Fannie Mae’s third-quarter income was up and the government-sponsored enterprise has now posted profits every quarter for the last four and a half years, reports HousingWire staffer Kelsey Ramirez.
In the third quarter, the company posted a net income of $3.2 billion and comprehensive income of $3 billion. Last quarter’s net income was $2.9 billion and at this time last year it was $1.9 billion. Because of the trend, Fannie Mae will return $3 billion to the U.S. Treasury.
The company attributed income increase in part to its new developments in the digital realm.
“Fannie Mae is delivering tools and technologies that reduce costs and increase efficiency for our customers,” Fannie Mae President and CEO Timothy J. Mayopoulos said. “We have partnered with lenders to develop new solutions that meet their most important needs.”
“We will continue to innovate so that we can help customers create a faster, safer and, ultimately, fully digitized mortgage experience for borrowers,” Mayopoulos said.