minority < 80% 24,118 0 19,212 50,083 24,476 50,239 74,715

 80% <= Minority <= 100% 10,053 0 9,448 27,359 10,168 27,426 37,594

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

 Subtotal 197,730 0 81,982 381,212 201,573 382,859 584,432

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

 Minority < 10% 0 0 7,970 0 45,320 99,193 144,513

 10% <= Minority < 30% 0 0 18,679 0 80,072 170,085 250,157

 30% <= Minority < 50% 0 0 19,841 0 35,152 75,934 111,086

 50% <= Minority < 80% 0 0 16,379 0 22,836 55,583 78,419

 80% <= Minority <= 100% 0 0 8,537 0 9,381 28,893 38,274

 Tract Missing / Unable to Classify 0 0 3 0 3 2 5

 Subtotal 0 0 71,409 0 192,764 429,690 622,454

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

 Minority < 10% 0 0 1,691 0 40,411 95,662 136,073

 10% <= Minority < 30% 0 0 4,261 0 71,513 166,306 237,819

 30% <= Minority < 50% 0 0 4,286 0 31,284 76,450 107,734

 50% <= Minority < 80% 0 0 5,750 0 19,632 53,555 73,187

 80% <= Minority <= 100% 0 0 4,192 0 7,789 25,346 33,135

 Tract Missing / Unable to Classify 0 0 2 0 2 3 5

 Subtotal 0 0 20,182 0 170,631 417,322 587,953

120% MSA Median Income < Income

 Minority < 10% 0 0 3,678 0 162,148 396,170 558,318

 10% <= Minority < 30% 0 0 9,004 0 282,578 719,368 1,001,946

 30% <= Minority < 50% 0 0 9,581 0 116,578 321,079 437,657

 50% <= Minority < 80% 0 0 13,415 0 65,188 190,158 255,346

 80% <= Minority <= 100% 0 0 9,772 0 22,064 65,957 88,021

 Tract Missing / Unable to Classify 0 0 33 0 56 50 106

 Subtotal 0 0 45,483 0 648,612 1,692,782 2,341,394

Borrower Income Missing

 Minority < 10% 0 0 0 0 0 19 19

 10% <= Minority < 30% 0 0 0 0 0 3 3

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

 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 6 10 16

 Subtotal 0 0 0 0 6 33 39

Total: 374,376 93,909 303,958 663,667 1,392,541 3,205,918 4,598,459

Table 9

Distribution of Single-Family Owner-Occupied Mortgage Purchases

Minority Percentage of Census Tract by Income of Borrower

For Calendar Year 2020

Table 9: Distribution of Single-Family Owner-Occupied Mortgage Purchases Minority Percentage of Census Tract 

by Income of Borrower | For Calendar Year 2020
55 Annual Mortgage Report 2020 © 2021 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 4,328 1,141 2,393 5,266 17,756 28,220 45,976

