Mortgage Loans (Tables)

3 Months Ended

Mar. 31, 2026

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

The following table displays the carrying value of our mortgage loans and allowance for loan losses.


	As of
	March 31, 2026		December 31, 2025
	(Dollars in millions)
Single-family	$	3,560,543	$	3,570,904
Multifamily	532,841		524,962
Total UPB of mortgage loans	4,093,384		4,095,866
Cost basis and fair value adjustments, net	30,273		31,811
Allowance for loan losses for HFI loans	(8,357)		(8,364)
Total mortgage loans(1)	$	4,115,300	$	4,119,313

(1)Excludes $11.4 billion and $11.3 billion of accrued interest receivable as of March 31, 2026 and December 31, 2025, respectively.

The following table displays information about our purchase of HFI loans, redesignation of loans and sales of mortgage loans during the period.


		For the Three Months Ended March 31,

			2026		2025
	(Dollars in millions)
Purchase of HFI loans:
Single-family UPB			$	98,465	$	63,627
Multifamily UPB			16,852		11,514

Single-family loans redesignated from HFI to HFS:
Amortized cost			$	—	$	510
Lower of cost or fair value adjustment at time of redesignation(1)			—		(69)
Allowance reversed at time of redesignation			—		17

(1)Consists of the write-off against the allowance at the time of redesignation.

Financing Receivable, Past Due

The following tables display an aging analysis of the total amortized cost of our HFI mortgage loans by portfolio segment and class of financing receivable, excluding loans for which we have elected the fair value option.


	As of March 31, 2026
	30 - 59 Days Delinquent		60 - 89 Days Delinquent		Seriously Delinquent(1)		Total Delinquent		Current		Total		Loans 90 Days or More Delinquent and Accruing Interest		Nonaccrual Loans with No Allowance(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	30,127	$	8,662	$	21,097	$	59,886	$	3,176,040	$	3,235,926	$	121	$	4,150
15-year or less, amortizing fixed-rate	1,199		267		526		1,992		311,655		313,647		5		235
Adjustable-rate	151		31		97		279		30,741		31,020		—		17
Other(3)	419		119		342		880		16,139		17,019		11		127
Total single-family	31,896		9,079		22,062		63,037		3,534,575		3,597,612		137		4,529
Multifamily(4)	373		N/A		3,434		3,807		527,906		531,713		7		2,022
Total	$	32,269	$	9,079	$	25,496	$	66,844	$	4,062,481	$	4,129,325	$	144	$	6,551


	As of December 31, 2025
	30 - 59 Days Delinquent		60 - 89 Days Delinquent		Seriously Delinquent(1)		Total Delinquent		Current		Total		Loans 90 Days or More Delinquent and Accruing Interest		Nonaccrual Loans with No Allowance(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	33,764	$	10,205	$	20,857	$	64,826	$	3,175,684	$	3,240,510	$	171	$	3,713
15-year or less, amortizing fixed-rate	1,313		310		547		2,170		320,414		322,584		7		193
Adjustable-rate	155		43		96		294		28,312		28,606		1		17
Other(3)	455		127		354		936		16,690		17,626		12		133
Total single-family	35,687		10,685		21,854		68,226		3,541,100		3,609,326		191		4,056
Multifamily(4)	519		N/A		3,240		3,759		520,194		523,953		18		1,985
Total	$	36,206	$	10,685	$	25,094	$	71,985	$	4,061,294	$	4,133,279	$	209	$	6,041

(1)Single-family seriously delinquent loans are loans that are 90 days or more past due or in the foreclosure process. Multifamily seriously delinquent loans are loans that are 60 days or more past due.

(2)Primarily consists of loans for which we have recorded write-offs upon determining that amounts are uncollectible, resulting in the removal of the associated allowance for loan losses.

(3)Reverse mortgage loans included in “Other” are not aged due to their nature and are included in the current column.

(4)Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.

Credit Quality Indicators

The following tables display information about the credit quality of our single-family mortgage loans as well as write-offs by class of financing receivable and year of origination.


