Dave. you, Thank
net $X.X mentioned, a quarter As to Dave of reported the XXXX. we decrease income the of third in compared second billion of quarter, $X.X billion
the to compared revenues billion $X.X X% revenues second in We this $X.X quarter. decrease of also the of billion net an quarter, recorded net
results by remarks. addressed the two in primary both macroeconomic I’ll primarily quarter, our his the impacted drivers reflect factors of of were Dave on for which
expense. Credit-related the quarter quarter credit-related expense XXXX. million in the $X.X to second billion in $XXX First, from of third increased
Our in credit-related home decreases the third quarter primarily forecasted was expense actual by prices the discussed. and driven in Dave
the average impacts in strong have business, the for of equity the mark-to-market seen of loan-to-value loans increases and that their likelihood default While as amount in which prices will built on our losses estimate book increased and of credit home our loss our default, credit provision homes do loans losses. borrowers ratio of up that increase lower
a provision our As we losses analysis part hurricanes. result also credit our reviewed loss our of of recent allowance, for ongoing as of
by some result the hurricanes also that loans of single-family increase will become unpaid loans principal a their in delinquent We seriously forbearance requesting expect hurricanes balance as on in our of is It borrowers by the affected affected the that forbearance. may forbearance. possible borrowers
Despite experience assessment of we our loss potential appropriately that these based recent the models hurricanes our these and concluded of on conditions. current loss impact historical factors, credit reflect our
impacts We and of hurricanes monitor the Ian Fiona. will to continue
We borrowers. These affected changes the expectations also to and the and insurance assistance of performance, our could periods. loan state in looking amount will coverage change to surrounding and factors hurricanes estimate at availability relating be future of to losses federal credit
billion Net thus, declined lower net million compared to interest billion Second, interest income. fewer higher reduced driven quarter, resulted income activity was in prepayments. $X.X amortization lower to second by environment the rate refinancing interest because primarily income. from the Amortization $X.X and loan $XXX income
to trends like in notable now business. highlight I’d single-family our few a
in volumes the acquisition XX% purchase mentioned, quarter Dave of mortgages. As our third were
in compared XX% of from purchase the quarter over quarter the a XXX of third increased, As in single-family the quarter we XXXX, XX% XXXX ratios saw third of in home percentage increase our with the of scores acquisitions loan to share Acquisition second acquisitions XXXX. of the the averaged with relative loan-to-value FICO quarter XXXX. in of acquisitions XX% second of flat
quarter, through book loan decreased modifications XX that and attributable entered we September at to XXXX. deferrals. transfer we business, as While Dave June unpaid I’ll manage provided book risk Mae single-family decrease principal primarily XX, credit SDQ, And XXXX, also Fannie mainly to health our continue of during of XX, risk balance X.XX% is the of on rate payment successfully of on X.XX% billion forbearance the the six overall single-family business, loans our exit with single-family basis in the as credit entered time transactions compared to continuing our delinquency, the add guarantee some serious statistics to transactions. or as $XXX referencing into of points This
Now provided affordable turning the quarter multifamily with of XXXX, quarter compared in to both and these third of of decrease billion of our bulk of $X.X vital housing. acquired for we loans support the XXXX. $XX.X second The workforce acquisitions billion multifamily a business,
multifamily As The of credit profile X.Xx. for of average end weighted $XX third coverage of quarter, approximately and multifamily debt ratio cap strong, of ratio with remained the a original XX% a loan-to-value our service of under billion volume business billion $XX remained of weighted average book our XXXX. the
The XXXX. Our that XX of basis multifamily declined points the of X XXXX, COVID-XX as basis September from as forbearance basis the points since from XX, multifamily recover a pandemic. SDQ to excluding June of of as XX, have continued start SDQ points pandemic loans XXXX, September the loans XX received rate rate as was XX, to
be In $XX addition, reference $XXX on the CRT risk MSR year. through in billion new a we credit only program. into multifamily This CRT will September, pool million a our of entered our deal acquisitions of of deal transferring
touch our position. to upon like would capital I Next,
on capital network. included of changes occurred It’s lag quarter tax fully to capitalized, XX, from to As calculation $X the capital that our incorporate deferred the that price of a second of XXXX, capital available as Lower of to excludes was of September the in assets, improvement stock billion retained price needed earnings $XXX the be improvement one a This a value preferred calculations requirements note regulatory shortfall single-family calculation XXXX. and the primarily quarter were well which billion in our in we due enterprise as of stated as capital our of home to XX, capital home lower senior issuances the amount increase changes our CRT capital are June and result important requirements. an framework both under the had basis.
Dave’s impacts will now Mae. expand on and the I of few Fannie a broader on to remarks economy
of rates market $X.X XXXX in trillion, market come single-family originations originations. We of a inflation further and mortgage XXXX a revised mortgage affordability, with project our XX% single-family approximately XXXX, continuing with to now $X.X originations XX% XXXX that single-family of originations. from year As the expected We a we from weigh decrease originations. decline higher expect full on trillion, further for to purchase activity purchase XX% from forecast of in of interest mortgage for currently mortgage to coming result activity downward market XXXX
$XXX $XXX and mortgage primarily down billion for and billion, this expect XXXX multifamily we will a in $XXX slowing start interest year, estimated rates the We sales. of that from between rising market at be billion the to multifamily originations due property
expense significant income compared in credit-related the in of months nine XXXX, with expense XXXX. amount recognized we expect credit-related the first have of significant credit-related XXXX Given in we
a income XXXX also XXXX, by environment. refinancing expect amortization due in much to driven in lower less interest compared We rate significantly activity mortgage with XXXX higher
However, income income offset in we income. be largely and to expect in net base amortization this increases from by decline interest guarantee portfolios fee increases in
net with lower XXXX. in to in income We result expect XXXX these compared factors
back we economic supplement on into provide on published also and to housing that our our have and it with turn website, our a Dave, I data business. audience that Before would filing I our we outlook remind provides insights like commentary to today’s additional additional financial
back that, to With I will turn Dave. it you,
