Fannie Mae Reports Major Uptick in New Business for November

After seeing fairly little change in October, ""Fannie Mae's"":http://www.fanniemae.com/portal/index.html total Book of Business posted significant growth in November, the GSE reported in its ""monthly volume summary"":http://www.fanniemae.com/resources/file/ir/pdf/monthly-summary/113012.pdf.

Fannie Mae reported $99.2 billion in new business acquisitions during the month, the highest level of new business since June 2009, when the company saw $109.6 billion in acquisitions. New business acquisitions year-to-date totaled $846.5 billion by month-end.

The jump in new business brought the total Book of Business to a 4.0 percent compounded annualized growth rate in November, the biggest growth since March's 9.3 percent. Year-to-date, the book's average compounded growth rate was 0.7 percent as of the end of the month.

In total, the GSE's book was worth about $3.2 trillion at the end of November, about $10.4 billion more than a month prior.

Meanwhile, the company's gross mortgage portfolio continued to shrink, though at a slower pace than in October. According to the report, the portfolio reached a negative annualized growth rate of 17.5 percent, the second-highest rate of contraction all year. Year-to-date, the portfolio's average growth rate was negative 11.6 percent. The end balance was approximately $632.5 billion.

The summary also showed a decline in serious delinquency rates. The conventional single-family serious delinquency rate fell five basis points to 3.30 percent in November, while the multifamily serious delinquency rate dropped three basis points to 0.25 percent.

Fannie Mae completed 13,106 loan modifications throughout the month, bringing the year-to-date total to 151,317 as of November 30.