Alaska 539 152 680 945 1,719 3,829 5,548

Arizona 12,498 2,913 9,344 29,441 49,917 122,855 172,772

Arkansas 2,343 645 2,996 2,762 9,483 15,863 25,346

California 15,084 1,965 30,876 99,692 119,397 618,793 738,190

Colorado 12,190 2,638 8,978 36,991 42,027 129,359 171,386

Connecticut 5,564 1,511 2,159 4,820 13,908 21,081 34,989

Delaware 1,506 424 860 2,435 5,721 10,086 15,807

District of Columbia 766 145 961 1,550 2,706 7,374 10,080

Florida 22,769 4,604 41,832 23,054 119,046 136,063 255,109

Georgia 12,872 3,151 10,512 16,388 50,712 87,601 138,313

Hawaii 763 121 1,338 2,844 3,610 13,027 16,637

Idaho 3,261 630 1,773 7,416 14,649 30,133 44,782

Illinois 17,729 5,281 8,628 22,234 51,890 122,987 174,877

Indiana 11,108 3,589 8,115 15,361 28,234 56,100 84,334

Iowa 7,094 2,388 3,172 8,275 16,542 32,423 48,965

Kansas 3,611 1,024 1,469 3,994 11,096 19,518 30,614

Kentucky 4,849 1,543 1,916 5,939 13,568 23,899 37,467

Louisiana 2,415 569 2,056 3,781 11,241 26,335 37,576

Maine 1,181 300 495 2,656 4,352 10,232 14,584

Maryland 9,745 3,031 6,274 18,273 25,243 65,433 90,676

Massachusetts 7,227 1,500 4,235 19,532 24,704 82,766 107,470

Michigan 15,076 4,415 6,649 25,447 44,486 109,659 154,145

Minnesota 15,808 4,972 6,383 25,869 37,997 87,741 125,738

Mississippi 1,240 296 826 1,693 6,117 11,843 17,960

Missouri 9,312 2,800 11,675 13,263 28,341 57,644 85,985

Montana 1,971 492 919 3,069 6,625 12,772 19,397

Nebraska 4,342 1,272 4,516 4,984 11,199 21,413 32,612

Nevada 4,069 933 3,197 10,613 18,564 45,014 63,578

New Hampshire 2,167 565 917 4,408 6,491 15,245 21,736

New Jersey 8,057 1,678 4,411 10,931 36,842 80,735 117,577

New Mexico 2,002 505 1,801 2,473 8,430 13,072 21,502

New York 8,774 1,630 5,361 9,238 38,117 68,298 106,415

North Carolina 13,879 3,737 14,052 18,750 54,300 94,716 149,016

North Dakota 1,122 294 259 1,760 2,937 7,332 10,269

Ohio 15,368 4,827 8,094 14,310 40,432 63,635 104,067

Oklahoma 2,947 752 3,275 2,807 11,855 16,258 28,113

Oregon 4,912 787 4,095 13,711 23,483 63,871 87,354

Pennsylvania 14,059 3,992 6,229 15,304 42,677 73,348 116,025

Rhode Island 1,349 248 600 2,464 4,293 10,129 14,422

South Carolina 7,232 1,788 5,678 8,283 29,161 40,648 69,809

South Dakota 1,871 564 2,058 2,785 4,910 11,776 16,686

Tennessee 8,049 1,926 4,358 11,391 30,389 51,562 81,951

Texas 24,770 4,564 28,987 25,686 121,771 183,472 305,243

Utah 7,783 1,559 3,644 21,629 23,051 77,001 100,052

Vermont 497 108 220 758 2,006 3,169 5,175

Virginia 12,685 3,639 7,989 23,232 36,923 91,276 128,199

Washington 10,700 2,065 8,887 31,541 41,459 132,701 174,160

West Virginia 980 290 505 1,252 3,511 5,998 9,509

Wisconsin 12,975 3,708 6,741 20,460 34,175 82,902 117,077

Wyoming 893 232 228 1,830 2,832 6,820 9,652

Guam 2 0 37 7 58 35 93

Puerto Rico 42 6 266 70 1,524 1,798 3,322

Virgin Islands 1 0 39 0 62 55 117

Other Territories 0 0 0 0 0 0 0

Unable to Geocode 0 0 0 0 2 3 5

Total 374,376 93,909 303,958 663,667 1,392,541 3,205,918 4,598,459

Table 10A

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

By State and Territory

For Calendar Year 2020

Table 10A: Distribution of Fannie Mae’s Single-Family Owner-Occupied Mortgage Purchases by State and Territory 

