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.
Read about the agency’s 2018 examinations of Fannie Mac, Freddie Mac and the Home Loan Bank System.
Submit comments and provide input on FHFA Rules Open for Comment by clicking on Rulemaking and Federal Register.
Implement critical reforms that will produce a stronger and more resilient housing finance system.
FOSTER competitive, liquid, efficient, and resilient (CLEAR) national housing finance markets that support sustainable homeownership and affordable rental housing; OPERATE in a safe and sound manner appropriate for entities in conservatorship; and PREPARE for eventual exits from the conservatorships.
2019 Conservatorships Strategic Plan
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.
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Language Translation Disclosure
The FHFA Examination Manual (the Manual) comprises an overview of the examination process and 26 modules that provide examination instructions and work programs organized by risk category or line of business or activity.
The Manual serves as a reference tool and describes standards and expectations for the examinations of Fannie Mae, Freddie Mac, and the Federal Home Loan Bank System. For convenience, the Manual refers to these institutions (Fannie Mae, Freddie Mac and the Federal Home Loan Banks) collectively as “the regulated entities,” or “the institutions” unless it is necessary to clarify differences in examination practice or regulatory requirements.
Part I of the Manual provides a description of the examination program and a policy overview, including FHFA’s mission and examination authorities and sets forth the processes when conducting examination activities at the regulated entities and work products examiners produce during those examinations. Finally, Part I provides an overview of the regulated entities and a description of their primary business activities.
Part I includes basic examination concepts, including
risk-based examination fundamentals,
FHFA’s examination ratings system
examination findings categories,
FHFA’s enforcement policy,
examination documentation and records management requirements,
the FHFA Style Guide, and
quality control and quality assurance.
Part II includes a general description of individual examination modules and provides hyperlinks to those modules.
The modules provide examination instructions and work programs organized by risk category and line of business. The Manual groups them under the CAMELSO examination ratings component to which they generally pertain; however, examiners should understand that examination work performed in conjunction with a work program may be relevant to more than one CAMELSO component.
FHFA will update the Manual from time to time to reflect evolving examination practices, supervisory expectations, and regulated entity operations, as well as changes in regulatory requirements.
Examination Program Overview
Acquired Member Assets (Revised November 2014)
Advances and Collateral (Revised October 2014)
Affordable Housing Program
Board of Directors and Senior Management
(Revised July 2018)Business Continuity Planning
Capital (Revised December 2014)
Credit Risk Management
Earnings Enterprise Risk Management 2.0FHLB Membership
Information Technology Risk Management Program (Revised January 2017)
Insurance Management (Revised December 2014)
Interest Rate Risk Management
Internal and External Audit
Investment Portfolio Management
Office of Finance
OMWI Diversity and Inclusion (Revised June 2017) Operational Risk Management Program
Securities Safekeeping Operations
Supplemental examination guidance focuses on specific business lines, products, or discrete topics which may apply to the Fannie Mae and Freddie Mac, the Federal Home Loan Banks, or the Office of Finance. Supplemental guidance modules complement the modules in the FHFA Examination Manual.
Bank Secrecy Act/Money Laundering (BSA/AML Program) - Field Test
Compliance with Conservatorship Decisions - Field Test
Default Legal Services - August 2017
Distressed Asset Disposition Fraud - Field Test
Enterprise Debt Issuance and Servicing - Field Test
Fraud Overview and Fraud Risk Management - Field Test
Information Security - Field Test
Managing Multifamily Seller-Servicer Counterparties - Field Test
Managing Single-Family Seller-Servicer Relationships - April 2018
Multifamily Credit Loss Management - Field Test
Multifamily Credit Risk Management - Field Test
Multifamily Mortgage Securitizations - Field Test
Multifamily Mortgage Underwriting & Acquisitions - December 2014
Multifamily Real Estate Owned Management - Field Test
Office of Foreign Assets Control (OFAC) Compliance - Field Test
Single-family Credit Loss Management - Field Test
Single-family Credit Risk Management - Field Test
Single-family Mortgage Securitization Management - March 2017
Single-family Mortgage Underwriting and Acquisitions - Field Test
Single-family REO Management - Field Test
Third Party Relationship Management
October 27, 2009 - FHFA Examination Guidance: Examination for Accounting Practices [PDF]
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