10-Q 1 fnm-20240331.htm 10-Q fnm-20240331
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q

    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2024
OR
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from      to         
Commission file number: 0-50231
Federal National Mortgage Association
(Exact name of registrant as specified in its charter)
Fannie Mae
Federally chartered corporation
52-0883107
1100 15th Street, NW


800232-6643
Washington,DC20005
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
(Address of principal executive offices, including zip code)(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: 
Title of each classTrading Symbol(s)Name of each exchange on which registered
NoneN/AN/A
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No 
As of April 12, 2024, there were 1,158,087,567 shares of common stock of the registrant outstanding.



TABLE OF CONTENTS
Page
PART I—Financial Information
Item 1.
Item 2.
About Fannie Mae
Executive Summary
Key Market Economic Indicators
Consolidated Results of Operations
Single-Family Mortgage Market
Single-Family Mortgage-Related Securities Issuances Share
Single-Family Business Metrics
Single-Family Business Financial Results
Single-Family Mortgage Credit Risk Management
Multifamily Mortgage Market
Multifamily Business Metrics
Multifamily Business Financial Results
Multifamily Mortgage Credit Risk Management
Consolidated Credit Ratios and Select Credit Information
Market Risk Management, including Interest-Rate Risk Management
Critical Accounting Estimates
Item 3.
Fannie Mae First Quarter 2024 Form 10-Q
i


Fannie Mae First Quarter 2024 Form 10-Q
ii

MD&A | About Fannie Mae
PART I—FINANCIAL INFORMATION
Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations
You should read this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) in conjunction with our unaudited condensed consolidated financial statements and related notes in this report and the more detailed information in our annual report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”). You can find a “Glossary of Terms Used in This Report” in MD&A in our 2023 Form 10-K.
This report includes forward-looking statements based on management’s current expectations that are subject to significant uncertainties. Future events and our results may differ materially from those reflected in our forward-looking statements due to a variety of factors, including those discussed in “Forward-Looking Statements” and elsewhere in this report and in “Risk Factors” and elsewhere in our 2023 Form 10-K.
About Fannie Mae
Fannie Mae is a leading source of financing for residential mortgages in the United States. We provided $72.4 billion in liquidity to the mortgage market in the first quarter of 2024, which enabled the financing of approximately 280,000 home purchases, refinancings, and rental units.
We are a government-sponsored, stockholder-owned corporation, chartered by Congress to provide liquidity and stability to the U.S. housing market and to promote access to mortgage credit. We primarily do this by buying residential mortgage loans that are originated by lenders. We place these loans into trusts and issue guaranteed mortgage-backed securities (“MBS” or “Fannie Mae MBS”) that global investors buy from us. We do not originate mortgage loans or lend money directly to borrowers.
We support both single-family and multifamily housing. Our Single-Family business provides financing for properties that have four or fewer residential units. Our Multifamily business provides financing for residential buildings with five or more units. As of December 31, 2023 (the latest date for which information is available), Fannie Mae owned or guaranteed an estimated 1 in 4 single-family mortgage loans in the United States and an estimated 21% of multifamily mortgage debt outstanding in the United States.
We provide a guaranty on the MBS that we issue. If a borrower fails to make a payment on a mortgage loan that is included in a Fannie Mae MBS, we pay the shortfall amount to the MBS investor. In exchange for providing this guaranty, we receive a guaranty fee. Guaranty fees are the primary source of our revenues.
Because we assume the credit risk for mortgage loans in our MBS, our earnings are affected by the credit performance of these loans. Credit risk management is therefore key to our business and financial results. To help manage our mortgage credit risk exposure, and in response to capital requirements, we transfer some of our credit risk exposure to third parties through credit risk transfer transactions and mortgage insurance. For a discussion of how we manage credit risk, see “MD&A—Single-Family Business—Single-Family Mortgage Credit Risk Management” and “MD&A—Multifamily Business—Multifamily Mortgage Credit Risk Management” in this report and in our 2023 Form 10-K.
We are in conservatorship, with the Federal Housing Finance Agency (“FHFA”) as our conservator. During conservatorship, our Board has no fiduciary duties to the company or its stockholders, as they owe their fiduciary duties of care and loyalty solely to FHFA as conservator. Conservatorship and our agreements with the U.S. Department of the Treasury (“Treasury”) significantly restrict our business activities and stockholder rights. For more information about the impact of conservatorship and these agreements on our business, stockholders, and our uncertain future, see “Business—Conservatorship and Treasury Agreements” and “Risk Factors—GSE and Conservatorship Risk” in our 2023 Form 10-K.
Fannie Mae First Quarter 2024 Form 10-Q
1

MD&A | Executive Summary
Executive Summary
Please read this summary together with our MD&A, our condensed consolidated financial statements as of March 31, 2024 and the accompanying notes.
Overview of Financial Results
76047313955957
Summary of Financial Results
Net revenues increased $246 million in the first quarter of 2024 compared with the first quarter of 2023.
Net income increased $548 million for the first quarter of 2024 compared with the first quarter of 2023, primarily driven by a shift to benefit for credit losses on single-family mortgage loans and an increase in fair value gains.
Net worth increased to $82.0 billion as of March 31, 2024 from $77.7 billion as of December 31, 2023.
For more information on the drivers of our financial results, see “Consolidated Results of Operations.”
Legislation and Regulation
The information in this section updates and supplements information regarding legislative, regulatory, conservatorship and other matters affecting our business set forth in “Business—Conservatorship and Treasury Agreements” and “Business—Legislation and Regulation” in our 2023 Form 10-K. Also see “Risk Factors” in our 2023 Form 10-K for discussions of risks relating to legislative and regulatory matters.
FHFA Fair Lending Rule
On April 29, 2024, FHFA published a final rule relating to fair lending, fair housing, and equitable housing finance plans. We are assessing the potential impact of the new rule on our business.
Fannie Mae First Quarter 2024 Form 10-Q
2

MD&A | Key Market Economic Indicators
Key Market Economic Indicators
In “MD&A—Key Market Economic Indicators” in our 2023 Form 10-K, we discuss how varying macroeconomic conditions can influence our financial results across different business and economic environments, and provide forecasts and expectations with respect to some of these macroeconomic conditions. Below we provide an update to these forecasts and expectations, as well as updates to certain macroeconomic information. Our forecasts and expectations are based on many assumptions, subject to many uncertainties and may change, perhaps substantially, from our current forecasts and expectations. See “Risk Factors” in our 2023 Form 10-K and “Forward-Looking Statements” in this report for a discussion of factors that could cause actual results to differ materially from our current forecasts and expectations.
Interest Rates
Selected Benchmark Interest Rates
735
(1)Refers to the U.S. weekly average fixed-rate mortgage rate according to Freddie Mac's Primary Mortgage Market Survey®. These rates are reported using the latest available data for a given period.
(2)According to Bloomberg.
(3)Refers to the daily rate per the Federal Reserve Bank of New York.
The average 30-year fixed-rate mortgage rate at the end of the first quarter of 2024 increased compared to the end of the fourth quarter of 2023.
Home Prices

Single-Family Quarterly Home Price Growth Rate(1)

