Thanks, good and morning. Hugh,
highest of ongoing The country third Record economic Those of produce has quarter overall as the our the the some trends this demand to rise ongoing grapple interest and an prices supply market results strong. the housing with one drove remained the impact contrasts. to pandemic, as of while strong remarkably of housing due to continued ever refinanced yet was volumes low rates. rates low and we've social continues imbalance impact well quarter. The seen,
cautious. However, remain we
arising remains our whether we economy overseas. the economically segments both country there of COVID additional clarity are focused uncertainty. the extraordinary infection mission see to navigate in on and on times. Large struggling Nevertheless, as again U.S. measures. recover, little the remain levels While will continues a and much stimulus we these role is there we and
the risk acquisition managing ensuring and maintain through we book of that of First, record this our committed period guarantee quality we volumes. to are
increased approximately billion primarily of particularly medium we this supports as from significant been a third to per to the liquidity Second, source day small average conduit, whole Conduit $X.X the remain market XXXX lenders. volumes sized loan quarter. to the which has case for our quarter XXX% of
FHSA with in homes and Third, to forbearance to allow critically the them whenever find solutions stay and will in tirelessly for those we possible. that homeowners their our important, are working servicers
activity X.X%. as net from $X.X We X%, the second levels, prior and interest increased turn loans. environment Fannie the quarter. while These the third sale in a as quarter, the billion redesignation operating billion below Mae strong in of $XXX our $X.X of quarter, Let XX-year dipped of particularly increase refinance contributed quarter was revenues declined me now prices volume, was reperforming to XX% drove our million income. the to in the again trends amortization rates net a benefited income by the results. $X.X a strong increase from portfolio reported In rate billion, results and Comprehensive which up home
redesignated the million driven second from gains, incomes the sell billion generated $XXX the of the the offset quarter. total, quarter. of This first by in approximately of shortly. in well approximately more Additionally, allowance. to prices, these continued generated sold the pool $X.X we the the as $XXX by credit-related credit-related to and partially of loans to improved allowance. the million investment plan on the improved loans release detail sale discuss I We from $XXX million will quarter, uncertainty In while RPL approximately income of held-for-sale as mentioned, home associated credit in pool I as second fourth by redesignations redesignation of impact credit reperforming credit the of COVID held-for-investment
held gains second losses losses at debt value lower approximately third derivatives. quarter million the $XXX enhancement fair the and fair lower on on value Lastly, higher by were credit than driven in
will to I results. our turn Now segment
amortization $XXX the quarter, up Purchase the in XX% business from lower second single-family income refinance earned $X.X from second. net volume gains. and XX% to billion the remained of third quarter. increased higher income, value investment in Our increased the losses, acquisitions driven in in high billion, higher credit-related by income, higher acquisitions quarter, X.X volume from the total XX% Single-family second third while of fair
rate profile credit to strong XXX The XXX our XXXX. FICO the in quarter decreased nearly forbearance. have same acquisitions the LTVs the XX from scores points basis single-family from quarter from earlier. remained largely of XX% XX% doubled and points serious points acquisitions basis due mortgage and by to comparison, delinquency to increased For COVID-related year from as loans second XX to increased This
do until recently past became XX As a SDQ. as opted reminder, had we that Thus, forbearance loans previously not loans they due. are only delinquent into days our some classify seriously program
SDQ in loans the forbearance, points points from XX six rate would basis Excluding up quarter, have the in been second. basis the COVID-related
value second the $XXX relatively net gains net and to third interest the lower multifamily, fair income, it losses. to Turning value credit-related income fair lower offset expenses were quarter to by flat in million shifts of was from as
so COVID-related While core increased business interest of in guarantee charge-offs Multifamily’s quarter-over-quarter a a to maintenance quarter allowance overall the the to fee XX acquisitions largely cap. seniors billion single-family. that a up the forbearance, portfolio second driven delinquency third declined the under XXX for the of was net due to $XX fourth impact quarter Multifamily billion volume the for second, $XX lower points, rate entered by strong the forbearance. was $XX billion, decrease with of income credit income, consistent growing of up in income defaulted and quarter out FHFA’s pricing. quarter, yield by basis driven increased large losses $XXX Multifamily’s third book due down billion of capacity We with remaining from from serious quarter. of
rate Excluding nine would five loans points basis the third second. from in SDQ quarter down been forbearance, have in the
for of and forbearance end X.X% Cumulative on count. provide me on up COVID through take Let impacts. the an for forbearance on related based update based rates X.X% COVID A UPB. loan single-family September was now multifamily
Forbearance had forecast of trends at onset the remain pandemic. initially the better than we
based or paying For interest. X.X% of leaving remain that active on single-family X.X XX% of guarantee loan this in loans forbearance. still loans have have are principal forbearance the of loans the monthly forbearance, year, single-family current million count in entered book And XXX,XXX the already approximately XX% the that exited, and and
to For multifamily, rate throughout loans ultimate X.X X% of the enter forbearance with plan. and since or approximately has repayment that will and single-family UPB has billion of multifamily to exited the a half forbearance approximately multifamily X% that X for UPB date entered for be XXXX. of We forecast COVID the book the forbearance and take-up now entered continuing
Let me the and our briefly forbearance recap of financial impact results.
