Contact: Pete Bakel Resource Center: 1-800-232-6643

 202-752-2034 

Date: May 3, 2022 

Fannie Mae Reports Net Income of $4.4 Billion for First Quarter 2022

• $4.4 billion net income for the first quarter of 2022, with net worth reaching 

$51.8 billion as of March 31, 2022

“Fannie Mae’s solid first quarter results 

were set against a backdrop of rising 

interest rates, inflationary pressures, robust 

home price appreciation, and geopolitical 

tensions. We continue to focus on the 

needs of renters and homeowners as they 

navigate these challenges and on prudently 

managing our risk.”

David C. Benson, President and Interim 

Chief Executive Officer

• $255 billion in liquidity provided to the Single-Family and Multifamily mortgage 

markets in the first quarter of 2022

• $104 billion of Single-Family home purchase acquisitions in the first quarter of 

2022, of which nearly 50% were for first-time homebuyers

• Acquired approximately 312,000 home purchase loans and 487,000 refinance 

loans during the first quarter of 2022, helping homeowners take advantage of 

low interest rates

• Approximately 136,000 units of rental housing financed in the first quarter of 

2022, a significant majority of which were affordable to families earning at or 

below 120% of area median income, providing support for both workforce and 

affordable housing

• Mortgage interest rates increased 1.56 percentage points during the first 

quarter of 2022, from 3.11% as of December 31, 2021 to 4.67% as of March 

31, 2022, the fastest increase since 1994

Q1 2022 Key Results

$51.8 Billion Net Worth $255 Billion Supporting Housing Activity

Increase of $4.4 Billion in the first quarter of 2022 SF Home Purchases SF Refinancings MF Rental Units

 

$6.2B

$14.6B

$25.3B

$47.4B $51.8B

2018 2019 2020 2021 Q1 2022

$512B

$666B

$1.4T $1.4T

$255B

2018 2019 2020 2021 Q1 2022

$4.4 Billion Net Income for Q1 2022 Single-Family SDQ Rate

Decrease of $781 Million compared with fourth quarter 2021 SDQ Rate SDQ Rate excluding loans in forbearance

 

$5.0B

$7.2B

$4.8B $5.2B $4.4B

Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022

2.58%

2.08%

1.62%

1.25% 1.01%

0.66% 0.64% 0.72%

0.81%

0.71%

Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022

First Quarter 2022 Results 1
Summary of Financial Results

(Dollars in millions) Q122 Q421 Variance % Change Q121 Variance % Change

Net interest income $ 7,399 $ 7,587 $ (188) (2) % $ 6,742 $ 657 10 %

Fee and other income 83 60 23 38 % 87 (4) (5) %

Net revenues 7,482 7,647 (165) (2) % 6,829 653 10 %

Investment gains (losses), net (102) 418 (520) NM 45 (147) NM

Fair value gains (losses), net 480 (166) 646 NM 784 (304) (39) %

Administrative expenses (808) (826) 18 2 % (748) (60) (8) %

Credit-related income (expense) (201) 912 (1,113) NM 770 (971) NM

TCCA fees (824) (801) (23) (3) % (731) (93) (13) %

Credit enhancement expense (278) (260) (18) (7) % (284) 6 2 %

Change in expected credit enhancement 

recoveries 60 (77) 137 NM (31) 91 NM

Other expenses, net (236) (355) 119 34 % (319) 83 26 %

Income before federal income taxes 5,573 6,492 (919) (14) % 6,315 (742) (12) %

Provision for federal income taxes (1,165) (1,303) 138 11 % (1,322) 157 12 %

Net income $ 4,408 $ 5,189 $ (781) (15) % $ 4,993 $ (585) (12) %

Total comprehensive income $ 4,401 $ 5,184 $ (783) (15) % $ 4,966 $ (565) (11) %

Net worth $ 51,758 $ 47,357 $ 4,401 9 % $ 30,225 $ 21,533 71 %

NM - Not meaningful

Financial Highlights 

• Net income decreased $781 million in the first quarter of 2022, compared with the fourth quarter of 2021, driven primarily by 

a shift from credit-related income to credit-related expense and a shift from investment gains to investment losses, partially 

offset by a shift from fair value losses to fair value gains.

• Credit-related expense was $201 million in the first quarter of 2022, compared with credit-related income of $912 million in 

the fourth quarter of 2021. Credit-related expense in the first quarter of 2022 was driven primarily by increases in actual and 

projected interest rates related to a population of previously modified loans. 

◦ Increases in interest rates reduce the expected volume of loan prepayments and extend the expected life of 

previously modified loans accounted for as troubled debt restructurings, or TDRs, as it is less likely these loans will 

refinance. 