4175
(1)Calculated internally using property data on loans purchased by Fannie Mae, Freddie Mac and other third-party home sales data. Fannie Mae’s home price index is a weighted repeat-transactions index, measuring average price changes in repeat sales on the same properties. Fannie Mae’s home price index excludes prices on properties sold in foreclosure. Fannie Mae’s home price growth rates represent estimates based on non-seasonally adjusted preliminary data and are subject to change as additional data becomes available.
Home prices on a national basis grew by an estimated 1.7% in the first quarter of 2024. We forecast national home price growth of 4.8% for the full year of 2024. We expect regional variation in the timing and rate of home price changes.
Fannie Mae First Quarter 2024 Form 10-Q
3

MD&A | Key Market Economic Indicators
Housing Activity
New Housing Starts(1)
6122
(1)According to the U.S. Census Bureau and subject to revision.
Single-family housing starts increased slightly in the first quarter of 2024. We expect single-family housing starts to increase in 2024 compared to 2023 due to elevated demand for new single-family housing.
For further discussion on housing activity, see “Single-Family Business—Single-Family Mortgage Market” and “Multifamily Business—Multifamily Mortgage Market.”
Economic Activity
GDP, Unemployment Rate and Personal Consumption
7973
(1)Real GDP growth (decline) and personal consumption growth (decline) are based on the quarterly series calculated by the Bureau of Economic Analysis and are subject to revision.
(2)According to the U.S. Bureau of Labor Statistics and subject to revision.
U.S. gross domestic product (“GDP”) increased in the first quarter of 2024. We expect that GDP will continue to grow in 2024, but at a slower pace than in 2023. The unemployment rate increased slightly in the first quarter of 2024, and we expect it to continue to increase modestly in the remainder of 2024. We expect our economic outlook will be influenced by a number of factors that are subject to change, such as the persistence of inflationary pressures, changes in monetary policy and the risk of financial market disruptions.
See “Risk Factors—Market and Industry Risk” and “Risk Factors—Credit Risk” in our 2023 Form 10-K for further discussion of risks to our business and financial results associated with interest rates, home prices, housing activity, and economic conditions.
Fannie Mae First Quarter 2024 Form 10-Q
4

MD&A | Consolidated Results of Operations
Consolidated Results of Operations
This section discusses our condensed consolidated results of operations and should be read together with our condensed consolidated financial statements and the accompanying notes.
Summary of Condensed Consolidated Results of Operations
For the Three Months Ended March 31,
20242023Variance
(Dollars in millions)
Net interest income $7,023 $6,786 $237 
Fee and other income(1)
72 63 
Net revenues7,095 6,849 246 
Investment gains (losses), net22 (67)89 
Fair value gains, net480 204 276 
Administrative expenses(929)(868)(61)
Benefit (provision) for credit losses180 (132)312 
TCCA fees(2)
(860)(855)(5)
Credit enhancement expense(3)
(419)(341)(78)
Change in expected credit enhancement recoveries(4)
63 120 (57)
Other expenses, net(5)
(199)(130)(69)
Income before federal income taxes5,433 4,780 653 
Provision for federal income taxes(1,113)(1,008)(105)
Net income$4,320 $3,772 $548 
Total comprehensive income$4,324 $3,772 $552 
(1)Single-family fee and other income consists primarily of compensation for engaging in structured transactions and providing other lender services. Multifamily fee and other income consists of fees associated with certain Multifamily business activities such as credit enhancements for tax-exempt multifamily housing revenue bonds.
(2)TCCA fees refers to the expense recognized as a result of the 10 basis point increase in guaranty fees on all single-family mortgages delivered to us on or after April 1, 2012 pursuant to the Temporary Payroll Tax Cut Continuation Act of 2011 and as extended by the Infrastructure Investment and Jobs Act, which we pay to Treasury.
(3)Consists of costs associated with our freestanding credit enhancements, which primarily include our Connecticut Avenue Securities® (“CAS”) and Credit Insurance Risk TransferTM (“CIRTTM”) programs, enterprise-paid mortgage insurance and certain lender risk-sharing programs.
(4)Includes estimated changes in benefits, as well as any realized amounts, from our freestanding credit enhancements.
(5)Consists of debt extinguishment gains and losses, expenses associated with legal claims, foreclosed property income (expense), gains and losses from partnership investments, housing trust fund expenses, loan subservicing costs, and servicer fees paid in connection with certain loss mitigation activities.
Net Interest Income
Overview
Our primary source of net interest income is guaranty fees we receive for assuming the credit risk on mortgage loans underlying Fannie Mae MBS held by third parties in our guaranty book of business. We also recognize net interest income on the difference between interest income earned on the assets in our retained mortgage portfolio and our corporate liquidity portfolio (collectively, our “portfolios”) and the interest expense associated with our funding debt. In addition, income or expense from hedge accounting is a component of our net interest income. See “MD&A—Consolidated Results of Operations—Net Interest Income” in our 2023 Form 10-K for a description of the components of our single-family and multifamily guaranty fees and the components of our net interest income from our guaranty book of business, portfolios, and hedge accounting.
Fannie Mae First Quarter 2024 Form 10-Q
5

MD&A | Consolidated Results of Operations
Components of Net Interest Income
The table below displays the components of our net interest income from our guaranty book of business, from our portfolios, as well as from hedge accounting.
Components of Net Interest Income
For the Three Months Ended March 31,
20242023Variance
(Dollars in millions)
Net interest income from guaranty book of business:
Base guaranty fee income(1)
$4,090 $3,992 $98 
Base guaranty fee income related to TCCA(2)
860 855 
Net deferred guaranty fee income(3)
777 781 (4)
Total net interest income from guaranty book of business
5,727 5,628 99 
Net interest income from portfolios(4)
1,547 1,390 157 
Expense from hedge accounting(5)
(251)(232)(19)
Total net interest income
$7,023 $6,786 $237 
(1)Excludes revenues generated by the 10 basis point guaranty fee increase we implemented pursuant to the TCCA, the incremental revenue from which is paid to Treasury and not retained by us.
(2)Represents revenues generated by the 10 basis point guaranty fee increase we implemented pursuant to the TCCA, the incremental revenue from which is paid to Treasury and not retained by us.
(3)Excludes the amortization of cost basis adjustments resulting from hedge accounting, which is included in income (expense) from hedge accounting.
(4)Includes interest income from assets held in our retained mortgage portfolio and our corporate liquidity portfolio, as well as other assets used to support lender liquidity. Also includes interest expense on our funding debt, including outstanding Connecticut Avenue Securities debt.
(5)For more information about our hedge accounting program, see “Note 9, Derivative Instruments.”
Net interest income increased in the first quarter of 2024 compared with the first quarter of 2023, primarily as a result of higher net interest income from portfolios and higher base guaranty fee income.
Higher net interest income from portfolios. Higher net interest income from portfolios in the first quarter of 2024 compared with the first quarter of 2023 was primarily driven by slightly higher interest rates in the first quarter of 2024 than in the first quarter of 2023 on securities in our corporate liquidity portfolio, primarily securities purchased under agreements to resell. This was partially offset by higher interest expense on funding debt, also as a result of higher interest rates. See “Liquidity and Capital Management—Liquidity Management—Corporate Liquidity Portfolio” for more information about our corporate liquidity portfolio.
Higher base guaranty fee income. Higher average charged guaranty fees on our single-family guaranty book of business was the primary driver of the increase in base guaranty fee income in the first quarter of 2024 compared with the first quarter of 2023.
Analysis of Unamortized Deferred Guaranty Fees
The following charts present information about the interest rates of the loans in our single-family conventional guaranty book of business as well as information about our deferred guaranty fees.
As shown in the chart below (on the left), nearly all of our single-family conventional guaranty book of business as of March 31, 2024 had an interest rate lower than the average 30-year fixed-rate mortgage rate. Per Freddie Mac’s Primary Mortgage Market Survey®, as of March 28, 2024, the U.S. weekly average interest rate for a single-family 30-year fixed-rate mortgage was 6.79%. Accordingly, even if interest rates decline meaningfully, most of the borrowers whose mortgage loans are in our single-family conventional guaranty book of business still would not be incentivized to refinance.
The other chart below (on the right) presents guaranty fees that will be amortized into deferred guaranty fee income in future periods, which we refer to as “unamortized deferred guaranty fees,” as described in “MD&A—Consolidated Results of Operations—Net Interest Income—Analysis of Unamortized Deferred Guaranty Fees” in our 2023 Form 10-K.
Fannie Mae First Quarter 2024 Form 10-Q
6

