Thank you, Priscilla, good and morning.
As healthy Priscilla XXXX's mentioned, This XXXX Net mainly billion interest XXXX. income net $XX.X is strong net with billion in in in slightly fee compared we lower reported $XX.X thanks income. income. net $XX.X in to guaranty income, interest billion than revenues to remained
corporate guaranty decline income income was higher portfolio, refinance XXXX, securities grew higher income While higher in driven our year in during to rates liquidity This lower environment. fee by due due to an fee deferred interest and interest by increase also rate slightly offset the activity. base on drove guaranty the a yields our in
primarily actual We an recognized we and Conversely, prices. forecasted to credit $X XXXX, a over recorded stronger-than-expected $X.X in home in billion benefit losses due for losses. credit billion XXXX, for provision
quarter of $X.X fourth fees strong liquidity income from by the driven net income guaranty net was billion and interest XXXX, For corporate portfolio. our
reported of in the while net XXXX, XXXX, XXXX. driven in billion our increase Now prior to in substantially billion release increased segments. let increase by $X.X me turn Starting with was This $XX.X compared those reserves an income credit in the single-family. of year. to reserves We
Our and actual an forecasted home reserve prices. release was in mainly due improvement to
XXXX our rates year, last volume Higher XXXX. XXXX lowest billion single-family $XXX a and loans level compared of volumes XX% nearly acquired lowest decrease drove since to in since before We refinance XXXX. their to mortgage
year to In percentage mortgages XX%. fact, purchased last our were grew of acquisitions that
weighted strong below average as origination business loan-to-value of remains overall XX% weighted of our of book XXX. single-family score Our rates credit book as single-family at mark-to-market average with XX% the interest X%. of of had and Nearly year-end year-end of ratio
decline our So whose single-family refinance. the of loans still most meaningfully, interest book not in rates be borrowers incentivized if even would to are
of up Fixed single-family of rate end last protect rate XX% shocks mortgage interest Fixed their against year. as payments. borrowers rate loans loans mortgage mortgage of the our made on book
Our of XX compared at XX of as low December as the points points near end historically basis levels single-family rate delinquency XXXX. of XX serious to basis remained
borrowers. testament the workout is and actors, enhanced this policies, market and to underwriting we addition support a lenders In options give to to loan
executed transactions Securities credit the programs, transfer on and risk paid $X.X Turning billion XXXX, of to portion We the approximately of we credit a risk in our single-family credit billion transfer transfer $XXX transferring the transfer our Avenue time risk unpaid risk transactions. Connecticut XX XXXX premiums risk insurance credit of principal on transactions. in balance single-family between annual at credit In outstanding our program.
provision in loans. In in a This XXXX. to primarily of in We XXXX, billion values In our XXXX, housing by due for loan a to losses decrease $X.X losses provision $XXX recorded $XXX changes million credit $X.X for increase losses, driven we billion multifamily primarily to an mostly reported on credit multifamily multifamily net income our for a Now seniors multifamily. and compared credit activity provision was year-over-year. recorded declining property we book. due the XXXX, in in overall million
losses property our year loans and of loss last for XXXX provision credit Our we in seniors housing in activities not did performed recovery because drive mitigation multifamily financials. some
However, our allowance for remained elevated. seniors housing loans
loans XXXX. to down acquired XX% billion acquisitions. in multifamily Turning year, last from $XX our We
certain XXXX at low. of by required market underserved and affordable year uncertainty volume mission total Continued market multifamily we FHFA rates high focused Based last met interest our for on that market volumes forth on requirements and kept business XX% set analysis, the segments. our that least
we remains debt multifamily weighted also XX% The original profile a ratio of original of XX%. with weighted Xx. had a book ratio average overall coverage These and strong, X.Xx. debt of the XXXX coverage ratio The had loans in our ratio weighted multifamily credit a average acquired loans average service of loan-to-value service weighted of loan-to-value average
interest to typically monitor to a the rates balloon multifamily maturity ability when their our of have to of reduce refinance book. they We the continue may elevated due. borrowers payment multifamily rates impacts loans Higher on prior
in multifamily coverage for also maturities X.X% Roughly service borrowers with X% in rates XXXX. approximately low. remain may Elevated is near-term of mature their is debt adjustable to expected our to higher interest book payments ratios. rate lower monthly and in mature result which expected XXXX mortgages, Our
the rate mortgages of end multifamily about book. our of made X% adjustable up December, As of
to loss serious We seniors of time delinquency increased achieved, be If loans such foreclosed rate the pursue which are year, XX as mitigation by appropriate basis of loan delinquencies. the in stress multifamily from upon. the may same appropriate, when resolve points Our actively our XX points workouts as XX, loans. housing actions as December basis driven workouts, cannot prior XXXX,
delinquency serious as down because December foreclosures. and from multifamily XX XX September Our of actions rate of of peak mitigation as is these recent loss basis points XX of the
may into expect our further We rate. decrease will delinquency continue activities XXXX, serious these which multifamily
our with sharing network of multifamily program, underwriting risk servicing our is form the risk we of shares delegated and DUS which primary acquire lenders. on DUS Our loans or
this to the of balance addition we which at in In XXXX, $XX the time principal credit of of a two risk transactions. credit risk multifamily transactions, on the transfer transferred completed billion risk sharing, portion nearly unpaid
Turning to capital.
As of This capitalized. amount was the $XX we the of billion significantly to $XXX needed of to end $XXX end with undercapitalized billion fully a compared shortfall XXXX. of shortfall the the improvement capital to be the a billion remain at year,
our Before out I'll share on for macroeconomic outlook XXXX. we close today, some thoughts
Our call economists below a an but for expectation replaced in for recession XXXX. modest growth trend their with positive have
and However, still heightened recession. a uncertainty faces in downside remain of risks risks, geopolitical economy risk the their significant view, higher-than-normal and including
We further which pullback cut a in the rate XX-year expects lead fixed mortgage to expect Reserve XXXX. in market currently X.X% year, will rate rates interest average this The we Federal rates. to to mortgage believe the
recovery. the are challenges, this, will of inventory we from of home low homes to trillion XXXX in expect Because expected mortgage to sale for $X single-family effect sales a affordability trillion XXXX. originations begin While likely to persist, nearly slow a and in grow $X.X lock-in single-family available
and given environment, Purchases to of estimate approximately will make we XX% they the to year. single-family mortgage are market continue likely dominate this the originations rate
housing year, supply In starts elevated abundant will to in muted expect market, markets likely that believe the trends we year. decline interest rates, similar continue this rent some growth, we we see given multifamily last multifamily and to saw in XXXX
XXXX completions recent rent $XXX between billion. to result remain slowing averages expect and are origination in X% the to in anticipated rising expected of remain Multifamily range We of below XXXX volumes subdued construction and as consumer growth. levels X.X% in new $XXX billion job debt, growth a at to elevated
that I provides web pages a supplement into our our for you'll joining filing with find where invite us visit insights you today. Thank you today's to financial additional business.
