Federal National Mortgage Association (FNMA) Q4 2024 earnings summary

Executive summary

• Net income for 2024 was $17 billion, with $4.1 billion in Q4, marking 28 consecutive quarters of positive earnings.

• Net worth reached $94.7 billion at year-end, up 22% year-over-year.

• Provided $381 billion in liquidity, supporting 1.4 million households and home purchases in 2024.

• Ended 2024 with a $4.1 trillion guaranty book of business and $4.3 trillion in assets.

• Appointed a new COO and two new board members.

Financial highlights

• Net revenues for 2024 were $29.1 billion, primarily from guaranty fees.

• Net interest income was $28.75 billion, nearly flat year-over-year.

• Non-interest expenses were $9.8 billion, flat or slightly improved year-over-year.

• Credit loss benefit dropped to $186 million, mainly due to multifamily provisions.

• Net worth increased to $94.7 billion, up from $77.7 billion at year-end 2023.

Outlook and guidance

• Mortgage rates expected to remain above 6% in 2025, with home sales below pre-pandemic levels.

• Home price growth projected to slow to 3.5% in 2025, improving affordability.

• Single-family mortgage originations forecasted at $1.9 trillion in 2025, up from $1.7 trillion in 2024.

• Multifamily market originations expected between $330 billion and $375 billion in 2025.

• Continued focus on building regulatory capital and supporting affordable housing.