MD&A | Consolidated Results of Operations
Interest Rates of Single-Family Conventional Guaranty Book of Business Compared with Average 30-Year Fixed-Rate Mortgage Rate
Unamortized Deferred Guaranty Fees(1)
As of March 31, 2024(Dollars in billions)
16492674668461649267466848
Represents the average 30-year fixed-rate mortgage rate as of March 28, 2024, according to Freddie Mac’s Primary Mortgage Market Survey®, the last published rate for the quarter ending March 31, 2024.
(1)Represents the net unamortized cost basis adjustments (consisting of premiums and discounts on single-family and multifamily mortgage loans and debt of consolidated trusts) that will be recognized through deferred guaranty fee income over the remaining contractual life of the mortgage loans or debt. Although we are in a net premium position for both mortgage loans and debt of consolidated trusts, we have a greater amount of premiums with respect to debt of consolidated trusts. Primarily as a result of the upfront fees we charge, the net amortization of these cost basis adjustments will result in income.
Represents the percentage of single-family conventional guaranty book of business by select interest rate band based on the current interest rate of the mortgage loans.

Fannie Mae First Quarter 2024 Form 10-Q
7

MD&A | Consolidated Results of Operations
Analysis of Net Interest Income
The table below displays an analysis of our net interest income, average balances and related yields earned on assets and incurred on liabilities. For most components of the average balances, we use a daily weighted average of unpaid principal balance net of unamortized cost basis adjustments. When daily average balance information is not available, such as for mortgage loans, we use monthly averages.
Analysis of Net Interest Income and Yield(1)
For the Three Months Ended March 31,
20242023
Average Balance
Interest Income/ (Expense)
Average Rates Earned/Paid
Average Balance
Interest Income/ (Expense)
Average Rates Earned/Paid
(Dollars in millions)
Interest-earning assets:
Cash and cash equivalents(2)
$46,013 $621 5.40 %$61,591 $697 4.53 %
Securities purchased under agreements to resell
45,582 622 5.46 36,748 418 4.55 
Investments in securities(3)
53,887 300 2.23 54,240 284 2.09 
Mortgage loans:
Mortgage loans of Fannie Mae
50,797 567 4.46 52,671 607 4.61 
Mortgage loans of consolidated trusts
4,094,013 34,649 3.39 4,072,953 31,530 3.10 
Total mortgage loans(4)
4,144,810 35,216 3.40 4,125,624 32,137 3.12 
Advances to lenders
2,354 39 6.63 2,367 34 5.75 
Total interest-earning assets
$4,292,646 $36,798 3.43 %$4,280,570 $33,570 3.14 %
Interest-bearing liabilities:
Short-term funding debt
$14,717 $(195)5.30 %$10,601 $(119)4.49 %
Long-term funding debt
101,996 (919)3.60 118,454 (808)2.73 
CAS debt
2,641 (74)11.21 5,139 (123)9.57 
Total debt of Fannie Mae
119,354 (1,188)3.98 134,194 (1,050)3.13 
Debt securities of consolidated trusts held by third parties
4,088,684 (28,587)2.80 4,077,130 (25,734)2.52 
Total interest-bearing liabilities
$4,208,038 $(29,775)2.83 %$4,211,324 $(26,784)2.54 %
Net interest income/net interest yield
$7,023 0.65 %$6,786 0.63 %
(1)    Includes the effects of discounts, premiums and other cost basis adjustments, including basis adjustments related to hedge accounting.
(2)    Prior to March 31, 2024, “Cash and cash equivalents” were previously reported within “Investments in securities.” The prior period has been updated to conform to the current period presentation. Cash equivalents are composed of overnight reverse repurchase agreements and U.S. Treasuries, if any, that have a maturity at the date of acquisition of three months or less.
(3)    Consists of: U.S. Treasuries not classified as cash equivalents; and mortgage-related securities.
(4)    Average balance includes mortgage loans on nonaccrual status. Interest income includes loan fees of $669 million and $664 million, respectively, for the first quarter of 2024 and first quarter of 2023. Loan fees primarily consist of yield maintenance revenue we recognized on the prepayment of multifamily mortgage loans and the amortization of upfront cash fees exchanged when we acquire the mortgage loan.
Fannie Mae First Quarter 2024 Form 10-Q
8

MD&A | Consolidated Results of Operations
Fair Value Gains, Net
The estimated fair value of our derivatives, trading securities and other financial instruments carried at fair value may fluctuate substantially from period to period because of changes in interest rates, the yield curve, mortgage and credit spreads and implied volatility, as well as activity related to these financial instruments.
The table below displays the components of our fair value gains and losses.
Fair Value Gains, Net
For the Three Months Ended March 31,
20242023
(Dollars in millions)
Risk management derivatives fair value gains (losses) attributable to:
Net contractual interest expense on interest-rate swaps(1)
$(300)$(381)
Net change in fair value during the period633 187 
Impact of hedge accounting(2)
147 (15)
Risk management derivatives fair value gains (losses), net480 (209)
Mortgage commitment derivatives fair value gains (losses), net207 (114)
Credit enhancement derivatives fair value losses, net(15)(15)
Total derivatives fair value gains (losses), net672 (338)
Trading securities gains (losses), net(261)746 
Long-term debt fair value gains (losses), net111 (269)
Other, net(3)
(42)65 
Fair value gains, net$480 $204 
(1)Net contractual interest income (expense) on interest-rate swaps is primarily impacted by changes in interest rates and changes in the composition of our interest-rate swaps portfolio.
(2)The “Impact of hedge accounting” reflected in this table shows the net gain or loss from swaps in hedging relationships plus any accrued interest during the applicable periods that are recognized in “Net interest income.”
(3)Consists primarily of fair value gains and losses on mortgage loans held at fair value.
Fair value gains, net in the first quarter of 2024 were primarily driven by gains on risk management derivatives, mortgage commitment derivatives, and long-term debt of consolidated trusts held at fair value, primarily due to increasing interest rates. These gains were partially offset by the impact of declining prices of fixed-rate trading securities, also primarily driven by increasing interest rates.
Fair value gains, net in the first quarter of 2023 were primarily driven by gains on fixed-rate trading securities, primarily U.S. Treasuries, held in our corporate liquidity portfolio. Declines in interest rates during the quarter, particularly medium- and longer-term rates, drove higher prices on these securities. These gains were partially offset by losses on:
long-term debt of consolidated trusts held at fair value as prices rose due to declining medium- and longer-term interest rates during the quarter; and
risk management derivatives as interest expense accruals on our swap contracts increased due to rising short-term interest rates during the quarter.
Fannie Mae First Quarter 2024 Form 10-Q
9

