Fannie Mae's Total Book of Business finished the month of August with a balance of $3.167 trillion and a compound annual growth rate of (0.8) percent. The balance at the end of August was $3.169 trillion. The Book of Business consisted of $531.28 billion in the Gross Mortgage Portfolio, $2.78 trillion of Fannie Mae mortgage-backed securities (MBS) and Other Guarantees less the $142.73 billion Fannie Mae MBS held in portfolio.
The Gross Mortgage Portfolio end balance of $513.3 billion represents the unpaid principal balance (UPB) of the mortgage portfolio that Fannie Mae holds for investment and liquidity purposes. The UPB takes into account net outstanding commitments to sell of $18.0 billion. The total decreased from $547.05 billion at the end of July, representing a compound annualized rate of decrease of (29.6) percent. There were $201.85 billion in purchases for the Gross Mortgage Portfolio and $(207.04) in sales during the month. Liquidations totaled $(96.58) billion.
The end balance of the Gross Mortgage Portfolio of $531.28 billion consists of $331.96 billion in Mortgage Loans, $9.86 billion in non-Fannie Mae Agency Mortgage Securities and $46.74 billion in non-Fannie Mae, Non-Agency Mortgage Securities.
The company's Guaranteed Securities and Mortgage Loans consists of securities and mortgage loans for which Fannie Mae manages credit risk. That component of the Book of Business increased by a compound annual growth rate of 3.7 percent for the month and 2.0 for the year-to-date. There were issuances of $66.41 billion in MBS and liquidations totaled $(57.70) billion for an annualized MBS liquidation rate of (25.29) percent for the month and (30.19) percent YTD.
During the month Fannie Mae issued $51.01 billion net commitments to purchase and $(53.96) commitments to sell, resulting in net retained commitments of $(2.96) billion. YTD there have been $667.40 billion net commitments to purchase, $(607.00) billion commitments to sell and net retained commitments of $406.0 million.
The delinquency rate in Fannie Mae's Conventional Single Family portfolio was 2.61 percent at the end of August, down from 2.70 percent in July and 3.44 percent one year earlier. Non-credit enhanced loans had a delinquency rate of 2.18 percent compared to 2.24 percent the previous month and 2.80 percent in August 2012. The rate in the credit enhanced portion of the portfolio was 5.36 percent compared to 5.57 percent and 7.56 percent in the two earlier periods. The multifamily delinquency rate was unchanged at 0.18 percent.
Fannie Mae completed 13,791 loan modifications in August. This brings the year-to-date total of modifications to 109,172.