close 00 Home / 01 A Strong Business
02 Putting the Customer First
03 Solving America's Housing Challenges
04 Creating New Opportunities in Housing
05 Powered by Our Diverse Workforce

Housing Partner

2017 Progress Report

Leadership means never standing still.

A Message from Our CEO

Today, buying, renting, and financing homes is starting to feel far different than it did just a few years ago. Slow, paper-based processes are giving way to simpler, more efficient digital processes. More and more, closing on a home loan entails less time and expense, and more speed and convenience…

Read More + Timothy J. Mayopoulos (signature)
Timothy J. Mayopoulos
Chief Executive Officer

Chapter 1 A Strong Business


At Fannie Mae, we’re proud of the work we do to support the housing market. We are America’s housing partner, and the strength of our business today reflects much more than 80 years of opening doors. It also reflects the relationships we’ve built with our customers, the innovative solutions we continue to bring to the market, and the hard work of a talented and inclusive workforce.

Chapter 1 A Strong Business

Fannie Mae is at the very heart of the housing industry.

We purchase qualifying mortgages from lenders, which we bundle into bonds and sell to investors. Lenders use their replenished cash to originate new mortgages, and we use ours to start the process again. This continuous flow of money promotes a healthy housing market. As the leading provider of mortgage-related securities, Fannie Mae makes it all possible.


homes are financed by us

We are the liquidity provider of choice.

We partner with lenders to create home purchase and rental opportunities for millions of Americans across the country.

Funding the housing market

In 2017, we provided $570 billion in mortgage financing that enabled 1.2 million home purchases, 1 million mortgage refinancings, and 770,000 units of multifamily housing.

Home Sales chart
Refinancings chart
Rental Units chart

Our business is stronger than ever.

Backed by vast amounts of data, we’re collaborating with lenders and industry innovators to expand access to credit for millions of Americans – without sacrificing intelligent, responsible lending practices that have strengthened the housing market.

  • Long-Term Fixed-Rate Mortgages
    (15- and 30- Year)
  • Primary Residences
  • Current On Payments

Characteristics of our single-family book of business

The majority of our single-family loans are long-term fixed-rate mortgages and current on payments.

  • Single-Family
  • Multifamily

Multifamily and single-family serious delinquency rates

The share of our single-family and multifamily loans that are seriously delinquent remains below private market levels. Our serious delinquency rate increased in the latter part of 2017 as many homeowners in hurricane-affected regions became delinquent on their loans.

We’re partnering with the private sector in new ways.

Through our proactive approach to credit risk management, we have created a safer and more efficient way of doing business, not only for our company but for the entire housing system. We’ve built attractive new markets that move risk away from Fannie Mae and safeguard American taxpayers.

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  • Outstanding Unpaid Principal Balance of Loans in a Credit Risk Transfer Reference Pool
  • % Single-Family Conventional Guaranty Book in a Credit Risk Transfer Reference Pool

Investing side-by-side with Fannie Mae

Since inception, we have transferred to private investors a portion of the credit risk on $1.3 trillion of single-family loans measured by the original unpaid principal balance at the time of issuance. As of year-end 2017, $922 billion in single-family mortgages, or approximately 32% of the loans in our single-family conventional guaranty book of business, measured by unpaid principal balance, were covered by a credit risk transfer transaction.

We support America's favorite mortgage.

The 30-year fixed-rate mortgage is the favorite among homebuyers – and Fannie Mae helps make it possible. With fixed, predictable, low monthly payments and the option to prepay, this uniquely American product offers affordability, stability, and reliability. It puts the dream of homeownership within reach for generations of homebuyers, just as it has since our founding during the Great Depression. As a leading source of liquidity, we ensure lenders can continue to offer this preferred mortgage.

  • 30-Year Fixed-Rate
  • 30-Year Fixed-Rate Financed by Fannie Mae

The mortgage of choice

In 2017, 76% of Americans seeking a conventional, first-lien mortgage chose the 30-year fixed-rate mortgage. As we’ve always done, Fannie Mae provided much of that financing.

Before we backed millions of rentals, we built a better model.

We launched our Delegated Underwriting and Servicing model 30 years ago, and it remains the premier financing platform in the multifamily market.

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DUS: The Loan We All Own

Fannie Mae DUS lenders are empowered to underwrite, close, and deliver most loans without our pre-review, translating into greater efficiencies, liquidity, and cost savings.