MD&A | Consolidated Results of Operations
Benefit (Provision) for Credit Losses
The table below provides a quantitative analysis of the drivers of our single-family and multifamily benefit or provision for credit losses and the change in expected credit enhancement recoveries. Many of the drivers that contribute to our benefit or provision for credit losses overlap or are interdependent. The components shown below are based on internal allocation estimates. The benefit or provision for credit losses includes our benefit or provision for loan losses, accrued interest receivable losses, our guaranty loss reserves, and credit losses on our available-for-sale (“AFS”) debt securities. For purposes of this attribution table, credit losses on AFS securities are excluded.
Components of Benefit (Provision) for Credit Losses and Change in Expected Credit Enhancement Recoveries
For the Three Months Ended March 31,
20242023
(Dollars in millions)
Single-family benefit for credit losses:
Changes in loan activity(1)
$(236)$(350)
Redesignation of loans from held for investment (“HFI”) to held for sale (“HFS”)
(21)— 
Actual and forecasted home prices
720 380 
Actual and projected interest rates
(177)122 
Other(2)
49 (105)
Single-family benefit for credit losses
335 47 
Multifamily provision for credit losses:
Changes in loan activity(1)
(66)(10)
Actual and projected interest rates
(64)73 
Actual and projected economic data(3)
83 (182)
Other(4)
(108)(60)
Multifamily provision for credit losses
(155)(179)
Total benefit (provision) for credit losses
$180 $(132)
Change in expected credit enhancement recoveries:(5)
Single-family
$(42)$95 
Multifamily
105 25 
Change in expected credit enhancement recoveries
$63 $120 
(1)Primarily consists of loan acquisitions, liquidations, changes in loan delinquencies and write-offs of amounts determined to be uncollectible. For multifamily, “Changes in loan activity” also includes changes in the allowance due to loan delinquencies and the impact of changes in debt service coverage ratios (“DSCRs”) based on updated property financial information, which is used to assess loan credit quality.
(2)Includes provision for allowance on accrued interest receivable and impacts of model enhancements. Also includes any benefit or provision for our guaranty loss reserves that are not separately included in the other components. Beginning with the period ended March 31, 2024, also includes the release of economic concessions related to loans previously designated as troubled debt restructurings (“TDRs”) that received loss mitigation arrangements during the period. The prior period has been updated to conform to the current period presentation.
(3)Primarily consists of changes attributed to projected property net operating income, actual and projected property values, and labor market forecasts.
(4)For the three months ended March 31, 2024, includes an adjustment of $150 million in provision to supplement model results relating to property value uncertainty.
(5)Beginning with the period ended December 31, 2023, “Change in expected credit enhancement recoveries” as presented in this table includes activity associated with both active and inactive loans. Previously, this presentation only included active loans. The prior period has been updated to conform to the current period presentation.
Fannie Mae First Quarter 2024 Form 10-Q
10

MD&A | Consolidated Results of Operations
Single-Family Benefit for Credit Losses
Our single-family benefit for credit losses in the first quarter of 2024 was primarily driven by a benefit from forecasted home price growth, partially offset by a provision from changes in loan activity and a provision from actual and projected interest rates, as described below:
Benefit from actual and forecasted home price growth. During the first quarter of 2024, we observed stronger-than-expected forecasted home price appreciation. Higher home prices decrease the likelihood that loans will default and reduce the amount of losses on loans that do default, which impacts our estimate of losses and ultimately reduces our loss reserves and provision for credit losses. See “Key Market Economic Indicators” in our 2023 Form 10-K for additional information about how home prices affect our credit loss estimates. See “Key Market Economic Indicators” in this report for a discussion of home price growth and our home price forecast. Also see “Critical Accounting Estimates” in this report for more information about our home price forecast.
Provision from changes in loan activity, which includes provision on newly acquired loans. This was primarily driven by the credit risk profile of our first quarter 2024 single-family acquisitions, which primarily consisted of purchase loans. Purchase loans generally have higher origination loan-to-value (“LTV”) ratios than refinance loans; therefore, purchase loans have a higher estimated risk of default and loss severity in the allowance than refinance loans and a correspondingly higher credit loss provision at the time of acquisition.
Provision from actual and projected interest rates. Actual and projected interest rates increased in the first quarter of 2024 compared with our prior forecast. As mortgage rates increase, we expect a decrease in future prepayments on single-family loans. Lower expected prepayments extend the expected life of the loan, which increases our expectation of credit losses. See “Key Market Economic Indicators” in our 2023 Form 10-K for additional information about how interest rates affect our credit loss estimates. Also see “Critical Accounting Estimates” in this report for more information about our interest rate forecast.
We recognized a modest single-family benefit for credit losses in the first quarter of 2023, primarily driven by a benefit from actual and forecasted home price growth, substantially offset by a provision from changes in loan activity, as described in more detail below:
Benefit from actual and forecasted home price growth. During the first quarter of 2023, we observed modest actual home price appreciation. In addition, our updated 2023 home price forecast changed from our prior estimate, resulting in a lower estimate of home price declines for the year.
Provision from changes in loan activity, which includes provision on newly acquired loans. This was primarily driven by the credit risk profile of our first quarter 2023 single-family acquisitions, as described in our quarterly report on Form 10-Q for the quarter ended March 31, 2023.
Multifamily Provision for Credit Losses
Our multifamily provision for credit losses in the first quarter of 2024 was primarily driven by continued declines in actual and projected multifamily property values, which includes an adjustment of $150 million to supplement model results relating to property value uncertainty, as well as increases in actual and projected interest rates compared to our prior forecast. Actual multifamily property valuations decreased in the first quarter of 2024 driven by recent elevated interest rates and higher investor yield requirements. Our forecast of multifamily property value estimates further declines in the near term offset by a long-term improvement. In addition, reduced multifamily market transactions in the first quarter of 2024 have increased uncertainty around multifamily property valuations. These and other offsetting factors are included in “actual and projected interest rates,” “actual and projected economic data” and “other” in the table above. See “Multifamily Business—Multifamily Mortgage Market” for additional information about multifamily property valuations.
The primary factors that contributed to our multifamily provision for credit losses for the first quarter of 2023 were:
Provision for actual and projected economic data, which was primarily driven by decreases in actual and projected multifamily property values. This resulted in higher estimated LTV ratios, which increased our estimate of expected credit losses.
Provision from other, which primarily consisted of a provision relating to seniors housing loans in our multifamily guaranty book of business. In the first quarter of 2023, uncertainty related to our seniors housing loans remained elevated, including uncertainty related to adjustable-rate loans.
The impact of these factors was partially offset by the following, which reduced our multifamily provision for credit losses for the first quarter of 2023:
Benefit from actual and projected interest rates. Actual and projected interest rates decreased in the first quarter of 2023, which reduced the probability of default resulting in a benefit for credit losses.
Fannie Mae First Quarter 2024 Form 10-Q
11

