v3.25.2
Concentrations of Credit Risk
 6 Months Ended
Jun. 30, 2025
Risks and Uncertainties [Abstract]  
Concentrations of Credit Risk Concentrations of Credit Risk
Risk Characteristics of our Guaranty Book of Business
One of the measures by which management gauges our credit risk is the delinquency status of the mortgage loans in our guaranty book of business.
For single-family and multifamily loans, management uses this information, in conjunction with housing market data, other economic data, our capital requirements and our mission objectives, to help inform changes to our eligibility and underwriting criteria. Management also uses this data together with other credit risk measures to identify key trends that guide the development of our loss mitigation strategies.
We report the delinquency status of our single-family and multifamily guaranty book of business below.
Single-Family Credit Risk Characteristics
For single-family loans, management monitors the serious delinquency rate, which is the percentage of single-family loans, based on number of loans, that are 90 days or more past due or in the foreclosure process, and loans that have higher risk characteristics, such as high mark-to-market LTV ratios.
The following tables display the delinquency status and serious delinquency rates for specified loan categories of our single-family conventional guaranty book of business.
As of
June 30, 2025
December 31, 2024
30 Days Delinquent60 Days DelinquentSeriously Delinquent30 Days Delinquent60 Days DelinquentSeriously Delinquent
Percentage of single-family conventional guaranty book of business based on UPB0.94 %0.24 %0.58 %1.00 %0.28 %0.60 %
Percentage of single-family conventional loans based on loan count0.99 0.25 0.53 1.05 0.29 0.56 
As of
June 30, 2025
December 31, 2024
Percentage of
Single-Family
Conventional
Guaranty Book of Business
Based on UPB
Serious Delinquency Rate
Percentage of
Single-Family
Conventional
Guaranty Book of Business
Based on UPB
Serious Delinquency Rate
Estimated mark-to-market LTV ratio:
80.01% to 90%6 %0.95 %6 %0.97 %
90.01% to 100%3 0.82 3 0.77 
Greater than 100%*3.48 *2.82 
Geographical distribution:
California19 0.43 19 0.41 
Florida6 0.84 6 0.96 
Illinois3 0.66 3 0.69 
New York4 0.75 4 0.79 
Texas8 0.66 8 0.73 
All other states60 0.49 60 0.51 
*    Represents less than 0.5% of single-family conventional guaranty book of business.
Multifamily Credit Risk Characteristics
For multifamily loans, management monitors the serious delinquency rate, which is the percentage of multifamily loans, based on unpaid principal balance, that are 60 days or more past due, and loans with other higher risk characteristics to determine the overall credit quality of our multifamily book of business. Higher risk characteristics include, but are not limited to, current debt service coverage ratio (“DSCR”) below 1.0 and original LTV ratio greater than 80%. We stratify multifamily loans into different internal risk categories based on the credit risk inherent in each individual loan.
The following tables display the delinquency status and serious delinquency rates for specified loan categories of our multifamily guaranty book of business.
As of
June 30, 2025(1)
December 31, 2024(1)
30 Days Delinquent
Seriously Delinquent(2)
30 Days Delinquent
Seriously Delinquent(2)
Percentage of multifamily guaranty book of business0.13 %0.61 %0.10 %0.57 %
As of
June 30, 2025December 31, 2024
Percentage of Multifamily Guaranty Book of Business(1)
Serious Delinquency Rate(2)(3)
Percentage of Multifamily Guaranty Book of Business(1)
Serious Delinquency Rate(2)(3)
Original LTV ratio:
Greater than 80%1 %0.11 %1 %0.12 %
Less than or equal to 80%99 0.61 99 0.58 
Current DSCR below 1.0(4)
5 4.84 6 4.94 
(1)Calculated based on the aggregate unpaid principal balance of multifamily loans for each category divided by the aggregate unpaid principal balance of loans in our multifamily guaranty book of business.
(2)Consists of multifamily loans that were 60 days or more past due as of the dates indicated.
(3)Calculated based on the unpaid principal balance of multifamily loans that were seriously delinquent divided by the aggregate unpaid principal balance of multifamily loans for each category included in our multifamily guaranty book of business.
(4)Our estimates of current DSCRs are based on the latest available income information, including the related debt service covering a 12-month period, from quarterly and annual statements for these properties.
Other Concentrations
For information on credit risk associated with our derivative transactions and repurchase agreements see “Note 9, Derivative Instruments” and “Note 12, Netting Arrangements.” For information on other concentrations related to mortgage insurers and mortgage servicers and sellers, see “Note 14, Concentrations of Credit Risk—Other Concentrations” in our 2024 Form 10-K.