Fannie Mae's [1] book of business shrank for the sixth straight month in May as the enterprise's mortgage portfolio continued its decline.
In its monthly volume summary [2], Fannie revealed its total book of business contracted at a compound rate of 2.4 percent in May, slightly slower than April's negative growth rate of 2.7 percent. Year-to-date, the book has seen an average annualized negative growth rate of 2.3 percent.
As of the end of May, the book's value totaled $3.13 trillion.
New business acquisitions picked up slightly, totaling $30.4 billion for the month.
The company also reported an increase in mortgage portfolio purchases, which came to $13.1 billion, the highest figure so far this year. That increase was offset by sales and liquidations, which were $11.8 billion and $6.5 billion, respectively, bringing the gross portfolio's end balance down to $456.6 billion.
The single-family delinquency rate in Fannie's portfolio fell again, dropping 5 basis points to 2.08 percent. Meanwhile, the multifamily serious delinquency rate seesawed back down to 0.10 percent.
Fannie Mae reported 10,606 loan modifications in May, for a total of 57,971 loan modifications in the year's first five months.