MD&A | Consolidated Balance Sheet Analysis
Consolidated Balance Sheet Analysis
This section discusses our condensed consolidated balance sheets and should be read together with our condensed consolidated financial statements and the accompanying notes.
Summary of Condensed Consolidated Balance Sheets
As of
March 31, 2024December 31, 2023Variance
(Dollars in millions)
Assets
Cash and cash equivalents
$12,524 $35,817 $(23,293)
Restricted cash and cash equivalents20,730 32,889 (12,159)
Securities purchased under agreements to resell(1)
73,725 30,700 43,025 
Investments in securities, at fair value49,896 53,116 (3,220)
Mortgage loans:
Of Fannie Mae48,473 50,325 (1,852)
Of consolidated trusts4,089,024 4,094,036 (5,012)
Allowance for loan losses(8,379)(8,730)351 
Mortgage loans, net of allowance for loan losses4,129,118 4,135,631 (6,513)
Deferred tax assets, net11,525 11,681 (156)
Other assets26,301 25,603 698 
Total assets$4,323,819 $4,325,437 $(1,618)
Liabilities and equity
Debt:
Of Fannie Mae$118,401 $124,065 $(5,664)
Of consolidated trusts4,098,173 4,098,653 (480)
Other liabilities25,239 25,037 202 
Total liabilities4,241,813 4,247,755 (5,942)
Fannie Mae stockholders’ equity:
Senior preferred stock120,836 120,836 — 
Other net deficit(38,830)(43,154)4,324 
Total equity82,006 77,682 4,324 
Total liabilities and equity$4,323,819 $4,325,437 $(1,618)
(1)    Securities purchased under agreements to resell includes $13,650 million and $0 million as of March 31, 2024 and December 31, 2023, respectively, related to consolidated trusts.
Cash and Cash Equivalents and Restricted Cash and Cash Equivalents
Cash and cash equivalents and restricted cash and cash equivalents decreased from December 31, 2023 to March 31, 2024, primarily driven by funds being invested in securities purchased under agreements to resell rather than funds being invested in cash and cash equivalents and restricted cash and cash equivalents as of March 31, 2024. See “Liquidity and Capital Management—Liquidity Management—Cash Flows” for additional information on our cash activity in the first quarter of 2024.
Securities Purchased Under Agreements to Resell
Securities purchased under agreements to resell increased from December 31, 2023 to March 31, 2024, primarily driven by funds being invested in securities purchased under agreements to resell rather than funds being invested in cash and cash equivalents and restricted cash and cash equivalents as of March 31, 2024.
Mortgage Loans, Net of Allowance
The mortgage loans reported in our condensed consolidated balance sheets are classified as either HFS or HFI and include loans owned by Fannie Mae and loans held in consolidated trusts.
Mortgage loans, net of allowance for loan losses decreased from December 31, 2023 to March 31, 2024, driven primarily by loan paydowns, liquidations and sales outpacing acquisitions during the first quarter of 2024.
Fannie Mae First Quarter 2024 Form 10-Q
12

MD&A | Consolidated Balance Sheet Analysis
For additional information on our mortgage loans, see “Note 4, Mortgage Loans,” and for additional information on changes in our allowance for loan losses, see “Note 5, Allowance for Loan Losses.”
Debt
The decrease in debt of Fannie Mae from December 31, 2023 to March 31, 2024 was due to redemptions outpacing new issuances. The decrease in debt of consolidated trusts from December 31, 2023 to March 31, 2024 was primarily driven by liquidations of Fannie Mae MBS outpacing issuances. See “Liquidity and Capital Management—Liquidity Management—Debt Funding” for a summary of activity in debt of Fannie Mae and information on our outstanding short-term and long-term debt. Also see “Note 8, Short-Term and Long-Term Debt” for additional information on our total outstanding debt.
Stockholders’ Equity
Our stockholders’ equity (also referred to as our net worth) increased to $82.0 billion as of March 31, 2024, compared with $77.7 billion as of December 31, 2023, due to the $4.3 billion in comprehensive income recognized during the first quarter of 2024.
Retained Mortgage Portfolio
We use our retained mortgage portfolio primarily to provide liquidity to the mortgage market through portfolio securitization transactions and to support our loss mitigation activities.
Our retained mortgage portfolio consists of mortgage loans and mortgage-related securities that we own, including Fannie Mae MBS and non-Fannie Mae mortgage-related securities. Assets held by consolidated MBS trusts that back mortgage-related securities owned by third parties are not included in our retained mortgage portfolio.
We separate the instruments within our retained mortgage portfolio into three categories based on each instrument’s use:
Lender liquidity, which includes balances related to our portfolio securitization activity, supports our efforts to provide liquidity to the single-family and multifamily mortgage markets.
Loss mitigation supports our loss mitigation efforts through the purchase of delinquent loans from our MBS trusts.
Other represents assets that were previously purchased for investment purposes.
Fannie Mae First Quarter 2024 Form 10-Q
13

MD&A | Retained Mortgage Portfolio
The table below displays the components of our retained mortgage portfolio. Based on the nature of the asset, these balances are included in either “Investments in securities, at fair value” or “Mortgage loans, net of allowance for loan losses” in our “Summary of Condensed Consolidated Balance Sheets” table above.
Retained Mortgage Portfolio
As of
March 31, 2024December 31, 2023
(Dollars in millions)
Lender liquidity:
Agency securities(1)
$22,484 $27,823 
Mortgage loans6,087 7,101 
Total lender liquidity28,571 34,924 
Loss mitigation mortgage loans(2)
39,193 38,634 
Other:
Reverse mortgage loans and securities(3)
5,056 5,953 
Other mortgage loans and securities(4)
2,774 3,683 
Total other7,830 9,636 
Total retained mortgage portfolio$75,594 $83,194 
Retained mortgage portfolio by segment:
Single-family mortgage loans and mortgage-related securities$69,973 $77,357 
Multifamily mortgage loans and mortgage-related securities$5,621 $5,837 
(1)Consists of Fannie Mae, Freddie Mac and Ginnie Mae mortgage-related securities, including Freddie Mac securities guaranteed by Fannie Mae. Excludes Fannie Mae and Ginnie Mae reverse mortgage securities and Fannie Mae-wrapped private-label securities.
(2)Includes single-family loans on nonaccrual status of $8.6 billion and $8.1 billion as of March 31, 2024 and December 31, 2023, respectively. Also includes multifamily loans on nonaccrual status of $2.2 billion and $2.0 billion as of March 31, 2024 and December 31, 2023, respectively.
(3)Includes Fannie Mae and Ginnie Mae reverse mortgage securities. We stopped acquiring newly originated reverse mortgage loans in 2010.
(4)    Other mortgage loans primarily include multifamily loans on accrual status and single-family loans that are not included in the loss mitigation or lender liquidity categories. Other mortgage securities primarily include private-label securities and mortgage revenue bonds.
The amount of mortgage assets that we may own is capped at $225 billion under the terms of our senior preferred stock purchase agreement with Treasury. In addition, we are currently required to cap our mortgage assets at $202.5 billion per instructions from FHFA.
We include 10% of the notional value of the interest-only securities we hold in calculating the size of the retained mortgage portfolio for the purpose of determining compliance with the senior preferred stock purchase agreement mortgage assets cap and associated FHFA instructions. As of March 31, 2024, 10% of the notional value of our interest-only securities was $1.6 billion, which is not included in the table above.
Under the terms of our MBS trust documents, we have the option or, in some instances, the obligation, to purchase mortgage loans that meet specific criteria from an MBS trust. The purchase price for these loans is the unpaid principal balance of the loan plus accrued interest. If a delinquent loan remains in a single-family MBS trust, the servicer is responsible for advancing the borrower’s missed scheduled principal and interest payments to the MBS holders for up to four months, after which time we must make these missed payments. In addition, we must reimburse servicers for advanced principal and interest payments.
In support of our loss mitigation strategies, we purchased $2.9 billion of loans from our single-family MBS trusts in the first quarter of 2024, the substantial majority of which were delinquent, compared with $2.1 billion of loans purchased from single-family MBS trusts in the first quarter of 2023.
Guaranty Book of Business
Our “guaranty book of business” consists of:
Fannie Mae MBS outstanding, excluding the portions of any structured securities we issue that are backed by Freddie Mac securities;
mortgage loans of Fannie Mae held in our retained mortgage portfolio; and
Fannie Mae First Quarter 2024 Form 10-Q
14

