Q1 2026 Federal National Mortgage Association Earnings Call Transcript
Key Points
- Federal National Mortgage Association Fannie Mae (FNMA) reported a strong first-quarter net income of $3.7 billion, marking a 5% increase quarter-over-quarter and a 2% increase year-over-year.
- The company's net worth rose to $112.7 billion, reflecting the sustained health of its guaranteed business and strong balance sheet.
- Operational efficiency improvements led to lower administrative expenses, contributing to stronger financial results.
- Federal National Mortgage Association Fannie Mae (FNMA) provided $116 billion of liquidity, assisting approximately 385,000 households in buying, refinancing, or renting homes.
- The company enabled two new credit score models, including VantageScore 4.0, to support affordability and access through industry innovation.
- The multifamily serious delinquency rate increased in the first quarter due to sustained market challenges.
- Investment losses on purchases of Fannie Mae MBS for the retained mortgage portfolio contributed to other losses in the first quarter.
- The higher first-quarter provision for credit losses and a shift from other gains to other losses led to lower multifamily net income quarter-over-quarter and year-over-year.
- The company's multifamily guarantee fee revenue remained stable despite a lower average guarantee fee charged on the multifamily guarantee book.
- The economic and market environment experienced increased volatility towards the end of the quarter, which could influence the credit performance of the guarantee book.
Good day, and welcome to the Fannie Mae first quarter 2026 financial results webcast.
At this time, I will now turn it over to your host, Terence O'Hara, Fannie Mae's Director of Enterprise Communications.
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Hello, and thank you for joining today's webcast to discuss Fannie Mae's first-quarter 2026 financial results. Please note, this webcast includes forward-looking statements, including expectations related to housing market, economic and competitive conditions and their impact. The future performance and credit characteristics of the company's book of business, the company's future financial performance, and the company's future plans and their impact.
Future events may turn out to be very different from these statements. Factors that may lead to different results are identified in the forward-Looking statements section of the company's first-quarter 2026 Form 10-Q filed today, and the forward-Looking statements and risk factors
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