As to was year. for valuation previously amounts approximately noted, part recorded net of COVID, loss over addition allowance by million credit offset $XXX accrue third of the and to reserve third our delinquent impacted as an an interest we allowance regular we allowance. contributed have interest year-to-date. in COVID for the That continue increase million on and income interest $X.X the in the we of quarter $XXX is in quarter by billion $XXX which nearly million This loan partially our loans
to pandemic. Additionally, are as advance totaled we a or long XXXX. billion of but the under in are have modification be interest period, thus $X.X advances in trust, far purchase the loans purchases for anticipate start Also, since the while Those amount of could a we these forborne enter significant require we flex to loans been payments have services. forbearance, and they non-performing principal limited,
elevated We loan in funding in maintaining advances expected anticipation the addition support buyouts to of whole and have issued of conduit. debt our P&I loan
issuance, this $XXX third of $XXX was this billion of just the PSPA at outstanding compared a a when year ago. mandated billion debt under result cap end billion our the As $XXX quarter, to
designated third in due roughly As to I primarily mentioned read RPL million impact the of million the $XXX we quarter. reserves the before, credit-related the income that portfolio in was approximately releasing quarter, in $XXX
the activity quarter credit-related in for improvements was market housing as income uncertainty. were Excluding by that economic relatively offset flat the continued
the of net our $X.X at FHFA’s $X.X to billion over capital, and in rule to to our our year billion, X the the income compared or capital quarter. $XXX which net The conservatorship proposed proposed includes acquisition next. quarter comprehensive worth late third billion increased to $XX.X the $XXX Turning anticipate the billion end requirement of profile. of a tier worth $XX.X Also a be second as floor, billion written, from historically acquisition impact the continued price the capital. requirements, quarter, strong home the appreciation increasing in We by We requirements capital, mainly early driven reflects relief improved finalization and an of capital impact loans reduced rule, benefits in from and capital offset forbearance, new capital from of CRT requirements, reduction billion the as reduction under in CRT. that volumes, of which regulatory common weight and this would capital conservatorship equity total buffer capital or estimate approximately risk increased
the GDP how project that additional affect and there outlook, to an economy year turn assumes by GDP currently to forecast recently to housing which Now This both performance. X.X%. QX Mae's full future may financial that Fannie our of to not us estimates. year, for downgrade round We will be stimulus led XXXX our like this I'd decline growth briefly and
all third X%, outlook been We home of growth our growth since quarter. full quarter. through XXXX improved the forecast realized year home of of X.X% home price However, forecast already second in has now for price has prices XXXX. the which We
prior meaningfully trillion. XXXX, market trends, to originations to XXXX we revised record surpassing interest $X.X the were when forecast extremely originations trillion, upward market expect from low these Because We $X.X remain XXXX. of or through rates have for
to refinance $X.X originations XXXX decrease to activity. in trillion, by expect a driven We decrease
of side, have has we purchase since of volumes multifamily the multifamily volumes have Thus, recover remained the strong while seen our strong. the On activity we start pandemic, improved year. for to see rest expect the refinance through the and outlook
high balances the above that current point levels through I of as a loan outstanding next. will estimate half least would by believe at year mentioned, have about refinancing. rest We raised single-family approximately economically and XX% and Looking percentage activity, refinance benefit forward, remain into we the thus first-lien
high As the income through continue we and into result, of quarter expect first levels amortization likely to half of a fourth XXXX. the
anticipate This significant mentioned loans purchase I to we XXXX. unamortized of premiums As trust will we pays further out previously, a as having amortization COVID-affected also net MBS security down. in since income related on number of boost mortgage debt recognize
continue The grows. and clarity from government risks. significant reserves pandemic benefit the affected to a likely credit around are by remain measures may of stimulus resurgence COVID levels, be our uncertain risk of the economic we as While activity outlook lack the impact to additional of robust
a exposure, quarter related which of hedge to accounting rate final XXXX, expect to implement we exposure will note, movements As interest to remain. in we our volatility so spread plan the earnings reduce first will
noted in Hugh safety crisis. our housing needed times bad. on homeowners, finance of soundness As in support a we system. Mae good of provide focus and And multiple the in liquidity ensure times roles. serves to his remarks, and have Fannie We the mission particularly unique We
we homeowners continue with will but with roles. remain of the on significant crosscurrents forbearance, acquisitions, the of levels take navigate important and And that also I mortgage these to fulfilling As of focused will extraordinary we Hugh record in a number your pandemic questions.