MD&A | Guaranty Book of Business
other credit enhancements that we provide on mortgage assets.
“Total Fannie Mae guarantees” consists of:
our guaranty book of business; and
the portions of any structured securities we issue that are backed by Freddie Mac securities.
We and Freddie Mac issue single-family uniform mortgage-backed securities, or “UMBS.” We use the term “Fannie Mae MBS” or “our MBS” to refer to any type of mortgage-backed security that we issue, including UMBS®, Supers®, Real Estate Mortgage Investment Conduit securities (“REMICs”) and other types of single-family or multifamily mortgage-backed securities.
Some Fannie Mae MBS that we issue are backed in whole or in part by Freddie Mac securities. When we resecuritize Freddie Mac securities into Fannie Mae-issued structured securities, such as Supers and REMICs, our guaranty of principal and interest extends to the underlying Freddie Mac securities. However, Freddie Mac continues to guarantee the payment of principal and interest on the underlying Freddie Mac securities that we have resecuritized. References to our single-family guaranty book of business exclude Freddie Mac-acquired mortgage loans underlying Freddie Mac securities that we have resecuritized.
Our issuance of structured securities backed in whole or in part by Freddie Mac securities creates additional off-balance sheet exposure. Our guaranty extends to the underlying Freddie Mac security included in the structured security, but we do not have control over the Freddie Mac mortgage loan securitizations. Because we do not have the power to direct matters (primarily the servicing of mortgage loans) that impact the credit risk to which we are exposed, which constitute control of these securitization trusts, we do not consolidate these trusts in our condensed consolidated balance sheet, giving rise to off-balance sheet exposure. See “Liquidity and Capital Management—Liquidity Management—Off-Balance Sheet Arrangements” and “Note 7, Financial Guarantees” for information regarding our maximum exposure to loss on unconsolidated Fannie Mae MBS and Freddie Mac securities.
The table below displays the composition of our guaranty book of business based on unpaid principal balance.
Composition of Fannie Mae Guaranty Book of Business
As of
March 31, 2024December 31, 2023
Single-Family
Multifamily
Total
Single-Family
Multifamily
Total
(Dollars in millions)
Conventional guaranty book of business(1)
$3,638,737 $477,795 $4,116,532 $3,647,344 $471,812 $4,119,156 
Government guaranty book of business(2)
7,124 515 7,639 7,901 520 8,421 
Guaranty book of business3,645,861 478,310 4,124,171 3,655,245 472,332 4,127,577 
Freddie Mac securities guaranteed by Fannie Mae(3)
212,233  212,233 215,605 — 215,605 
Total Fannie Mae guarantees$3,858,094 $478,310 $4,336,404 $3,870,850 $472,332 $4,343,182 
(1)Refers to mortgage loans and mortgage-related securities that are not guaranteed or insured, in whole or in part, by the U.S. government.
(2)Refers to mortgage loans and mortgage-related securities guaranteed or insured, in whole or in part, by the U.S. government.
(3)Consists of off-balance sheet arrangements of approximately (i) $176.8 billion and $179.6 billion in unpaid principal balance of Freddie Mac-issued UMBS backing Fannie Mae-issued Supers as of March 31, 2024 and December 31, 2023, respectively; and (ii) $35.4 billion and $36.0 billion in unpaid principal balance of Freddie Mac securities backing Fannie Mae-issued REMICs as of March 31, 2024 and December 31, 2023, respectively. See “Liquidity and Capital Management—Liquidity Management—Off-Balance Sheet Arrangements” for more information regarding our maximum exposure to loss on consolidated Fannie Mae MBS and Freddie Mac securities.
The Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended (the “GSE Act”), requires us to set aside each year an amount equal to 4.2 basis points of the unpaid principal balance of our new business purchases and to pay this amount to specified U.S. Department of Housing and Urban Development (“HUD”) and Treasury funds in support of affordable housing. In March 2024, we paid $155 million to the funds based on our new business purchases in 2023. For the first quarter of 2024, we recognized an expense of $30 million related to this obligation based on $72.4 billion in new business purchases during the period. We expect to pay this amount to the funds in 2025, plus additional amounts to be accrued based on our new business purchases in the remaining nine months of 2024.
Fannie Mae First Quarter 2024 Form 10-Q
15

MD&A | Business Segments
Business Segments
We have two reportable business segments: Single-Family and Multifamily. The chart below displays net revenues and net income for each of our business segments for the first quarter of 2024 compared with the first quarter of 2023. Net revenues consist of net interest income and fee and other income.
Business Segment Net Revenues and Net Income
(Dollars in billions)
10995116345001099511634501
In the following sections, we describe each segment’s business metrics, financial results and credit performance.
Single-Family Business
This section supplements and updates information regarding our Single-Family business segment in our 2023 Form 10-K. See “MD&A—Single-Family Business” in our 2023 Form 10-K for additional information regarding the primary business activities, lenders, investors and competition of our Single-Family business.
Single-Family Mortgage Market
Housing activity increased in the first quarter of 2024 compared with the fourth quarter of 2023. Total existing home sales averaged 4.19 million units annualized in the first quarter of 2024, compared with 3.88 million units in the fourth quarter of 2023, according to data from the National Association of REALTORS®. According to the U.S. Census Bureau, new single-family home sales averaged an annualized rate of approximately 667,000 units in the first quarter of 2024, compared with approximately 644,000 units in the fourth quarter of 2023.
The average 30-year fixed mortgage rate was 6.79% as of March 28, 2024, compared with 6.61% as of December 28, 2023, and averaged 6.75% in the first quarter of 2024, compared with 7.30% in the fourth quarter of 2023, according to Freddie Mac’s Primary Mortgage Market Survey®.
Single-family mortgage market originations increased modestly from an estimated $323 billion in the first quarter of 2023 to an estimated $330 billion in the first quarter of 2024. According to the April forecast from our Economic and Strategic Research Group, total originations in the U.S. single-family mortgage market in 2024 are forecasted to increase from 2023 levels by approximately 23%, from an estimated $1.47 trillion in 2023 to $1.81 trillion in 2024, and the amount of refinance originations in the U.S. single-family mortgage market are forecasted to increase from an estimated $248 billion in 2023 to $415 billion in 2024. Our Economic and Strategic Research Group’s April forecast is based on data available as of April 11, 2024. See “Key Market Economic Indicators” in our 2023 Form 10-K for additional discussion of how housing activity can affect our financial results and the uncertainties that may affect our forecasts and expectations.
Fannie Mae First Quarter 2024 Form 10-Q
16

