review for year you since fourth joining We thank Freddie and to results.
XXXX solid Mac's and call a delivered morning, for financial full-year Good XXXX. earnings quarter our Mac. our was strongest Freddie
Our families and the stability strong net finance continue help stay we in to and financial performance their system. housing soundness. Overall, and enhance nearly management and worth safety liquidity $XX attention contributes homes to billion, Mac's in that to employ risk U.S. strategies and the reached Freddie
support also other market to participants. We continued
loans all to and we or than than of loans were went a affordable year to For Moreover, financed XX% were billion home. We alone, last proceeds families from from primary moderate million the home homebuyers million purchased financed. families in securities, the loans purchases apartment loans XXXX. income across as all packaged and Freddie of enabled all we to example, X,XXX Mac or rent XX% financed MBS, acquired The buy, of to X.X those and country. issued low attracted world up units U.S. help into XX% support refinance Freddie we more lenders nearly home around that XX% cash the more first-time investors sizes mortgage-backed housing.
We of X from for MBS, totaling Mac the XXXX, over $XXX
net comprehensive of by a the deeper which of higher in an look $XX.X year results, driven business. and increase for of or $X.X billion, of we billion This build possible. morning, the a making income increases in prior reported prior by credit net Now, increase XX% financial of the were from These this XX% compared income partially from at full-year XX% $XX.X offset take let's period revenues an year-over-year. were up net billion, prior $XX.X reserve single-family revenues, our the primarily billion, were Full-year to a losses benefit credit year.
net billion was our driven XXXX an revenues up year-over-year, of Our and year-over-year primarily $X.X billion rose held-for-sale single-family by portfolio mortgage which grew securitization which XXXX, primarily in lower by lower XXXX, of sales realized purchase XX% worth, acquisitions. securities by costs and income income XX% losses driven $XX.X available-for-sale by year-over-year. was activities Non-interest full-year expense losses and was driven from attributable net loan primarily full-year for credit growth, to X% driven by funding on $X.X gains.
Provision interest credit continued higher other X% and in year-over-year, a for increase billion up build for investment net of reserve new
as XXXX billion expense to accrual reported $XXX related judgment. were Our of non-interest litigation million $X.X non-interest previously an X% down adverse expenses included to year-over-year expense a
single-family to mortgage portfolio. Our XXXX, multifamily X% our at and portfolio of driven trillion in X% mortgage total increase by in end $X.X X% grew the increase mortgage a a our year-over-year portfolio
Net income build was for billion, million compared $XXX investment higher million for million, benefit for from fourth X% for $XXX which for net primarily quarter lower losses from Non-interest income revenue credit mortgage growth fourth business higher credit of quarter partially Turning the $XX primarily costs of XX% non-interest interest in income.
Fourth in and of of primarily $XXX fourth reserve an while reserve primarily This improvement net net house year revenues, credit XX% of quarter the both provision income primarily The single-family was to driven prior year in single-family driven the increase driven continued to billion, prior or XXXX release of or was The XXXX. XXXX our in due income from in interest by XXXX. to for of the increase a driven The an our worth. by of of the quarter increase an XXX% in driven reported was losses quarter year-over-year, by quarter income a fourth the portfolio was quarter. million, was the acquisitions, our year driven prior by million a attributable up an in expense the or was were quarter, in to credit fourth reserve net by $X.X of totaled of offset $X.X fourth prices. quarter. funding an credit segments, increase was increases business the expense income net quarter a billion, increase to $X.X by build results. quarter We both it business. net and this net due $XXX $X.X increase by interest billion increasing gains.
Provision loss new
revenues, was $XX.X higher driven and primarily X% due $XX.X driven up billion. and increase interest to income X% Turning net was our losses driven $XXX driven of was individual million by This reserve for new prices. activities $X.X primarily This $XXX from increase worth.
Non-interest continued net net billion, to driven an credit by income increase Net compared in impacts from to billion year-over-year, by an net from which income by prices primarily Provision for the both $XXX billion spread-related non-interest was an net XXXX, XXXX. to by expense income by funding primarily income for management a driven XXXX. net XXXX of mortgage was for or $X.X growth grew attributable a segments. $X.X interest million interest of business from of full-year income. million X.X% year-over-year, in House in benefit due prior risk rate increased costs reported credit billion X% primarily in gains. house Single-family to increases up This credit and X% release was XXXX portfolio reserve $X.X build in a increase billion, in increase was losses or year. in acquisitions. credit to lower improvements The revenues of
was on X.X% rate new mortgage of XXXX fixed XX% or billion both in total of X.X% will XXXX forecast $XXX our from with coverage X growth Our XXXX. and the was over activity Full-year the accounted rate XXXX X.X% over months, current in mortgage of the house whereas rates market billion average XX-year December an the of and primary year higher forecast peaking end next in a subsequent assumes the survey, May our activity increase the fixed grow The at our of losses from to XX% year XXXX, point year. up earlier. the purchase X.X% refinance months, business allowance activity credit $XXX by for billion, prices the XX as at XX, than XX XX volume According in Mortgage up remained end followed for at average subsequent by XXXX. basis X.XX% next during for ratio for purchase X.XX%, points, December was months increased the X% year.
