About Us

Performance and
Accountability Report

This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year.

FHFA Values

Fairness	We value varied perspectives and thoughts and treat others with impartiality.
Accountability	We are responsible for carrying out our work with transparency and professional excellence.
Integrity	We are committed to the highest ethical and professional standards to inspire trust and confidence in our work.
Respect	We treat others with dignity, share information and resources, and collaborate.

Supervision
& Regulation

Annual Report to Congress

Read about the agency’s 2020 examinations
of Fannie Mac, Freddie Mac and
the Home Loan Bank System.

Plans and Reports

We Want to Hear From You

Submit comments and provide input on FHFA Rules Open for Comment by clicking on Rulemaking and Federal Register.

Conservatorship

Conservatorship of Fannie Mae
and Freddie Mac

As conservator, FHFA is focused on ensuring that each Enterprise builds capital and improves its safety and soundness.

Conservatorship
Performance Goals

1.	Operate the business in a safe and sound manner.
2.	Promote sustainable and equitable access to affordable housing.

2023 Scorecard

Data & Tools

Downloadable Data
& Data Reports

FHFA experts provide reliable data, including all states, about activity in the U.S. mortgage market through its House Price Index, Refinance Report, Foreclosure Prevention Report, and Performance Report.

House Price Index Release Dates

See HPI Release Dates for 2023

Policy, Programs & Research

Source: FHFA

FHFA economists and policy experts provide reliable research and policy analysis about critical topics impacting the nation’s housing finance sector. Meet the experts...

Mortgage Translations
Mortgage Translations

Glossaries

COVID-19 Resources

Mortgage Servicing

Deemed-Issuance Ratio

Executive Compensation

Fannie Mae & Freddie Mac Affordable Housing Allocations

Fannie Mae & Freddie Mac Multifamily Businesses

Fannie Mae & Freddie Mac Private Mortgage Insurer Eligibility Requirements (PMIERs)

Guarantee Fees

Language Access

Mortgage Servicing

Non-Performing and Reperforming Loan Sales

Representation and Warranty Framework

Single Security Initiative and Common Securitization Platform

Programs

Meet the Experts

Research

Home / Policy, Programs & Research / Policy / Mortgage Servicing

MORTGAGE SERVICING

Since 2008, FHFA has worked with Fannie Mae and Freddie Mac (the Enterprises) to develop and implement a variety of programs and initiatives to address challenges in the servicing market. FHFA and the Enterprises have worked to align servicers' loss mitigation tools, promote servicing market liquidity and efficiency, and create stronger counterparty financial requirements.

While the surge in mortgage delinquencies has abated since 2008, the post-crisis mortgage environment is still evolving. This evolution is particularly evident in the area of mortgage loan servicing, as costs to service delinquent loans, heightened regulatory oversight, and an increased reliance on technology continue to impact this fundamental component of the housing finance industry. New entrants have further transformed the landscape, with non-depository servicers poised to provide needed capacity in place of traditional servicers.

Servicing Initiatives

FHFA has worked with the Enterprises to develop and implement a number of initiatives. Each initiative reflects FHFA's commitment to supporting a mortgage servicing market that is profitable, sustainable, and liquid. These efforts include a servicing market survey, servicer financial standards development, policy alignment by Fannie Mae and Freddie Mac, and servicer compensation research.

Most recently, FHFA Updated Minimum Financial Eligibility Requirements for Fannie Mae and Freddie Mac Servicers. The updated requirements incorporate lessons learned from market events in reaction to the global COVID-19 pandemic, as well as industry feedback on the re-proposed requirements that were publicly released in February 2022.
In February 2022, FHFA Re-Proposed Minimum Financial Eligibility Requirements for Fannie Mae and Freddie Mac Seller/Servicers. The re-proposed requirements incorporate lessons learned from market events in reaction to the global COVID-19 pandemic.
FHFA, Fannie Mae, and Freddie Mac created new loss mitigation solutions and servicing flexibilities to assist borrowers impacted by the COVID-19 Pandemic.
As part of the 2019 Scorecard, FHFA, Fannie Mae, and Freddie Mac evaluated the current liquidity requirements for non-depository Seller/Servicer counterparties to determine whether changes are appropriate. The evaluation led to Proposed Minimum Financial Eligibility Requirements for Fannie Mae and Freddie Mac Seller/Servicers. The Proposed Minimum Financial Eligibility Requirements were posted to the FHFA website in January 2020.
In 2015, FHFA issued new eligibility requirements for Enterprise seller/servicers. The requirements set minimum financial standards for Enterprise counterparties to further FHFA's goal of fostering an efficient, competitive, and resilient national housing finance market.
The Servicing Alignment Initiative (SAI), announced in 2011, required Fannie Mae and Freddie Mac to align loss mitigation programs allowing servicers to uniformly implement loss mitigation policies. SAI enabled Fannie Mae and Freddie Mac to develop and implement consistent servicing policies that have increased servicer efficiencies in resolving delinquencies.
FHFA published a white paper in 2011 exploring alternatives for a new mortgage servicing compensation structure. The issues raised at that time serve as a guide for continuing research into compensation.