◦ As the expected life of these loans extends, the financial impact of economic concessions the company provided on 

these loans grows, resulting in an increase in the company’s allowance, which drives credit-related expense. 

◦ This expense was partially offset by some loans previously accounted for as TDRs receiving loss mitigation 

arrangements during the quarter. As a result of the company’s adoption of new accounting guidance, these loans 

were removed from the legacy TDR population and prior economic concessions relating to them were released 

from the company’s allowance, resulting in credit-related income.

• Investment losses in the first quarter of 2022 were $102 million compared with investment gains of $418 million in the fourth 

quarter of 2021. The shift from investment gains to investment losses was driven primarily by the absence of loan sales in 

the first quarter of 2022. 

• Fair value gains were $480 million in the first quarter of 2022, compared with fair value losses of $166 million in the fourth 

quarter of 2021. Fair value gains in the first quarter of 2022 were driven primarily by increases in the fair value of 

commitments to sell mortgage-related securities as prices decreased during the commitment period, as well as gains in the 

fair value of long-term debt of consolidated trusts held at fair value, both due to rising interest rates and widening of the 

secondary spread. Fair value gains were partially offset by declines in the fair value of fixed-rate trading securities. Fair value 

hedge accounting, which the company implemented in January 2021, continues to be an effective tool in addressing income 

statement volatility driven by interest rate changes.

First Quarter 2022 Results 2
Single-Family Business Financial Results

(Dollars in millions) Q122 Q421 Variance % Change Q121 Variance % Change

Net interest income $ 6,255 $ 6,342 $ (87) (1) % $ 5,894 $ 361 6 %

Fee and other income 61 41 20 49 % 62 (1) (2) %

Net revenues 6,316 6,383 (67) (1) % 5,956 360 6 %

Investment gains (losses), net (66) 448 (514) NM 64 (130) NM

Fair value gains (losses), net 527 (156) 683 NM 740 (213) (29) %

Administrative expenses (683) (695) 12 2 % (623) (60) (10) %

Credit-related income (expenses) (236) 575 (811) NM 679 (915) NM

TCCA fees (824) (801) (23) (3) % (731) (93) (13) %

Credit enhancement expense (210) (193) (17) (9) % (226) 16 7 %

Change in expected credit enhancement 

recoveries 69 15 54 NM (16) 85 NM

Other expenses, net (198) (331) 133 40 % (287) 89 31 %

Income before federal income taxes 4,695 5,245 (550) (10) % 5,556 (861) (15) %

Provision for federal income taxes (986) (1,044) 58 6 % (1,162) 176 15 %

Net income $ 3,709 $ 4,201 $ (492) (12) % $ 4,394 $ (685) (16) %

Average charged guaranty fee on new 

conventional acquisitions, net of TCCA fees 48.9 bps 47.1 bps 1.8 bps 4 % 48.0 bps 0.9 bps 2 %

Average charged guaranty fee on conventional 

guaranty book of business, net of TCCA fees 45.6 bps 45.5 bps 0.1 bps — % 44.9 bps 0.7 bps 2 %

NM - Not meaningful

Key Business Highlights 

• Single-family conventional acquisition volume was $239.5 billion in the first quarter of 2022, a decrease of 16% compared 

with $284.8 billion in the fourth quarter of 2021. Purchase acquisition volume decreased from $107.2 billion in the fourth 

quarter of 2021 to $104.0 billion in the first quarter of 2022, of which nearly 50% was for first-time homebuyers. Refinance 

acquisition volume was $135.5 billion in the first quarter of 2022, a decline from $177.6 billion in the fourth quarter of 2021. 

Both purchase and refinance volumes decreased quarter-over-quarter due to the rising rate environment.

• Average single-family conventional guaranty book of business in the first quarter of 2022 increased from the the fourth 

quarter of 2021 by 2.1% driven primarily by growth in the average balance of loans acquired during the quarter. Credit 

characteristics of the single-family conventional guaranty book of business remained strong, with a weighted-average markto-market loan-to-value ratio of 53% and a weighted-average FICO credit score at origination of 753 as of March 31, 2022.

• Average charged guaranty fee, net of TCCA fees, on the single-family conventional guaranty book increased to 45.6 basis 

points as of March 31, 2022. Average charged guaranty fee on newly acquired single-family conventional loans, net of 

TCCA fees, increased 1.8 basis points to 48.9 basis points for the first quarter of 2022, compared with 47.1 basis points for 

the fourth quarter of 2021. 

• Single-family serious delinquency rate decreased to 1.01% as of March 31, 2022, from 1.25% as of December 31, 2021

driven by single-family loans exiting forbearance through a loan workout or by otherwise reinstating their loan. Single-family 

seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process.