	Credit Quality Indicators as of March 31, 2026 and Write-offs for the Three Months Ended March 31, 2026, by Year of Origination(1)
	2026		2025		2024		2023		2022		Prior		Total
	(Dollars in millions)
Estimated mark-to-market LTV ratio:(2)
20- and 30-year or more, amortizing fixed-rate:
Less than or equal to 80%	$	36,125	$	165,507	$	147,187	$	138,942	$	306,059	$	2,056,187	$	2,850,007
Greater than 80% and less than or equal to 90%	8,648		55,521		61,284		46,835		47,842		14,851		234,981
Greater than 90% and less than or equal to 100%	12,752		65,397		34,598		14,962		12,904		2,355		142,968
Greater than 100%	—		512		1,784		2,157		3,008		509		7,970
Total 20- and 30-year or more, amortizing fixed-rate	57,525		286,937		244,853		202,896		369,813		2,073,902		3,235,926
Current-year 20- and 30-year or more, amortizing fixed-rate write-offs	—		10		21		23		39		33		126
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	3,936		14,952		6,362		4,844		25,749		254,785		310,628
Greater than 80% and less than or equal to 90%	395		1,376		349		90		55		3		2,268
Greater than 90% and less than or equal to 100%	189		491		55		5		9		—		749
Greater than 100%	—		1		1		—		—		—		2
Total 15-year or less, amortizing fixed-rate	4,520		16,820		6,767		4,939		25,813		254,788		313,647
Current-year 15-year or less, amortizing fixed-rate write-offs	—		—		—		—		1		1		2
Adjustable-rate:
Less than or equal to 80%	1,668		5,542		1,262		1,486		3,893		12,256		26,107
Greater than 80% and less than or equal to 90%	397		1,487		412		382		510		27		3,215
Greater than 90% and less than or equal to 100%	270		921		159		117		143		9		1,619
Greater than 100%	—		2		5		24		47		1		79
Total adjustable-rate	2,335		7,952		1,838		2,009		4,593		12,293		31,020
Current-year adjustable-rate write-offs	—		—		—		—		—		—		—
Other:
Less than or equal to 80%	—		—		—		—		—		14,236		14,236
Greater than 80% and less than or equal to 90%	—		—		—		—		—		40		40
Greater than 90% and less than or equal to 100%	—		—		—		—		—		20		20
Greater than 100%	—		—		—		—		—		19		19
Total other	—		—		—		—		—		14,315		14,315
Current-year other write-offs	—		—		—		—		—		1		1

Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	41,729	$	186,001	$	154,811	$	145,272	$	335,701	$	2,337,464	$	3,200,978
Greater than 80% and less than or equal to 90%	9,440		58,384		62,045		47,307		48,407		14,921		240,504
Greater than 90% and less than or equal to 100%	13,211		66,809		34,812		15,084		13,056		2,384		145,356
Greater than 100%	—		515		1,790		2,181		3,055		529		8,070
Total	$	64,380	$	311,709	$	253,458	$	209,844	$	400,219	$	2,355,298	$	3,594,908
Total current-year write-offs	$	—	$	10	$	21	$	23	$	40	$	35	$	129


	Credit Quality Indicators as of December 31, 2025 and Write-offs for the Year Ended December 31, 2025, by Year of Origination(1)
	2025		2024		2023		2022		2021		Prior		Total
	(Dollars in millions)
Estimated mark-to-market LTV ratio:(2)
20- and 30-year or more, amortizing fixed-rate:
Less than or equal to 80%	$	145,040	$	152,418	$	142,942	$	306,573	$	792,049	$	1,301,401	$	2,840,423
Greater than 80% and less than or equal to 90%	54,527		62,451		52,313		53,203		14,848		2,790		240,132
Greater than 90% and less than or equal to 100%	69,983		44,582		18,590		15,374		2,184		517		151,230
Greater than 100%	566		2,035		2,314		3,137		479		194		8,725
Total 20- and 30-year or more, amortizing fixed-rate	270,116		261,486		216,159		378,287		809,560		1,304,902		3,240,510
Current-year 20- and 30-year or more, amortizing fixed-rate write-offs	5		56		92		176		106		242		677
15-year or less, amortizing fixed-rate:
Less than or equal to 80%	13,753		6,794		5,149		26,742		125,837		141,455		319,730
Greater than 80% and less than or equal to 90%	1,464		440		127		82		6		—		2,119
Greater than 90% and less than or equal to 100%	619		88		11		13		—		—		731
Greater than 100%	1		2		1		—		—		—		4
Total 15-year or less, amortizing fixed-rate	15,837		7,324		5,288		26,837		125,843		141,455		322,584
Current-year 15-year or less, amortizing fixed-rate write-offs	—		1		1		3		1		3		9
Adjustable-rate:
Less than or equal to 80%	4,550		1,324		1,533		3,956		4,859		7,841		24,063
Greater than 80% and less than or equal to 90%	1,493		442		432		560		32		4		2,963
Greater than 90% and less than or equal to 100%	987		206		131		165		9		1		1,499
Greater than 100%	2		3		24		51		1		—		81
Total adjustable-rate	7,032		1,975		2,120		4,732		4,901		7,846		28,606
Current-year adjustable-rate write-offs	—		—		1		1		—		—		2
Other:
Less than or equal to 80%	—		—		—		—		—		14,701		14,701
Greater than 80% and less than or equal to 90%	—		—		—		—		—		45		45
Greater than 90% and less than or equal to 100%	—		—		—		—		—		21		21
Greater than 100%	—		—		—		—		—		21		21
Total other	—		—		—		—		—		14,788		14,788
Current-year other write-offs	—		—		—		—		—		35		35
Total for all classes by LTV ratio:(2)
Less than or equal to 80%	$	163,343	$	160,536	$	149,624	$	337,271	$	922,745	$	1,465,398	$	3,198,917
Greater than 80% and less than or equal to 90%	57,484		63,333		52,872		53,845		14,886		2,839		245,259
Greater than 90% and less than or equal to 100%	71,589		44,876		18,732		15,552		2,193		539		153,481
Greater than 100%	569		2,040		2,339		3,188		480		215		8,831
Total	$	292,985	$	270,785	$	223,567	$	409,856	$	940,304	$	1,468,991	$	3,606,488
Total current-year write-offs	$	5	$	57	$	94	$	180	$	107	$	280	$	723