| For Calendar Year 2020
56 Annual Mortgage Report 2020 © 2021 Fannie Mae

Qualifying Low- Qualifying Very Low- Total Units Financed

Income Units Income Units

Alabama 9,338 1,971 10,440

Alaska 324 120 324

Arizona 11,624 1,240 18,177

Arkansas 4,759 1,477 5,145

California 20,437 4,794 71,202

Colorado 8,395 1,248 13,897

Connecticut 5,253 1,303 5,941

Delaware 1,720 477 2,036

District of Columbia 1,138 677 1,381

Florida 17,800 2,552 43,172

Georgia 24,028 3,714 32,886

Hawaii 141 1 334

Idaho 1,663 168 2,686

Illinois 11,034 3,783 15,628

Indiana 7,786 2,684 8,787

Iowa 2,790 926 3,218

Kansas 4,237 2,951 4,621

Kentucky 5,172 1,785 5,573

Louisiana 2,402 415 2,638

Maine 252 252 558

Maryland 32,781 5,500 34,979

Massachusetts 3,276 705 6,189

Michigan 19,026 3,670 20,987

Minnesota 7,410 1,657 9,920

Mississippi 5,223 878 5,808

Missouri 6,200 2,970 7,881

Montana 2,014 417 2,118

Nebraska 2,126 753 2,360

Nevada 3,807 308 6,631

New Hampshire 778 238 833

New Jersey 6,718 2,166 10,566

New Mexico 3,873 397 4,686

New York 14,978 4,640 36,763

North Carolina 23,579 3,547 30,162

North Dakota 0 0 0

Ohio 12,456 5,268 13,575

Oklahoma 7,527 3,325 8,040

Oregon 6,181 565 10,467

Pennsylvania 11,025 2,507 13,526

Rhode Island 301 106 1,018

South Carolina 7,004 522 9,114

South Dakota 2,784 1,262 2,795

Tennessee 14,171 1,483 19,217

Texas 60,277 8,088 77,325

Utah 4,870 810 5,896

Vermont 0 0 0

Virginia 21,813 4,972 24,811

Washington 10,922 1,472 16,615

West Virginia 445 257 475

Wisconsin 4,787 1,406 5,306

Wyoming 859 251 989

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 437,504 92,678 637,696

Table 10B

Distribution of Fannie Mae's

Multifamily Mortgage Purchases by State And Territory

For Calendar Year 2020

Table 10B: Distribution of Fannie Mae’s Multifamily Mortgage Purchases by State And Territory | For Calendar Year 

2020
57 Annual Mortgage Report 2020 © 2021 Fannie Mae

Low- Very Low- Total Units Financed

Income Units Income Units

Alabama 1,619 369 2,510

Alaska 554 72 778

Arizona 4,463 791 12,667

Arkansas 1,244 266 1,766

California 17,145 3,746 83,993

Colorado 4,598 797 12,739

Connecticut 2,500 791 3,255

Delaware 384 79 726

District of Columbia 648 167 1,600

Florida 4,601 932 17,786

Georgia 3,837 742 8,057

Hawaii 290 89 1,375

Idaho 1,976 232 3,902

Illinois 7,120 1,810 12,720

Indiana 3,214 1,137 4,278

Iowa 1,192 495 1,393

Kansas 1,034 299 1,485

Kentucky 1,211 339 1,627

Louisiana 1,283 217 2,858

Maine 620 97 1,010

Maryland 2,996 598 4,836

Massachusetts 7,121 1,464 12,214

Michigan 3,530 1,007 5,183

Minnesota 3,619 811 5,091

Mississippi 296 53 623

Missouri 4,824 1,934 5,868

Montana 780 176 1,426

Nebraska 853 239 1,136

Nevada 1,865 311 5,437

New Hampshire 1,089 296 1,328

New Jersey 6,227 866 12,803

New Mexico 792 209 1,724

New York 4,427 1,326 14,915

North Carolina 4,451 722 8,706

North Dakota 172 81 238

Ohio 5,887 2,320 7,271

Oklahoma 1,327 201 2,117

Oregon 2,376 335 7,057

Pennsylvania 5,254 1,500 7,500

Rhode Island 1,476 230 2,175

South Carolina 1,240 231 2,898

South Dakota 587 215 771

Tennessee 2,831 463 6,113

Texas 10,944 1,679 25,218

Utah 3,910 611 7,598

Vermont 178 33 299

Virginia 4,317 813 7,894

Washington 5,959 1,060 13,430

West Virginia 168 46 254

Wisconsin 5,638 2,268 6,486

Wyoming 507 156 735

Guam 0 0 4

Puerto Rico 6 1 332

Virgin Islands 8 2 58

Other Territories 0 0 0

Unable to Geocode 0 0 1

Total 155,188 35,724 356,264

Table 10C

Distribution of Rental Units Financed by Purchases of Mortgages on

Single-Family Rental Properties by State And Territory

For Calendar Year 2020

Table 10C: Distribution of Rental Units Financed by Purchases of Mortgages on Single-Family Rental Properties 

by State And Territory | For Calendar Year 2020
58 Annual Mortgage Report 2020 © 2021 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) $5,052 $1,462 $3,305 $51,133 $26,574 $318,088 $344,662 

 Number of Mortgages 35,084 12,791 20,028 283,983 114,204 1,190,870 1,305,074

 Portion of Total 9.37% 13.62% 6.59% 42.79% 8.20% 37.15% 28.38%

 

60% < LTV <= 80%

 $UPB(Millions) $21,998 $4,287 $20,604 $61,582 $153,874 $482,076 $635,949 

 Number of Mortgages 113,421 29,519 89,019 308,008 516,550 1,656,327 2,172,877

 Portion of Total 30.30% 31.43% 29.29% 46.41% 37.09% 51.66% 47.25%

 

