Good call morning, First Financial joining and thank you to Quarter for our Results. Mac's review Freddie XXXX
Mac I brief to for possible of our remarks rental Before financial home. make earnings, thousands some mission hundreds to helped rent, the low of of the a to families. homes Freddie and of were refinance our offer we the to buy finance helped on moderate about to income XX% In or performance it I'd move supports. families like quarter, affordable first
First-time XX% for a That's us. home new single-family homebuyers purchase of high represented loans. new
more to to sound these opportunities and renters and are working a We sustainable in extend way. borrowers safe,
examples X since beginning we the move of toward the that year. goal how of are Here
receive a affordability costs our $X,XXX First, closing we now low-income credit, our homebuyers credit through Possible with for added to to payment. them or very families XX% a toolkit median or can area income very earning Home help eligible purchase low-income down less of
to social third, to identify risk mortgage-backed changes, manner. practices.
We housing and country Multifamily and families made could investors mission mitigation. helping system. meeting and including recently our firms our supply their Updates property index Freddie policy we home diligence that a these strengthen further reviews appraisal safe liquidity to Second, possible investing sound our in finance and update investment Mac across Through the we U.S. actions is easier risk mission-focused the management underwriting the And make for others, help announced for continue goals. due requirements and that inspection securities, process enhanced to
look earned primarily let's interest million investment an We results. by higher a year-over-year. increase higher gains rates. was increase higher from income take $X.X Now this and at net income, which of financial quarter, of This $XXX driven or billion our XX% net benefited net
income. billion, First quarter was X saw net partially contributed income due from higher rates a offset interest X% positive the drivers year-over-year. fee Single-Family investment increase Higher point in interest from deferred income slower net guarantee fee interest grew short-term increase by were income rates. mortgage higher X% $X.X portfolio also mortgage a benefiting in These resulting to The up lower estimated basis Single-Family prepayments to rate. average and the recognition,
from of million the Noninterest an was year the increase to $X primarily investment billion, quarter for increase $XXX due income prior in an Multifamily. net quarter, in first gains
attributable credit $XXX million driven year primarily to expense million in was business quarter, new modest segments to provision both for provision for credit reserve of Our losses which quarter, in period. by builds higher $XXX that prior compared the a acquisitions for was this
end of $X.X portfolio year-over-year. mortgage this total increase Our was the X% a at trillion, quarter
year million increased X% X% income business was increase driven result up prepayments mortgage also billion Investment due short-term net to rates. the interest in of primarily from to $X.X year-over-year. which quarter. deferred net These Single-Family interest rates. by increases mortgage quarter, Single-Family higher our reported interest of increase higher income The by income due growth a as increased lower were or billion revenues for to partially of $X.X a This net net the benefited our segments. Turning income, segment slower our continued offset portfolio. fee Single-Family $XXX from individual prior in XX%
losses rates. credit for of provision impact acquisitions. due new Single-Family higher $XXX million primarily and attributable acquisitions in $XXX to mortgage reserve credit for the was build of quarter, new The provision quarter to this a an was which expense the modest primarily Our year million, was prior
price over over the an X.X% assumed assumes and respectively. our next the X.X% from increase quarter, XX is XX forecast last the months. and Our next and X% current This XX months, XX house of at of end down forecast over months subsequent X.X% subsequent growth which the
at XX was XQ from low XXXX be the X points declined basis for end basis last XXXX. unchanged allowance and and XX quarter Single-Family the XX and first at year-over-year. continued of basis the basis XQ this the down points losses X points rate of The credit coverage historically end The basis serious ratio quarter, delinquency quarter to down to points, from points Single-Family from
first XX,XXX in the helped families quarter, workouts. In homes their we loan remain approximately through
the of quarter portfolio up remains mortgage our and weighted at XX% loan-to-value some Single-Family current the Credit Our credit average XX% credit XXX. end our X% of trillion, current $X of was the the at Single-Family At portfolio with had of score Single-Family portfolio of end average weighted the characteristics quarter, at enhancement. ratio strong, year-over-year. the form
totaled this quarter, slightly $XX billion up XXXX. activity from from XQ business $XX New billion
accounted score to XX% activity The average activity. XX% this XX up at and charged up basis loan-to-value new which fee new while original total X.XX% total end new Higher was the homebuyers on original of and XX% impact XQ were at guarantee weighted XQ new points. slightly XXX, XXXX. the First-time of Refinance quarter, on end the XXXX our both rates at purchases in from from represented business was refinance XX% end estimated quarter mortgage our XXXX. purchase for continue was business X.XX% weighted the average activity credit X.XX%, was of activity. business average XQ rates and Mortgage
$XXX fair quarter. income driven in reported portfolio. and year up income from gains value by year quarter. result and from $XX by activities, million of loan by net changes in this increased $XXX XX% increase was prior million of interest This million favorable which activities was of of and purchase the rate income The prior quarter was the Moving income primarily primarily yields from of the versus $X year-over-year, a revenues larger billion, management risk on year average to higher net driven increase interest as million, primarily provision The noninterest Multifamily $XXX interest PC higher spreads.
Net expense Multifamily. from loans higher an segment higher $XXX credit rates quarter. was mortgage on from the securitization up driven for million losses held-for-sale prior $XX noninterest This million
$X the year ago. a business XX% up first Multifamily from activity Our billion new or billion was $X for quarter,
XX,XXX Our of for to Multifamily provided affordable this rental financing quarter, low-income families. business units were Multifamily which XX%
points, points mortgage delinquency the versus XX these the rate the our up XX% loans XX of at was and increase mortgage Multifamily small basis delinquent floating portfolio. X% XX coverage. The rate at to end points primarily loans of driven portfolio business credit enhancements quarter end basis the $XXX portfolio credit The billion. by by had basis This March enhancement Approximately in was end XXXX. covered loans was of year-over-year of the delinquency of at this increased XX% Multifamily Multifamily quarter.
$XX.X to quarter, XX% the worth representing On increased year-over-year. end net a our at of billion increase capital front, the the
refinance this quarter. helped Mac home, Freddie results a purchase, rent financial XXX,XXX conclusion, while families solid In or delivering
income as households of low and well supported homebuyers. the moderate we liquidity most first-time Importantly, as provided
expand efforts to and key homeowners expected Freddie a Mac. are challenges will persist, focus affordability for remain As to affordability of renters
Thank you for joining today. us
