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SEC Filings

10-Q
FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE filed this Form 10-Q on 05/07/2015
Entire Document
 





FANNIE MAE
(In conservatorship)
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
(UNAUDITED)


current. Previously, a non-modified single-family loan was returned to accrual status at the point that the borrower had made sufficient payments to reduce their delinquency status below our nonaccrual threshold of 60 days past due. We did not change our policy for returning modified single-family loans to accrual status. We return modified single-family loans to accrual status at the point that the borrower successfully makes all required payments during the trial period (generally three to four months) and modification is made permanent.
See “Note 1, Summary of Significant Accounting Policies” for additional information on such changes in accounting policy.
Changes to our nonaccrual policy were limited to those described above. For most single-family loans, we continue to recognize interest income for loans on nonaccrual status when cash is received. However, if a single-family loan was charged off prior to foreclosure, all payments received are applied on a cost recovery basis to reduce principal on the mortgage loan. We stop applying the cost recovery approach on those single-family loans when they are brought current either through borrower payments or modification and there has been a sufficient performance period to demonstrate that the borrower has the ability and intent to make the remaining payments on their mortgage loans.
For multifamily loans, we apply any payment received on a cost recovery basis to reduce principal on the mortgage loan unless the loan is determined to be well secured. We generally return a multifamily loan to accrual status and stop applying the cost recovery approach when the borrower cures the delinquency of the loan or we otherwise determine that the loan is well secured such that collectability is reasonably assured.
Aging Analysis
The following tables display an aging analysis of the total recorded investment in our HFI mortgage loans by portfolio segment and class as of March 31, 2015 and December 31, 2014, excluding loans for which we have elected the fair value option.
  
As of March 31, 2015
 
30 - 59 Days
Delinquent
 
60 - 89 Days Delinquent
 
Seriously Delinquent(1)
 
Total Delinquent
 
Current
 
Total
 
Recorded Investment in Loans 90 Days or More Delinquent and Accruing Interest
 
Recorded Investment in Nonaccrual Loans 
  
(Dollars in millions)
Single-family:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Primary
 
$
25,087

 
 
 
$
7,045

 
 
 
$
34,166

 
 
 
$
66,298

 
 
$
2,582,073

 
$
2,648,371

 
 
$
56

 
 
$
41,132

Government(2)
 
54

 
 
 
18

 
 
 
298

 
 
 
370

 
 
44,211

 
44,581

 
 
298

 
 

Alt-A
 
3,743

 
 
 
1,321

 
 
 
9,429

 
 
 
14,493

 
 
93,801

 
108,294

 
 
7

 
 
10,743

Other
 
1,347

 
 
 
446

 
 
 
3,103

 
 
 
4,896

 
 
37,397

 
42,293

 
 
7

 
 
3,534

Total single-family
 
30,231

 
 
 
8,830

 
 
 
46,996

 
 
 
86,057

 
 
2,757,482

 
2,843,539

 
 
368

 
 
55,409

Multifamily(3)
 
98

 
 
 
N/A

 
 
 
135

 
 
 
233

 
 
192,795

 
193,028

 
 

 
 
807

Total
 
$
30,329

 
 
 
$
8,830

 
 
 
$
47,131

 
 
 
$
86,290

 
 
$
2,950,277

 
$
3,036,567

 
 
$
368

 
 
$
56,216


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