80% < LTV <= 90%

 $UPB(Millions) $10,250 $1,750 $10,498 $11,228 $70,047 $80,586 $150,633 

 Number of Mortgages 49,954 11,576 42,085 52,474 231,756 270,122 501,878

 Portion of Total 13.34% 12.33% 13.85% 7.91% 16.64% 8.43% 10.91%

 

90% < LTV <= 95%

 $UPB(Millions) $18,626 $2,835 $21,840 $3,910 $107,597 $24,947 $132,544 

 Number of Mortgages 93,043 19,161 91,873 17,911 374,994 84,734 459,728

 Portion of Total 24.85% 20.40% 30.23% 2.70% 26.93% 2.64% 10.00%

 

95% < LTV <= 100%

 $UPB(Millions) $15,481 $3,025 $12,305 $279 $35,115 $1,024 $36,140 

 Number of Mortgages 82,874 20,862 60,953 1,285 154,501 3,842 158,343

 Portion of Total 22.14% 22.22% 20.05% 0.19% 11.09% 0.12% 3.44%

 

100% < LTV

 $UPB(Millions) $0 $0 $0 $1 $73 $6 $79 

 Number of Mortgages 0 0 0 6 536 23 559

 Portion of Total 0.00% 0.00% 0.00% 0.00% 0.04% 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) $71,406 $13,358 $68,553 $128,133 $393,280 $906,727 $1,300,007 

 Number of Mortgages 374,376 93,909 303,958 663,667 1,392,541 3,205,918 4,598,459

 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 2020

Table 11: Distribution of Single-Family Owner-Occupied Mortgage Purchases1 by LTV Category 

| For Calendar Year 2020
59 Annual Mortgage Report 2020 © 2021 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) $9,345 $4,013 $0 $13,358 

 Number of Mortgages 64,750 29,159 0 93,909

 Portion of Total Mortgages Acquired 9.82% 4.63% 0.00% 7.29%

Income >50% But <= 60% of AMI

 $UPB(Millions) $10,281 $4,771 $0 $15,052 

 Number of Mortgages 56,044 26,693 0 82,737

 Portion of Total Mortgages Acquired 8.50% 4.24% 0.00% 6.42%

Income >60% But <= 80% of AMI

 $UPB(Millions) $27,376 $15,619 $0 $42,996 

 Number of Mortgages 124,820 72,910 0 197,730

 Portion of Total Mortgages Acquired 18.94% 11.58% 0.00% 15.34%

Income >80% But <= 100% of AMI

 $UPB(Millions) $27,298 $20,591 $0 $47,889 

 Number of Mortgages 105,297 82,019 0 187,316

 Portion of Total Mortgages Acquired 15.98% 13.02% 0.00% 14.53%

Income >100% But <= 120% of AMI

 $UPB(Millions) $24,976 $22,293 $0 $47,270 

 Number of Mortgages 84,809 79,315 0 164,124

 Portion of Total Mortgages Acquired 12.87% 12.60% 0.00% 12.73%

Income >120% of AMI

 $UPB(Millions) $79,939 $119,577 $0 $199,516 

 Number of Mortgages 223,367 339,618 0 562,985

 Portion of Total Mortgages Acquired 33.89% 53.93% 0.00% 43.68%

Missing

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

 Number of Mortgages 1 4 0 5

 Portion of Total Mortgages Acquired 0.00% 0.00% 0.00% 0.00%

All Income Levels1

 $UPB(Millions) $179,216 $186,866 $0 $366,081 

 Number of Mortgages 659,088 629,718 0 1,288,806

 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 2020

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 2020
60 Annual Mortgage Report 2020 © 2021 Fannie Mae

First-Time Repeat Status of Total

Subgoal Qualifying Status Buyer Buyer Buyer Mortgages

Mortgages Mortgages Not Available

Subgoal-Qualifying Mortgages

 $UPB(Millions) $36,679 $18,562 $0 $55,241 

 Number of Mortgages 158,117 78,241 0 236,358

 Percentage of Total 23.99% 12.42% 0.00% 18.34%

Non-Qualifying Mortgages

 $UPB(Millions) $142,537 $168,304 $0 $310,841 

 Number of Mortgages 500,971 551,477 0 1,052,448

 Percentage of Total 76.01% 87.58% 0.00% 81.66%

Total Mortgages

 $UPB(Millions) $179,216 $186,866 $0 $366,081 

 Number of Mortgages 659,088 629,718 0 1,288,806

 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 2020

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 2020