Fannie Mae Reports Drop in Loan Commitments

Fannie Mae’s mortgage purchases fell 7% in August after a slight uptick in July, but commitments to purchase new mortgages from lenders fell to the lowest level in two years.

Fannie reported Tuesday that it acquired $68.3 billion in mortgages in August, down from $73.4 billion in the prior month.

Commitments to purchase new mortgages dropped 18% from July to $51 billion in Augustmost likely due to lower refinance activity. It marks the second monthly double-digit drop in loan commitments. Commitments havent been this low since July 2011.

Meanwhile, the serious delinquency rate on Fannie’s guaranteed single-family portfolio fell nine basis points from July to 2.61 in August.

A year ago, 3.44% of Fannie’s single-family loans were 30 days or more past due or in the foreclosure process.

Article source: http://www.nationalmortgagenews.com/dailybriefing/Fannie-Mae-Reports-Drop-Loan-Commitments-1039142-1.html

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