(1)Excludes amortized cost of $2.7 billion and $2.8 billion as of March 31, 2026 and December 31, 2025, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies, which represents primarily reverse mortgages for which we do not calculate an estimated mark-to-market LTV ratio. For the three months ended March 31, 2026 and year ended December 31, 2025, it also excludes write-offs of $1 million and $6 million, respectively, of mortgage loans guaranteed or insured, in whole or in part, by the U.S. government or one of its agencies. Year of loan origination may not be the same as the period in which we subsequently acquired the loan.

(2)The aggregate estimated mark-to-market LTV ratio is based on the UPB of the loan divided by the estimated current value of the property as of the end of each reported period, which we calculate using an internal valuation model that estimates periodic changes in home value.

The following tables display the total amortized cost of our multifamily mortgage loans by year of origination and credit-risk rating. Property rental income and property valuations are key inputs to our internally assigned credit risk ratings. The tables below also include current year write-offs of our multifamily mortgage loans by year of origination.


	Credit Quality Indicators as of March 31, 2026 and Write-offs for the Three Months Ended March 31, 2026, by Year of Origination(1)
	2026		2025		2024		2023		2022		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Pass(2)	$	6,722	$	77,695	$	52,044	$	48,418	$	48,543	$	269,125	$	502,547
Special mention(3)	—		14		196		82		156		1,183		1,631
Substandard(4)	—		105		2,148		4,009		6,876		14,397		27,535
Doubtful(5)	—		—		—		—		—		—		—
Total	$	6,722	$	77,814	$	54,388	$	52,509	$	55,575	$	284,705	$	531,713
Current-year write-offs	$	—	$	—	$	19	$	34	$	76	$	114	$	243


	Credit Quality Indicators as of December 31, 2025 and Write-offs for the Year Ended December 31, 2025, by Year of Origination(1)
	2025		2024		2023		2022		2021		Prior		Total
	(Dollars in millions)
Internally assigned credit risk rating:
Pass(2)	$	67,503	$	52,368	$	48,990	$	49,486	$	58,248	$	218,704	$	495,299
Special mention(3)	—		187		124		155		246		793		1,505
Substandard(4)	378		1,920		3,753		6,567		3,291		11,239		27,148
Doubtful(5)	—		—		—		—		—		1		1
Total	$	67,881	$	54,475	$	52,867	$	56,208	$	61,785	$	230,737	$	523,953
Current-year write-offs	$	—	$	17	$	111	$	108	$	66	$	168	$	470

(1)Year of loan origination may not be the same as the period in which we subsequently acquired the loan.

(2)A loan categorized as “Pass” is current or adequately protected by the current financial strength and debt service capability of the borrower.

(3)“Special mention” refers to loans that are otherwise performing but have potential weaknesses that, if left uncorrected, may result in deterioration in the borrower’s ability to repay in full.

(4)“Substandard” refers to loans that have a well-defined weakness that jeopardizes the timely full repayment.

(5)“Doubtful” refers to a loan with a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions and values.

Financing Receivable, Loan Modification

The following tables display the amortized cost of HFI mortgage loans that were restructured, during the periods indicated, presented by portfolio segment and class of financing receivable.