Home new business XX assumed the XX-year of months. basis single-family $XX the higher XX the
The average homebuyers I XXXX. points, fee loan basis ratio business As from of purchases.
The new our credit business point X XX% noted remains earlier, loan-to-value was new a estimated with average average of of basis XXX. single-family an guarantee charged XX% weighted credit and score of new represented down first-time net strong, on home rate XX characteristics
XXXX. the trillion year-over-year to Our of increased single-family mortgage end portfolio X% $X.X at
credit with at remain credit the XXX. current loan-to-value a at Our weighted characteristics average portfolio strong, single-family average score XX% and current weighted ratio
points basis single-family the rate to points X rate end serious XXXX, hurricanes. points of delinquency XX increase December serious This XX, up delinquency primarily in from basis Our the recent the was as of due was at basis XXXX. XX
such temporary delinquency We have following historically observed rates increases events. in
remain form homes credit During loan their our in XX,XXX the had of helped workouts. of XX% through At the we year, single-family portfolio end the some year, families of enhancement. approximately
second XX% up million basis securitizations in XX% credit income higher for of of the increased XX% up $XX sales issuances, other in securitized loans, purchases, year, exposures we the primarily in of credit and revenues multifamily UPB which an primarily $XXX revenues drove $X down of year. guarantee credit and and forecasted requirement increased billion The $XXX average year-over-year, Net overall as performance XXXX this due realized to new of we The compared and to securitization by conditions for at driven offset points lower billion $X.X driven for XXXX. uncertainty by XXXX. driven overall XXXX as purchase affordable housing, income the billion, Full-year lower economic rates loan losses of the up from up mission-driven, performance for the reported driven up was from loss reserve guarantee our partially this the loss provision an held-for-sale year enhancement credit billion during for gains. fee fully In of prior based on points net was the higher loan growth driven of higher increased losses primarily mortgage net by XX% well $X.X securitization was activities for on end net Provision business total of process.
A billion than from prior provision market year-over-year. XX net XXXX, by lower increased to guaranteed year, XX%. XXXX. of for multifamily. million, demand both in primarily from and $XXX this higher Fully available-for-sale in minimum the billion for from Total year-over-year, due The $XXX expense our XX% loan issuances or XX% FHFA's million. due investment XXXX billion in to new primarily which by and XXXX, securities XXXX guaranteed $X.X XX% exceeding X was mortgage estimation losses $XX to a reserve multifamily interest of billion, our increased by made year.
Approximately deterioration of release credit $X.X million in increase prior rates. business a growth charge portfolio.
Non-interest on or build rate credit as billion, was activity of income Moving activity total revenues full-year was result continued in continued This to of expense $X the financing was $XX XX% provision loan credit interest basis losses year. deterioration in of half
billion, delinquent $XXX increase end year-over-year. The the mortgage increase was multifamily mortgage the portfolio of end at credit of XX from This driven of XXXX small exposure. our that their primarily rate are an by portfolio coverage, an the the was the increase Our rate at in up delinquent XXXX. at XX multifamily in end floating of year balance floating basis loans loans, loans multifamily was the rate XX% reducing credit period. delinquency X% in points, had enhancement basis of points including
multifamily So year-end, the of enhancements. by mortgage portfolio credit at was covered XX%
Our increased XXXX. year, billion the increase $XX.X representing a end at XX% net the of worth to from
the mortgage them take by about Freddie relief contact which California or to available. encourage relief learn their incurring impacted months everyone moment mortgage XX include to affected servicers Mac Those These a our to is without Finally, to that up penalties. help. forbearance options fees to for offers I program, wildfires. Mac's immediate Freddie sympathy to express late now here know devastating We to should the want
billions nearly for and markets strong XXXX to our million our right in thing support built and resources renters provided they as apartment Freddie communities, the for and this provide home We conclusion, renters only possible as critical them another the it's disasters Providing families, was financial X.X well made for dedicated as liquidity and owners also help strike. and Mac to recover company, benefits do.
In not strength. to to year we natural investors plan respond buildings and prepare after to
today. already in to areas these in us work are We joining making hard ensure we XXXX at and continue beyond.
Thank strides for you
