Total revenue grew by 4.7% to reach $7.65 billion, surpassing the $7.32 billion consensus forecast from FactSet analysts. The gains were driven by a 3.9% revenue increase in the single-family division, which brought in $6.34 billion, and an 8.6% rise in the multifamily unit, totaling $1.32 billion.
In section Market Quotes
Fannie Mae Third-Quarter Profit Rises to $4.18 Billion
Fannie Mae reported a $4.18 billion profit for the quarter ending September 30, outperforming market expectations as revenue surged across its core lending divisions. The government-backed mortgage giant saw its earnings per share climb to 18 cents, a significant recovery from the breakeven results posted during the same period last year.
Despite the revenue growth, the company faced slight upward pressure on credit risk. The delinquency rate for single-family mortgages reached 0.62%, rising from 0.58% in the previous quarter. Similarly, the multifamily delinquency rate climbed to 0.62% from 0.60% at the end of the prior three-month period.
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