Chapter 2 Putting the Customer First


Our business can only be as strong as the partnerships it supports. At Fannie Mae, we put the customer first. We build personal relationships with our customers founded on communication, mutual respect, and trust – values that we’ve embedded not only into the way we work but how we organize ourselves at work. We listen to our customers to understand their pain points, and then we work alongside our customers to create new solutions and better efficiencies, together.

Chapter 2 Putting the Customer First

Our focus on the customer is working.

In 2017, lenders ranked the Fannie Mae customer experience in the top quartile of B2B companies, a significant increase over the prior two years. Our dedicated customer support model is a key driver of this evolution: Roughly 90 percent of individuals who engage with our account teams say they get very good or excellent customer support from their dedicated Fannie Mae contact.

Certainty that starts on Day 1.

Not long ago, we introduced Day 1 Certainty®, a customer-focused solution grounded in new technology. From the start, Day 1 Certainty was a game-changer, streamlining processes and substantially reducing lenders’ repurchase risk. It introduced speed, simplicity, and certainty to the mortgage process. Since then, we’ve continued to build on that foundation by introducing new functionalities that make doing business with Fannie Mae even easier.

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A universe of reasons to choose Day 1 Certainty

“When I heard about Day 1 Certainty and the possibility for digital validation, I got really excited. I thought, ‘Finally, we’re at a place where we can start the mortgage process and provide clarity without our buyer having to give the same information over and over again!’ It was definitely a win.”

– Day 1 Certainty Customer

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We reimagined the multifamily customer experience.

From start to finish, we’re making it easier to do business. We’ve introduced new and seamless technology enhancements to further our partnerships with multifamily lenders and investors. The end result is simplicity, certainty, and transparency – and an empowered customer.

New efficiencies for multifamily partners

For our lender partners, we rolled out a series of enhancements to DUS Gateway® and released DUS DocWay™, our new repository for digitally submitting final underwriting documents. We also updated our Committing & Delivering (C&D™) platform with improved rent roll functionality, allowing lenders to submit data in the format received. And, we eliminated duplication of work through our ASAP+ Early Funding efficiency.


Information powers today’s business decisions.

For Fannie Mae and our partners, data and access to it are paramount. That’s why we share our award-winning market research with everyone, including the public. Our economists, analysts, and thought leaders scrutinize the industry’s most impactful topics – from the role of student debt on Millennial homeownership rates to consumer understanding of the digital mortgage process – so we can better inform the national dialogue.

For our investors, easy access to robust data and information is a must. Our industry-leading Data Dynamics® platform, for example, provides a transparent, unparalleled reporting experience that enables credit risk investors to quickly find the information they need in order to meet their objectives.

Economic and Strategic Research

Market Insights:
Our award-winning team of economists offers in-depth market research and forecasting based on the latest economic and housing trends. We work hard to see what’s just around the bend, as well as what’s over the horizon, and share our findings with everyone.

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Digital collaboration enables transformation.

We’re working with industry partners to create a new e-mortgage ecosystem where the process is simpler from start to finish. Digital transparency and safety are replacing paperwork-dependency and confusion, as we cut the number of steps in a loan’s life cycle from hundreds to a handful. Borrowers get an improved homebuying experience and lenders get a simpler process – and everyone benefits from reductions in time and mortgage costs.

Chapter 3 Solving America's Housing Challenges


We are committed to addressing the country’s most difficult housing challenges. And we believe that everyone deserves access to safe and affordable housing.

Chapter 3 Solving America's Housing Challenges

We’re bringing together the right people.

Fannie Mae is leveraging its vast intellectual capital, experience, and unique industry position to help people in all communities. We’re bringing together lenders, developers, investors, non-profits, and others to ask the right questions, identify the right problems, and advance the right solutions.

We’re making it safer and easier to get a mortgage.

No product better exemplifies our dedication to innovation and our common sense approach to expanding access to credit than our flagship product, HomeReady®. With HomeReady, borrowers can put down as little as 3 percent, and cash for down-payment and closing costs can come from multiple sources (such as gifts and grants). HomeReady also allows for nontraditional sources of income to be used to help qualify for a mortgage, such as renter or boarder income, and allows co-borrowers who don’t live in the property to be included on the mortgage. For many Americans who may have previously felt like they were on the outside looking in, getting a mortgage is now easier and safer.

We have a duty to serve the underserved.