First Quarter 2022 Results 3
Multifamily Business Financial Results

(Dollars in millions) Q122 Q421 Variance % Change Q121 Variance % Change

Net interest income $ 1,144 $ 1,245 $ (101) (8) % $ 848 $ 296 35 %

Fee and other income 22 19 3 16 % 25 (3) (12) %

Net revenues 1,166 1,264 (98) (8) % 873 293 34 %

Fair value gains (losses), net (47) (10) (37) NM 44 (91) NM

Administrative expenses (125) (131) 6 5 % (125) — — %

Credit-related income 35 337 (302) (90) % 91 (56) (62) %

Credit enhancement expense (68) (67) (1) (1) % (58) (10) (17) %

Change in expected credit enhancement 

recoveries (9) (92) 83 90 % (15) 6 40 %

Other expenses, net* (74) (54) (20) (37) % (51) (23) (45) %

Income before federal income taxes 878 1,247 (369) (30) % 759 119 16 %

Provision for federal income taxes (179) (259) 80 31 % (160) (19) (12) %

Net income $ 699 $ 988 $ (289) (29) % $ 599 $ 100 17 %

Average charged guaranty fee rate on 

multifamily guaranty book of business, at 

period end

79.3 bps 78.4 bps 0.9 bps 1% 75.9 bps 3.4 bps 4%

NM - Not meaningful

* Includes investment gains or losses and other income or expenses.

Key Business Highlights 

• New multifamily business volume was $16.0 billion during the first quarter of 2022. The Federal Housing Finance Agency 

(FHFA) established a 2022 multifamily volume cap of $78 billion, of which 50% must be mission-driven, focused on certain 

affordable and underserved market segments, and 25% affordable to residents earning 60% or less of area median income.

• The multifamily guaranty book of business grew by nearly 2% in the first quarter of 2022 to $419.8 billion. The average 

charged guaranty fee on the multifamily book increased from 78.4 basis points as of December 31, 2021 to 79.3 basis 

points as of March 31, 2022.

• As of March 31, 2022, more than 90% of the loans in the company’s multifamily guaranty book of business that had 

received a forbearance, measured by unpaid principal balance, were in a repayment plan or reinstated. Less than 0.1% of 

the multifamily book, or $246 million in unpaid principal balance, was still in active forbearance, with the majority resulting 

from COVID-19-related financial hardship.

• The multifamily serious delinquency rate decreased to 0.38% as of March 31, 2022, compared with 0.42% as of 

December 31, 2021, as recovery from COVID-19 continues. The multifamily serious delinquency rate, excluding loans that 

received a forbearance, decreased slightly to 0.03% as of March 31, 2022 from 0.04% as of December 31, 2021. Multifamily 

seriously delinquent loans are loans that are 60 days or more past due. 

First Quarter 2022 Results 4
Additional Matters

Fannie Mae’s Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations and Income for 

the first quarter of 2022 are available in the accompanying Annex; however, investors and interested parties should read the 

company’s First Quarter 2022 Form 10-Q, which was filed today with the Securities and Exchange Commission and is available 

on Fannie Mae’s website, www.fanniemae.com. The company provides further discussion of its financial results and condition, 

credit performance, and other matters in its First Quarter 2022 Form 10-Q. Additional information about the company’s financial 

and credit performance is contained in Fannie Mae’s “Q1 2022 Financial Supplement” at www.fanniemae.com.

# # #

Fannie Mae provides website addresses in its news releases solely for readers’ information. Other content or information 

appearing on these websites is not part of this release. 

Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of 

people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and 

renting easier, fairer, and more accessible. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.

First Quarter 2022 Results 5
ANNEX

FANNIE MAE

 Condensed Consolidated Balance Sheets 

(Dollars in millions)

As of

March 31, 

2022

December 31, 

2021

ASSETS

Cash and cash equivalents $ 36,330 $ 42,448 

Restricted cash and cash equivalents (includes $46,317 and $59,203, respectively, related to consolidated 

trusts) 52,651 66,183 

Securities purchased under agreements to resell or similar arrangements (includes $9,707 and $13,533, 

respectively, related to consolidated trusts) 17,907 20,743 

Investments in securities:

Trading, at fair value (includes $2,891 and $4,224, respectively, pledged as collateral) 84,629 88,206 

Available-for-sale, at fair value (with an amortized cost of $802 and $827, respectively) 806 837 

Total investments in securities 85,435 89,043 

Mortgage loans:

 Loans held for sale, at lower of cost or fair value 5,920 5,134 

Loans held for investment, at amortized cost:

Of Fannie Mae 60,297 61,025 

Of consolidated trusts 3,990,220 3,907,712 

 Total loans held for investment (includes $4,492 and $4,964, respectively, at fair value) 4,050,517 3,968,737 

Allowance for loan losses (5,899) (5,629) 

Total loans held for investment, net of allowance 4,044,618 3,963,108 

Total mortgage loans 4,050,538 3,968,242 

Advances to lenders 5,977 8,414 

Deferred tax assets, net 13,075 12,715 

Accrued interest receivable, net (includes $8,824 and $8,878 related to consolidated trusts and net of 

allowance of $128 and $140, respectively) 9,383 9,264 

Acquired property, net 1,456 1,259 

Other assets 12,277 10,855 

Total assets $ 4,285,029 $ 4,229,166 

LIABILITIES AND EQUITY

Liabilities:

Accrued interest payable (includes $8,598 and $8,517, respectively, related to consolidated trusts) $ 9,270 $ 9,186 

Debt:

Of Fannie Mae (includes $2,091 and $2,381, respectively, at fair value) 180,169 200,892 

Of consolidated trusts (includes $20,117 and $21,735, respectively, at fair value) 4,028,628 3,957,299 

Other liabilities (includes $2,119 and $1,245, respectively, related to consolidated trusts) 15,204 14,432 

Total liabilities 4,233,271 4,181,809 

Commitments and contingencies (Note 13) — — 

Fannie Mae stockholders’ equity:

Senior preferred stock (liquidation preference of $168,856 and $163,672, respectively) 120,836 120,836 

Preferred stock, 700,000,000 shares are authorized—555,374,922 shares issued and outstanding 19,130 19,130 

Common stock, no par value, no maximum authorization—1,308,762,703 shares issued and 

1,158,087,567 shares outstanding 687 687 

Accumulated deficit (81,526) (85,934) 

Accumulated other comprehensive income 31 38 

Treasury stock, at cost, 150,675,136 shares (7,400) (7,400) 

Total stockholders’ equity (See Note 1: Senior Preferred Stock Purchase Agreement and Senior Preferred 

Stock for information on the related dividend obligation and liquidation preference) 51,758 47,357 

Total liabilities and equity $ 4,285,029 $ 4,229,166 

See Notes to Condensed Consolidated Financial Statements in the First Quarter 2022 Form 10-Q

First Quarter 2022 Results 6
FANNIE MAE

(In conservatorship)

 Condensed Consolidated Statements of Operations and Comprehensive Income

(Dollars in millions, except per share amounts)

For the Three Months Ended 

March 31,

2022 2021

Interest income:

Trading securities $ 156 $ 140 

Available-for-sale securities 10 19 

Mortgage loans 27,142 23,353 

Securities purchased under agreements to resell or similar arrangements 6 8 

Other 26 42 

Total interest income 27,340 23,562 

Interest expense:

Short-term debt (1) (3) 

Long-term debt (19,940) (16,817) 

Total interest expense (19,941) (16,820) 

Net interest income 7,399 6,742 

Benefit (provision) for credit losses (240) 765 

Net interest income after benefit (provision) for credit losses 7,159 7,507 

Investment gains (losses), net (102) 45 

Fair value gains, net 480 784 

Fee and other income 83 87 

Non-interest income 461 916 

Administrative expenses:

Salaries and employee benefits (407) (387) 

Professional services (209) (214) 

Other administrative expenses (192) (147) 

Total administrative expenses (808) (748) 

Foreclosed property income 39 5 

Temporary Payroll Tax Cut Continuation Act of 2011 (“TCCA”) fees (824) (731) 

Credit enhancement expense (278) (284) 

Change in expected credit enhancement recoveries 60 (31) 

Other expenses, net (236) (319) 

Total expenses (2,047) (2,108) 

Income before federal income taxes 5,573 6,315 

Provision for federal income taxes (1,165) (1,322) 

Net income 4,408 4,993 

Other comprehensive loss:

Changes in unrealized losses on available-for-sale securities, net of reclassification adjustments and taxes (5) (23) 

Other, net of taxes (2) (4) 

Total other comprehensive loss (7) (27) 

Total comprehensive income $ 4,401 $ 4,966 

Net income $ 4,408 $ 4,993 

Dividends distributed or amounts attributable to senior preferred stock (4,401) (4,966) 

Net income attributable to common stockholders $ 7 $ 27 

Earnings per share:

Basic $ 0.00 $ 0.00 

Diluted 0.00 0.00 

Weighted-average common shares outstanding:

Basic 5,867 5,867 

Diluted 5,893 5,893 

See Notes to Condensed Consolidated Financial Statements in the First Quarter 2022 Form 10-Q

First Quarter 2022 Results 7