MD&A | Single-Family Business | Single-Family Mortgage-Related Securities Issuances Share
Single-Family Mortgage-Related Securities Issuances Share
Our single-family Fannie Mae MBS issuances were $65.1 billion for the first quarter of 2024, compared with $68.2 billion for the first quarter of 2023. Based on the latest data available, the charts below display our estimated share of single-family mortgage-related securities issuances as compared with that of our primary competitors for the issuance of single-family mortgage-related securities for the periods indicated.
Single-Family Mortgage-Related Securities Issuances Share

65970697675376597069767538

Ginnie MaePrivate-label securities
Fannie MaeFreddie Mac
For several quarters, we have faced increased competition for the acquisition of single-family mortgage assets in a market environment of low overall single-family loan origination volumes. As discussed in our 2023 Form 10-K in “MD&A—Single-Family Business—Single-Family Competition,” competition in the secondary mortgage market impacts our acquisitions of single-family mortgage assets.
Decisions regarding the pricing and acquisition of single-family loans incorporate several different, and sometimes competing, factors, including regulatory requirements relating to capital, UMBS prepayment rates, and single-family housing goals. We must consider these requirements, as well as the competitive market environment described above, when pricing and acquiring single-family mortgage loans. For a discussion of factors that affect or could affect our business, our competitive environment, demand for our MBS, or the liquidity and market value of our MBS, as well as the risks associated with our conservatorship, our capital requirements relative to that of our primary competitor, our housing goals, the UMBS market and the performance of our MBS, see “Business—Conservatorship and Treasury Agreements,” “Business—Legislation and Regulation,” “Risk Factors” and “MD&A—Single-Family Business—Single-Family Competition” in our 2023 Form 10-K.
Fannie Mae First Quarter 2024 Form 10-Q
17

MD&A | Single-Family Business | Single-Family Business Metrics
Single-Family Business Metrics
Select Business Metrics
The charts below display our average charged guaranty fees, net of TCCA fees, on our single-family conventional guaranty book of business and on new single-family conventional loan acquisitions, along with our average single-family conventional guaranty book of business and our single-family conventional loan acquisitions for the periods presented.
Select Single-Family Business Metrics(1)
(Dollars in billions)
19711972
Average charged guaranty fee on single-family conventional guaranty book of business, net of TCCA fees(2)
Average single-family conventional guaranty book of business(3)
Average charged guaranty fee on new single-family conventional acquisitions, net of TCCA fees(2)
Single-family conventional acquisitions
(1)    For information reported in this “Single-Family Business” section, our single-family conventional guaranty book of business is measured using the unpaid principal balance of our mortgage loans underlying Fannie Mae MBS outstanding. By contrast, the single-family conventional guaranty book of business presented in the “Composition of Fannie Mae Guaranty Book of Business” table in the “Guaranty Book of Business” section is based on the unpaid principal balance of the Fannie Mae MBS outstanding, rather than the unpaid principal balance of the underlying mortgage loans. These amounts differ primarily as a result of payments we receive on underlying loans that have not yet been paid to the MBS holders or instances where we have advanced missed borrower payments on mortgage loans to make required distributions to related MBS holders. As measured for purposes of the information reported in this section, our single-family conventional guaranty book of business was $3,625.6 billion as of March 31, 2024 and $3,636.7 billion as of December 31, 2023.
(2)    Excludes the impact of a 10 basis point guaranty fee increase implemented pursuant to the TCCA, the incremental revenue from which is paid to Treasury and not retained by us.
(3)    Our single-family conventional guaranty book of business primarily consists of single-family conventional mortgage loans underlying Fannie Mae MBS outstanding. It also includes single-family conventional mortgage loans of Fannie Mae held in our retained mortgage portfolio, and other credit enhancements that we provide on single-family conventional mortgage assets. Our single-family conventional guaranty book of business does not include: (a) mortgage loans guaranteed or insured, in whole or in part, by the U.S. government; (b) Freddie Mac-acquired mortgage loans underlying Freddie Mac-issued UMBS that we have resecuritized; or (c) non-Fannie Mae single-family mortgage-related securities held in our retained mortgage portfolio for which we do not provide a guaranty. Our average single-family conventional guaranty book of business is based on quarter-end balances.
Our single-family conventional loan acquisition volumes remained near historically low levels in the first quarter of 2024. Due to continued high interest rates in the first quarter of 2024, few borrowers could benefit from refinancing, resulting in low refinance volumes. In addition, housing affordability constraints and limited supply continued to put downward pressure on the volume of purchase loans we acquired.
Average charged guaranty fee on newly acquired conventional single-family loans is a metric management uses to measure the amount we earn as compensation for the credit risk we manage and to assess our return. Average charged guaranty fee represents, on an annualized basis, the average of the base guaranty fees charged during the period for our single-family conventional guaranty arrangements, which we receive monthly over the life of the loan, plus the recognition of any upfront cash payments, including loan-level price adjustments, based on an estimated average life at the time of acquisition.
Our average charged guaranty fee on newly acquired conventional single-family loans, net of TCCA fees, increased in the first quarter of 2024 compared with the first quarter of 2023, primarily as a result of higher base guaranty fees charged on new acquisitions.
Fannie Mae First Quarter 2024 Form 10-Q
18

