FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE company profile

Overview

Federal National Mortgage Association (Fannie Mae) is a U.S. housing-finance company that works with lenders to buy single-family and multifamily mortgage loans, package them into mortgage-backed securities, and provide liquidity to the U.S. mortgage market. It does not originate mortgages or lend directly to consumers.[1][2] Its mission is to support liquidity and access to the U.S. housing system, with its activities focused on the U.S. market.[3]

Founded by Congress in 1938, Fannie Mae reported $29.0 billion in net revenues for 2025, indicating its scale in the U.S. housing-finance system.[4][5] [1]

Products & services

Fannie Mae’s single-family offerings include HomeReady, an affordable mortgage with down payments as low as 3% and flexible funding options; HomeStyle Renovation and HomeStyle Refresh, which allow eligible improvements to be financed with a home purchase or refinance; RefiNow, a refinance option for qualifying homeowners; MH Advantage, for manufactured homes with site-built-like features and a 3% minimum down payment; and HFA Preferred, an affordable-lending product offered through housing finance agencies. Its Desktop Underwriter (DU) system automates mortgage underwriting by assessing delinquency risk and loan eligibility; DU Early Assessment can provide an early conditional recommendation using a soft-pull credit file. [HomeReady](https://singlefamily.fanniemae.com/originating-underwriting/mortgage-products/homeready-mortgage) [HomeStyle](https://singlefamily.fanniemae.com/originating-underwriting/mortgage-products/homestyle) [RefiNow](https://singlefamily.fanniemae.com/originating-underwriting/mortgage-products/refinow-expanding-refinance-eligibility-qualifying-homeowners) [MH Advantage](https://singlefamily.fanniemae.com/originating-underwriting/mortgage-products/manufactured-home-financing) [HFA Preferred](https://singlefamily.fanniemae.com/originating-underwriting/mortgage-products/hfa-preferred) [DU](https://singlefamily.fanniemae.com/applications-technology/desktop-underwriter-desktop-originator) [DU Early Assessment](https://singlefamily.fanniemae.com/applications-technology/desktop-underwriter-desktop-originator/early-assessment)

For multifamily borrowers, Fannie Mae offers Delegated Underwriting and Servicing (DUS) first-lien permanent loans for acquisition or refinancing of stabilized properties, including conventional, affordable, seniors, student, and manufactured-housing properties. Its Small Loan program provides fixed- or variable-rate financing up to $9 million nationwide. Green Financing and Green Rewards support property-efficiency improvements, while seniors-housing financing serves that property category. Fannie Mae also provides mortgage securitization and guarantees, loan-servicing standards, and loss-mitigation and resolution services for defaulted loans. [DUS](https://multifamily.fanniemae.com/financing-options/dus-mortgage-loans-term-sheet) [Small Loans](https://multifamily.fanniemae.com/financing-options/small-loans/small-mortgage-loan-program-term-sheet) [Green Financing](https://multifamily.fanniemae.com/financing-options/green-financing) [Seniors Housing](https://multifamily.fanniemae.com/financing-options/seniors-housing) [1]

In the six months ended June 30, 2026, the latest reporting period identified, Single-Family accounted for approximately 83.1% of net revenues and 83.8% of net income; Multifamily accounted for approximately 16.9% and 16.2%, respectively. These are segment shares, not results for individual named products.[6] [1]

Geographic presence

Fannie Mae’s U.S. market covers all 50 states, Washington, D.C., Puerto Rico, Guam, and the U.S. Virgin Islands. Its 2025 filings report geographic concentrations for U.S. mortgage acquisitions and guaranty books, rather than revenue by region. At year-end 2025, the single-family conventional guaranty book was distributed across the Midwest (14%), Northeast (16%), Southeast (23%), Southwest (20%), and West (27%); the multifamily guaranty book was distributed across those regions at 12%, 15%, 28%, 22%, and 23%, respectively.[18] Fannie Mae’s principal executive office is at 1100 15th Street NW, Washington, D.C.[21]

The company reports that most employees and business-operations functions are concentrated in the Washington, D.C., and Dallas, Texas, metropolitan areas; the filing does not give employee counts by location.[22][23] [18]

Business segments

Fannie Mae reports two business segments: Single-Family and Multifamily. Single-Family acquires and securitizes single-family mortgages, issues mortgage-backed securities, and manages the related credit risk and defaulted-loan resolution. Its revenue comes primarily from guaranty fees, with additional net interest income from retained mortgages and its liquidity portfolio. Multifamily performs corresponding activities for multifamily loans, primarily through the Delegated Underwriting and Servicing (DUS) channel; its revenue is primarily guaranty fees and portfolio net interest income. These are the company’s reported segments, rather than separate segments for each operating activity.[24][1]

For the six months ended June 30, 2026, Single-Family contributed approximately 83% of combined segment net revenues ($12.340 billion of $14.845 billion), while Multifamily contributed approximately 17% ($2.505 billion). Shares of segment net interest income were also approximately 83% and 17%, respectively. These percentages are calculated from reported segment figures; the Q2 2026 report is the latest available period as of October 2, 2026.[25][26] [24]

Company history

Congress established Fannie Mae in 1938 as a federal agency to support liquidity in the U.S. mortgage market. In 1954, it became a mixed-ownership corporation; in 1968, legislation made it entirely shareholder-owned and separated the government-backed mortgage-guarantee function into Ginnie Mae. In 1970, Congress authorized Fannie Mae to purchase conventional mortgages as well as FHA- and VA-backed loans.[4]

Fannie Mae issued its first mortgage-backed securities in 1981 and expanded into multifamily lending through its Delegated Underwriting and Servicing program in 1988. The 1992 housing-finance legislation established statutory housing-goal requirements for the company. On September 6, 2008, the Federal Housing Finance Agency placed it into conservatorship. In 2019, Fannie Mae began issuing Uniform Mortgage-Backed Securities as part of a joint effort with Freddie Mac to make their securities more interchangeable in the market.[28] [4]

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FEDERAL NATIONAL MORTGAGE ASSOCIATION FANNIE MAE