	For the Three Months Ended March 31, 2026
	Payment Delay (Only)
	Forbearance Plan		Payment Deferral		Trial Modification and Repayment Plans		Payment Delay and Term Extension(1)		Payment Delay, Term Extension, Interest Rate Reduction, and Other(1)		Total		Percentage of Total by Financing Class(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	5,979	$	2,884	$	5,799	$	2,626	$	347	$	17,635	1	%
15-year or less, amortizing fixed-rate	186		75		157		57		2		477		*
Adjustable-rate	40		9		18		—		1		68		*
Other	29		24		44		16		5		118		1
Total single-family	6,234		2,992		6,018		2,699		355		18,298		1
Multifamily	11		—		—		—		—		11		*
Total(3)	$	6,245	$	2,992	$	6,018	$	2,699	$	355	$	18,309	*















	For the Three Months Ended March 31, 2025
	Payment Delay (Only)
	Forbearance Plan		Payment Deferral		Trial Modification and Repayment Plans		Payment Delay and Term Extension(1)		Payment Delay, Term Extension and Interest Rate Reduction(1)		Total		Percentage of Total by Financing Class(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	7,211	$	3,502	$	6,158	$	2,611	$	136	$	19,618	1	%
15-year or less, amortizing fixed-rate	254		119		169		4		—		546		*
Adjustable-rate	42		11		21		—		2		76		*
Other	43		32		60		19		8		162		1
Total single-family	7,550		3,664		6,408		2,634		146		20,402		1
Multifamily	612		—		—		—		22		634		*
Total(3)	$	8,162	$	3,664	$	6,408	$	2,634	$	168	$	21,036	1

* Represents less than 0.5% of total by financing class.

(1) Represents loans that received a contractual modification.

(2) Based on the amortized cost basis as of period end, divided by the period-end amortized cost basis of the corresponding class of financing receivable.

(3) Excludes $111 million for the three months ended March 31, 2026, and $169 million for the three months ended March 31, 2025, for loans that were the subject of loss mitigation activity during the period that paid off, were repurchased or were sold prior to period end. Also excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale. Loans may move from one category to another, as a result of the restructuring(s) they received during the period.

The following tables summarize the financial impacts of loan modifications and payment deferrals made to single-family HFI loans presented by class of financing receivable. We discuss the qualitative impacts of forbearance plans, repayment plans, and trial modifications in our 2025 Form 10-K in “Note 4, Mortgage Loans.” As a result, those loss mitigation options are excluded from the table below.











	For the Three Months Ended March 31,
	2026					2025
	Weighted-Average Interest Rate Reduction		Weighted-Average Term Extension (in Months)	Average Amount Capitalized as a Result of a Payment Delay(1)		Weighted- Average Interest Rate Reduction		Weighted- Average Term Extension (in Months)	Average Amount Capitalized as a Result of a Payment Delay(1)
Loan by class of financing receivable:(2)
20- and 30-year or more, amortizing fixed-rate	0.63	%	145	$	13,514	0.63	%	157	$	12,403
15-year or less, amortizing fixed-rate	0.95		52	11,192		1.13		65	8,660
Adjustable-rate	0.64		—	10,770		—		—	10,333
Other	0.66		139	13,866		1.00		174	11,647

(1) Represents the average amount of delinquency-related amounts that were capitalized as part of the loan balance. Amounts are in whole dollars.

(2) Excludes the financial effects of modifications for loans that were paid off or otherwise liquidated as of period end.

The following tables display the amortized cost of HFI loans that defaulted during the period and had received a completed modification or payment deferral in the twelve months prior to the payment default. For purposes of this disclosure, we define loans that had a payment default as single-family loans with completed modifications that are two or more months delinquent during the period; or multifamily loans with completed modifications that are one or more months delinquent during the period. For loans that receive a forbearance plan, repayment plan or trial modification, these loss mitigation options generally remain in default until the loan is no longer delinquent as a result of the payment of all past-due amounts or as a result of a loan modification or payment deferral. Therefore, forbearance plans, repayment plans and trial modifications are not included in default tables below.














		For the Three Months Ended March 31, 2026
		Payment Delay as a Result of a Payment Deferral (Only)		Payment Delay and Term Extension		Payment Delay, Term Extension, Interest Rate Reduction and Other		Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate		$	1,053	$	1,009	$	93	$	2,155
15-year or less, amortizing fixed-rate		28		10		1		39
Adjustable-rate		4		—		—		4
Other		11		6		3		20
Total single-family		1,096		1,025		97		2,218
Multifamily		—		—		—		—
Total loans that subsequently defaulted(1)(2)		$	1,096	$	1,025	$	97	$	2,218














	For the Three Months Ended March 31, 2025
	Payment Delay as a Result of a Payment Deferral (Only)		Payment Delay and Term Extension		Payment Delay, Term Extension and Interest Rate Reduction		Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	1,176	$	756	$	19	$	1,951
15-year or less, amortizing fixed-rate	34		—		—		34
Adjustable-rate	5		—		1		6
Other	13		7		3		23
Total single-family	1,228		763		23		2,014
Multifamily	—		—		—		—
Total loans that subsequently defaulted(1)(2)	$	1,228	$	763	$	23	$	2,014

(1) Represents amortized cost as of period end. Excludes loans that liquidated either through foreclosure, deed-in-lieu of foreclosure, or a short sale.