It’s our mission to help make home more than an unlikely aspiration for everyday American families. By partnering with institutions that can offer scale and standardization to communities currently lacking it, we are bringing down costs and clearing a path for private capital to be put to work in a safe and responsible way.

We’re also exploring new and innovative financing options for manufactured housing communities, as well as methods to improve and support the availability of financing in high-needs rural communities. In addition to supporting new supply, we’re working hard to preserve existing affordable housing stock as a necessary and viable low-cost alternative in our urban areas.

2017 chart

*Loans of $3 million or less nationwide and $5 million or less in high-cost markets, as well as properties with 5-50 units

**Properties with Green Building Certifications or loans targeting a 20% reduction or more in energy or water consumption

2016 chart

*Loans of $3 million or less nationwide and $5 million or less in high-cost markets, as well as properties with 5-50 units

**Properties with Green Building Certifications or loans targeting a 20% reduction or more in energy or water consumption

Serving the spectrum of multifamily housing

As a reliable source of financing in the multifamily sector, Fannie Mae remains committed to serving the spectrum of America’s rental housing needs.

We’re here to help.

For families facing hardship, we know a mortgage can be overwhelming. That’s why homeowners with loans owned by Fannie Mae can contact our Mortgage Help Network for free, hands-on mortgage assistance at any time. Support is available nationwide, by phone and in person. Many borrowers can qualify for a loan refinance or modification, lowering the payment and making it more affordable. We also offer temporary and permanent solutions to help those who have missed mortgage payments, so they get their finances back on track and avoid foreclosure.

Helping homeowners avoid foreclosure

Since 2009, we have helped families avoid foreclosure through approximately 1.7 million loan modifications and other workout solutions.

Chapter 4 Creating New Opportunities in Housing


Fannie Mae is always looking to improve the homebuying experience and advance housing opportunities. This includes expanding access to mortgage credit in nontraditional and common sense ways for creditworthy borrowers. It also means advancing affordable rental housing options and creating sustainable communities, and serving the underserved across America.

Chapter 4 Creating New Opportunities in Housing

We are looking toward tomorrow.

From advancing socially responsible products to developing scalable solutions for tomorrow’s greatest housing challenges, we’re providing the tools the industry needs to serve future generations.

Where you live matters.

We at Fannie Mae are doing all we can do ensure that the rental properties we finance are built and managed with the tenants’ health in mind.

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Projected impact of Fannie Mae Green Financing

Offering greener, affordable, innovative energy-efficient solutions results in measurable impact. The energy- and water-efficiency improvements financed through Fannie Mae are projected to generate significant savings while reducing the properties’ environmental impact.

We're doing well by doing good.

Although the green mortgage market is a relatively new market, we’ve made tremendous strides over the last few years. In fact, Fannie Mae issued $27.6 billion in green mortgage-backed securities in 2017, making us the largest issuer of green securities globally. With that level of impact, we’re making green financing into more than just a feel-good product: We’re making it the new standard in multifamily lending.

Green finance production through 2017

Since launching our Green Financing program in 2012, we’ve continued to grow our green book of business each year, with total issuance of $27.6 billion in 2017 – more than seven times the volume financed in 2016.

America’s households are changing, and we are ready to meet their needs.

The lifestyles and preferences of today’s borrowers demand a vastly different mortgage finance process – one that provides flexible financing options and prioritizes the digital experience. Fannie Mae is working with lenders and industry innovators to develop new solutions for new generations of homeowners.

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Ownership Conversion

Gives renters a flexible, safe, and affordable path to owning a home in neighborhoods where they want to live.

Home-sharing Income

Allows borrowers to count Airbnb rental income history toward more favorable mortgage refinance terms.

Student Debt

Allows qualifying homeowners the opportunity to refinance student debt at relatively lower, prevailing mortgage interest rates.

We believe that great ideas can come from anywhere.

That’s why we launched a public competition to help solve one of the most complex housing challenges of our time: the significant shortage of sustainable, affordable housing. The Sustainable Communities Innovation Challenge is a two-year, $10 million investment by Fannie Mae to generate ideas on how to provide residents with integrated access to affordable housing, opportunities for employment, health and wellness, and education.

Over the next two years, we will support the most innovative ideas through partnerships and funding for research, planning, and idea development. Together, we’re exploring and supporting new ways to make a difference and positively impact America’s housing.