MD&A | Single-Family Business | Single-Family Business Financial Results
Single-Family Business Financial Results
This section provides a discussion of the primary components of net income for our Single-Family Business. This information complements the discussion of financial results in “Consolidated Results of Operations.”
Single-Family Business Financial Results(1)
For the Three Months Ended March 31,
20242023Variance
(Dollars in millions)
Net interest income(2)
$5,874 $5,672 $202 
Fee and other income55 48 
Net revenues5,929 5,720 209 
Investment gains (losses), net13 (71)84 
Fair value gains, net484 166 318 
Administrative expenses(777)(720)(57)
Benefit for credit losses335 47 288 
TCCA fees(2)
(860)(855)(5)
Credit enhancement expense(353)(287)(66)
Change in expected credit enhancement recoveries(3)
(42)95 (137)
Other expenses, net(4)
(176)(116)(60)
Income before federal income taxes 4,553 3,979 574 
Provision for federal income taxes(946)(847)(99)
Net income$3,607 $3,132 $475 
(1)See “Note 10, Segment Reporting” for information about our segment allocation methodology.
(2)Reflects the impact of a 10 basis point guaranty fee increase implemented pursuant to the TCCA, the incremental revenue from which is paid to Treasury. The resulting revenue is included in “Net interest income” and the expense is recognized as “TCCA fees.”
(3)Includes estimated changes in benefits, as well as any realized amounts, from our single-family freestanding credit enhancements, which primarily relate to our CAS and CIRT programs.
(4)Consists of debt extinguishment gains and losses, expenses associated with legal claims, foreclosed property income (expense), gains and losses from partnership investments, housing trust fund expenses, loan subservicing costs, and servicer fees paid in connection with certain loss mitigation activities.
Net Interest Income
The increase in single-family net interest income for the first quarter of 2024 compared with the first quarter of 2023 was primarily as a result of higher net interest income from portfolios and higher base guaranty fee income.
The drivers of net interest income for the Single-Family segment are consistent with the drivers of net interest income in our condensed consolidated statements of operations and comprehensive income. See “Consolidated Results of Operations—Net Interest Income” for more information on the factors that impact our single-family net interest income.
Fair Value Gains, Net
Fair value gains, net in the first quarter of 2024 were primarily driven by gains on risk management derivatives, mortgage commitment derivatives, and long-term debt of consolidated trusts held at fair value, primarily due to increasing interest rates. These gains were partially offset by the impact of declining prices of fixed-rate trading securities, also primarily driven by increasing interest rates.
Fair value gains, net in the first quarter of 2023 were primarily driven by gains on fixed-rate trading securities, primarily U.S. Treasuries, held in our corporate liquidity portfolio. These gains were partially offset by losses in the fair value of long-term debt of consolidated trusts held at fair value and risk management derivatives.
The drivers of fair value gains, net for the Single-Family segment are consistent with the drivers of fair value gains, net in our condensed consolidated statements of operations and comprehensive income, which we discuss in “Consolidated Results of Operations—Fair Value Gains, Net.”
Fannie Mae First Quarter 2024 Form 10-Q
19

MD&A | Single-Family Business | Single-Family Business Financial Results
Benefit for Credit Losses
Our single-family benefit for credit losses in the first quarter of 2024 was primarily driven by a benefit from forecasted home price growth, partially offset by a provision from changes in loan activity and a provision from actual and projected interest rates.
We recognized a modest single-family benefit for credit losses in the first quarter of 2023, primarily driven by a benefit from improvements in actual and forecasted home prices, substantially offset by a provision on newly acquired loans.
See “Consolidated Results of Operations—Benefit (Provision) for Credit Losses” for more information on the primary factors that contributed to our single-family benefit for credit losses.
Single-Family Mortgage Credit Risk Management
This section updates our discussion of single-family mortgage credit risk management in our 2023 Form 10-K. For additional information on our single-family acquisition and servicing policies, underwriting and servicing standards, quality control process, repurchase requests, and representation and warranty framework, see “MD&A—Single-Family Business—Single-Family Mortgage Credit Risk Management” in our 2023 Form 10-K.
Single-Family Acquisition and Servicing Policies and Underwriting and Servicing Standards
Desktop Underwriter Update
As part of our comprehensive risk management approach, we periodically update our proprietary automated underwriting system, Desktop Underwriter® (“DU®”), to reflect changes to our underwriting and eligibility guidelines. In March 2024, we implemented updates to DU to allow lenders to use a single 12-month asset verification report in the DU validation service to identify recurring deposits in the applicant’s digital bank statement data to automatically validate income and employment, as well as assets, in one step. The same report also can be used to identify and consider the applicant’s positive rent payment and cash flow history. We believe this update may help lenders improve operational efficiency and lower costs, as well as potentially increase the number of borrowers that receive an approve/eligible recommendation in DU by assessing eligibility through rent payment identification and cash flow assessment. We will continue to closely monitor loan acquisitions and market conditions and, as appropriate, make changes to DU, including its eligibility criteria, so that the loans we acquire are consistent with our risk appetite and mission.
New Credit Score Models and Credit Report Requirements
Fannie Mae uses credit scores to establish a minimum credit threshold for mortgage lending, provide a foundation for risk-based pricing, and support disclosures to investors. We currently use the “classic FICO® Score” from Fair Isaac Corporation as our credit score model, which FHFA has approved.
In October 2022, FHFA announced the validation and approval of two new credit score models for use by Fannie Mae and Freddie Mac: the FICO® Score 10 T credit score model and the VantageScore® 4.0 credit score model. Once implemented, lenders will be required to deliver both FICO Score 10 T and VantageScore 4.0 credit scores with each loan sold to us when available, replacing the classic FICO Score model. FHFA also announced in October 2022 that Fannie Mae and Freddie Mac will work toward changing the requirement that lenders provide credit reports from all three nationwide consumer reporting agencies. Instead, we will require lenders to provide credit reports from at least two of the three nationwide consumer reporting agencies (referred to as the new bi-merge credit reporting requirements).
In February 2024, FHFA announced updates regarding the implementation of the new credit score requirements for loans acquired by Fannie Mae and Freddie Mac, as well as the new bi-merge credit reporting requirements. FHFA announced that the implementation dates for both new requirements would be aligned and expected to occur in the fourth quarter of 2025. FHFA also announced that, to better support market participants with this transition, Fannie Mae and Freddie Mac will accelerate the publication of VantageScore 4.0 historical data to early in the third quarter of 2024. The FHFA Director stated that synchronizing bi-merge credit reporting with the implementation of the new credit score model requirements will reduce complexity for market participants.
Fannie Mae First Quarter 2024 Form 10-Q
20

MD&A | Single-Family Business | Single-Family Mortgage Credit Risk Management
Single-Family Guaranty Book Diversification and Monitoring
The following table displays our single-family conventional business volumes and our single-family conventional guaranty book of business, based on certain key risk characteristics that we use to evaluate the risk profile and credit quality of our single-family loans. For a description of the key risk characteristics of our single-family conventional guaranty book of business, see “MD&A—Single-Family Business—Single-Family Mortgage Credit Risk Management—Single-Family Guaranty Book Diversification and Monitoring—Overview” in our 2023 Form 10-K.
We provide additional information on the credit characteristics of our single-family loans in quarterly financial supplements, which we furnish to the Securities and Exchange Commission (the “SEC”) with current reports on Form 8-K and make available on our website. Information in our quarterly financial supplements is not incorporated by reference into this report.
Fannie Mae First Quarter 2024 Form 10-Q
21

MD&A | Single-Family Business | Single-Family Mortgage Credit Risk Management
Key Risk Characteristics of Single-Family Conventional Business Volume and Guaranty Book of Business(1)
Percent of Single-Family Conventional Business Volume at Acquisition(2)
Percent of Single-Family Conventional
Guaranty Book of Business(3)
As of
For the Three Months Ended March 31,
20242023March 31, 2024December 31, 2023
Original LTV ratio:(4)
<= 60%16 %15 %25 %25 %
60.01% to 70%10 14 14 
70.01% to 80%33 33 33 33 
80.01% to 90%16 16 11 11 
90.01% to 95%18 21 12 12 
95.01% to 100%7 4 
Greater than 100% — 1 
Total100 %100 %100 %100 %
Weighted average
78 %79 %73 %73 %
Average loan amount$325,938 $313,986 $207,933 $207,883 
Loan count (in thousands)191 21517,437 17,494 
Estimated mark-to-market LTV ratio:(5)