(2) The substantial majority of loans that received a completed modification or a payment deferral during the three months ended March 31, 2026 did not default during the first quarter of 2026. The substantial majority of loans that received a completed modification or a payment deferral during the three months ended March 31, 2025 did not default during the first quarter of 2025.

The following tables display an aging analysis of HFI mortgage loans that were restructured during the twelve months prior to March 31, 2026 and March 31, 2025, respectively, presented by portfolio segment and class of financing receivable.


	As of March 31, 2026(1)
	30-59 Days Delinquent		60-89 Days Delinquent(2)		Seriously Delinquent		Total Delinquent		Current		Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	4,323	$	2,807	$	13,581	$	20,711	$	16,296	$	37,007
15-year or less, amortizing fixed-rate	112		75		322		509		510		1,019
Adjustable-rate	13		8		55		76		51		127
Other	41		24		102		167		114		281
Total single-family loans modified	4,489		2,914		14,060		21,463		16,971		38,434
Multifamily	—		N/A		475		475		15		490
Total loans restructured(3)	$	4,489	$	2,914	$	14,535	$	21,938	$	16,986	$	38,924


	As of March 31, 2025(1)
	30-59 Days Delinquent		60-89 Days Delinquent(2)		Seriously Delinquent		Total Delinquent		Current		Total
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	4,040	$	2,889	$	13,813	$	20,742	$	14,107	$	34,849
15-year or less, amortizing fixed-rate	101		82		382		565		398		963
Adjustable-rate	13		13		64		90		34		124
Other	49		32		125		206		125		331
Total single-family loans modified	4,203		3,016		14,384		21,603		14,664		36,267
Multifamily	—		N/A		613		613		1,051		1,664
Total loans restructured(3)	$	4,203	$	3,016	$	14,997	$	22,216	$	15,715	$	37,931

(1) As of March 31, 2026, the substantial majority of loans that received a completed modification or a payment deferral during the first quarter of 2026 were not delinquent as of March 31, 2026. As of March 31, 2025, the substantial majority of loans that received a completed modification or a payment deferral during the first quarter of 2025 were not delinquent as of March 31, 2025.

(2) Multifamily loans 60-89 days delinquent are included in the seriously delinquent column.

(3) Represents the amortized cost basis as of period end.

Financing Receivable, Nonaccrual

The table below displays the accrued interest receivable written off through the reversal of interest income from nonaccrual loans.


		For the Three Months Ended March 31,
			2026		2025
	(Dollars in millions)
Accrued interest receivable written off through the reversal of interest income:
Single-family			$	116	$	103
Multifamily			8		10

The tables below include the amortized cost of and interest income recognized on mortgage loans on nonaccrual status, presented by portfolio segment and class of financing receivable.


	As of				For the Three Months Ended March 31, 2026
	March 31, 2026		December 31, 2025
	Amortized Cost(1)				Total Interest Income Recognized(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	27,148	$	26,221		$	42
15-year or less, amortizing fixed-rate	681		692			1
Adjustable-rate	118		114			—
Other	412		421			1
Total single-family	28,359		27,448			44
Multifamily	3,375		3,312			2
Total nonaccrual loans	$	31,734	$	30,760		$	46


	As of				For the Three Months Ended March 31, 2025
	March 31, 2025		December 31, 2024
	Amortized Cost(1)				Total Interest Income Recognized(2)
	(Dollars in millions)
Single-family:
20- and 30-year or more, amortizing fixed-rate	$	26,335	$	25,218		$	46
15-year or less, amortizing fixed-rate	771		770			1
Adjustable-rate	122		114			—
Other	463		482			1
Total single-family	27,691		26,584			48
Multifamily	2,702		2,517			4
Total nonaccrual loans	$	30,393	$	29,101		$	52

(1)Amortized cost is presented net of any write-offs, which are recognized when a loan balance is deemed uncollectible.

(2)Interest income recognized includes amortization of any deferred cost basis adjustments while the loan is performing and that is not reversed when the loan is placed on nonaccrual status. For single-family, interest income recognized includes payments received on nonaccrual loans held as of period end.