Chapter 5 Powered By Our Diverse Workforce


At Fannie Mae, we leverage the rich diversity of our employees – and we are powered by this collaborative, inclusive, and committed workforce. Our business depends on it.

Chapter 5 Powered By Our Diverse Workforce

We serve the communities that serve America.

Our employees make a difference year-round, in and out of the office. In 2017, roughly half of Fannie Mae employees volunteered through our non-profit partners, donating more than 18,000 volunteer hours to serve the communities where we live and work. Additionally, through online charitable contributions and local fundraising events, our employees donated thousands of dollars to select non-profit organizations, including nearly $90,000 to Help The Homeless, Fannie Mae’s charitable program that has supported homeless service providers for 30 years.

And when entire communities were devastated by the 2017 hurricanes and other natural disasters, our employees answered the call for help – through financial contributions and with boots on the ground – to help families get back on their feet.

Our efforts to ensure a fully inclusive work environment are constantly evolving.

We’re listening and improving at every step – from how we acquire talent and engage with our employees to how we do business in the marketplace. Internally, we’re always looking to strengthen and expand programs that attract and cultivate a diverse and inclusive employee base. We encourage a collaborative and supportive organizational culture that welcomes, empowers, and engages all of our employees. Externally, we proudly advance opportunities that will ensure the inclusion of minority-, women-, and disabled-owned firms who want to do business with us.

Even our workplace is transforming

To best serve an ever-changing industry, we have to be more than efficient – we have to stay nimble. We are exploring new and innovative ways to approach our work, and we’re customizing our physical work spaces, to maximize our interactions with each other and our customers.

We lead the industry.

And we’re being recognized for it. In 2017, various organizations highlighted the work we do and our people who do it.

Black Enterprise

Jeff Hayward & Kimberly Johnson

Most Powerful Executives in Corporate America 2017


50 Best Places to Work for New Dads

Hispanic IT Executive Council

Michael Garcia

HITEC Top 100 list


The Best Places to Work in 2017, ranked #16

Human Rights Campaign Foundation

100% Score on the Corporate Equality Index

LATINA Style Magazine

Top 50 Companies for Latinas

F5/Hot Topics

Christopher Porter

Top 100 CISO (Chief Information Security Officers)

Global Capital

Deal of the Year – awarded in four categories: Overall Best Issuer, Best RMBS Issuer, RMBS Deal of the Year, RMBS Data Provider

Mortgage Professional America

Doug Duncan & Kimberly Johnson

Hot 100 List


Tim Mayopoulos

Highest-Rated CEO honoree, 92% approval rating

National Business Inclusion Consortium

Best of the Best Companies for Diversity and Inclusion


IT Excellence Awards, DevOps, 1st Place


2017 Partner of the Year – Sustained Excellence Award


Caroline Patane

Women in Housing Awards Power Player

Compliance Week

Nancy Jardini

2017 Top Minds


Nadine Bates & Laurel Davis

Women of Influence 2017

Join the conversation.

We’re listening, and we want to hear from you. We encourage you to share feedback and suggestions on how we can continue to build a better housing finance system. Connect with Fannie Mae on social media to be a part of the conversation, and join us at the heart of housing.

Contact Us


Media Inquiries

Contact our External Communications team for information about Fannie Mae’s business and to connect with our experts.

Company News

Learn about our important work and keep up on our progress.


If you’re ready to make a difference, then we’re ready for you.

Fannie Mae’s Know Your Options website is your one-stop resource for housing education and foreclosure-prevention support.

Visit our HomePath website to find Fannie Mae-owned properties for sale.

Published May 11, 2018

For more information on our business, including information on our recent financial results and credit performance, the credit profile of our book of business, and significant risks relating to our business, see our annual report on Form 10-K for the year ended December 31, 2017, filed with the Securities and Exchange Commission on February 14, 2018 (“2017 Form 10-K”).

This report includes our expectations regarding the focus of our business and the impact of our actions on our business and the U.S. housing finance system. These expectations are forward-looking statements based on our current assumptions regarding numerous factors. Our actual results and future expectations may differ materially from our current expectations as a result of many factors, including those discussed in the “Risk Factors” and “Forward-Looking Statements” sections of and elsewhere in our 2017 Form 10-K. These forward-looking statements are representative only as of the date they are made, and we undertake no obligation to update any forward-looking statement as a result of new information, future events, or otherwise, except as required under the federal securities laws.

Data in this report as of or through December 31, 2017, unless otherwise indicated.