Fannie Mae Multifamily Mortgage Business Information

Transcription

Fannie Mae Multifamily Mortgage Business Information
October 2014
© 2014 Fannie Mae
Table of Contents

Multifamily Debt Market
3

Fannie Mae Acquisitions - Consistent Provider of Liquidity and Affordability to the Multifamily Debt Market
7

Fannie Mae Multifamily Guaranty Book of Business - Diversification and Balance
11

Fannie Mae Mortgage Backed Securities - Capital Markets Liquidity and Stability
15

Fannie Mae Multifamily Delegated Underwriting and Servicing (DUS®)
20

Fannie Mae Multifamily Financial Results
26

Additional Fannie Mae Resources
30
Fannie Mae / August 2014
2
Multifamily Debt Market
3
Multifamily Debt Outstanding (MDO) by Holders of Credit Risk
Total $ in Billions
1,000 900 $797
800
800 700 $606
600 500 400 $857
$848 $854 $851
$881
$917 $939
$669 $710
$556
$402
$444
$483
300
300 GSE
GSEs
Guarantee 33%
of MF MDO
FNM: 20%
FRE: 13%
200 100 ‐
Oh
Other
39 40 39 40 40 42 44 47 45 41 43 41 40 38 Q1 2014
38 Life Insurance Companies
34 36 37 39 40 42 46 52 52 49 47 49 51 53 54 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
State & Local Credit Agencies
52 52 50 52 58 64 70 77 75 77 81 79 75 75 84 139 149 163 182 206 237 253 261 280 271 258 251 255 285 298 CMBS
47 53 59 66 73 89 102 124 113 107 98 91 81 75 74 Ginnie Mae
Ginnie Mae
19
19 22
22 26
26 29
29 32
32 34
34 36
36 38
38 39
39 44
44 52
52 60
60 71
71 82
82 84
84 Banks & Thrifts
Freddie Mac
22 30 37 49 53 56 53 67 88 98 99 106 118 124 123 Fannie Mae
50 63 73 99 103 105 105 132 156 168 172 179 190 185 184 17% 16% 15%
17%
19%
20% 21%
21% 22%
20%
20%
Fannie Mae’s
Share of MDO
13%
15% 16%
18%
Fannie Mae has continued to guarantee about 20% of MDO over recent years
Source: Federal Reserve
Note: Numbers may not sum due to rounding
4
MDO Growth Rates – All Market Participants
Total
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Q1 2014
9%
10%
6%
12%
6%
1%
0%
1%
3%
4%
2%
Fannie
Mae
4%
2%
0%
26%
19%
8%
2%
4%
6%
-2%
-1%
Freddie
Banks &
Mac
Ginnie Mae CMBS Thrifts
9%
4%
-4%
25%
32%
12%
1%
8%
11%
5%
0%
11%
5%
7%
4%
5%
10%
20%
16%
17%
15%
2%
10%
22%
15%
21%
-9%
-5%
-8%
-8%
-11%
-7%
-2%
13%
15%
7%
3%
7%
-3%
-5%
-3%
1%
12%
5%
State & Local
Credit Agencies
Life Insurance
Companies
12%
10%
10%
10%
-3%
3%
5%
-2%
-5%
0%
12%
FNM’ MDO contracted
FNM’s
t
t d compared
d to
t a 2% growth
th in
i the
th market
k t in
i Q1 2014
Source: Federal Reserve
5
5%
5%
9%
12%
0%
-6%
-3%
5%
3%
4%
2%
Other
1%
4%
6%
6%
-5%
-9%
4%
-5%
-1%
-5%
-1%
Estimated Competitive Multifamily Debt Market Acquisitions by Participant1
Total $ in Billions
$149
4%
$124
2%
$119
Non-GSE MBS
issuances dropped by
92% from 2007 to 2009
$101
30%
8%
$88
35%
$64
8%
8%
5%
2%
4%
6%
4%
6%
8%
4%
12%
7%
12%
14%
30%
27%
2006
$20
$49
1%
2007
$32
Fannie Mae2
0%
4%
8%
8%
10%
14%
Freddie Mac
18%
17%
19%
$30
23%
8%
12%
27%
28%
40%
30%
2009
$20
2010
$17
3
Ginnie Mae
14%
23%
49%
2008
$31
13%
7%
9%
8%
17%
23%
34%
20%
Fannie Mae
($ in Billions)
$56
18%
13%
2%
8%
11%
Other 4
27%
30%
17%
2011
2012
$24
$34
Depository Institutions
19%
Life Insurers
2013
$29
12%
10%
12%
YTD Q1 2014
$4
Conduits
Diversified participation exists in the multifamily market today and competition is increasing
Source: Fannie Mae and Freddie Mac 10-K and 10-Q financial statements, ACLI, FDIC, Trepp & Mortgage Bankers Association, Fannie Mae Multifamily Economic Research
Notes:
1 Estimated competitive market size is an estimated subset of MF originations activity. It is not meant to be all-inclusive of total MF originations during a specific timeframe.
2 Excludes purchases of loans from others’ portfolios and Treasury HFA New Issue Bond program volume in 2009 and 2010.
3 Loans securitized by Ginnie Mae include non-dedicated multifamily housing e.g. healthcare and new construction
4 Other includes state and local credit agencies, FHLB and other financial institutions.
6
Fannie Mae Acquisitions – Consistent Provider of Liquidity and
Affordability to the Multifamily Debt Market
7
Fannie Mae Multifamily Acquisitions by Asset Class
Total in Billions
2009
2010
2011
2012
M
Manufactured
f
d Housing
H
i
$1.0
$1.1
$0.5
$0.5
$0.9
$1.0
$0.1
Seniors Housing
$2.1
$1.0
$0.6
$1.4
$1.2
$1.6
$0.3
Student Housing
$0.4
$0.6
$0.2
$0.5
$0.7
$0.5
90%
$0.3
$25.7
$7.4
86%
2013
YTD Q2
2014
2008
93%
$22.0
$30.9
Conventional & Coop
$31.5
$17.2
$15.5
Total Acquisitions1
$35
$20
$17
$24
$34
$29
$8
Additional Loan Segments Included in Total Acquisitions
Multifamily Affordable Housing2
$1.1
$0.8
3
Small Loans
$2.2
$2.4
$2.3
$2.4
$3.8
$3.0
$2.3
$1.0
$2.3
$0.5
Fannie Mae serves many segments of the multifamily housing market
Source: Fannie Mae 10-K and press releases
Notes:
1 Excludes $1 billion and $391 million from the Treasury HFA New Issue Bond program for 2010 and 2009, respectively.
2 Financing for rent-restricted properties and properties receiving other federal and state subsidies. Excludes Treasury HFA New Issue Bond Program.
3 Loans up to $3 million; or $5 million in high cost areas.
8
Fannie Mae Multifamily Acquisitions by Loan Size
(Based on Loan Count)
<=$5M $5M<=$25M >$25M
5%
5%
32%
33%
63%
2009
62%
2010
7%
8%
9%
7%
38%
39%
39%
40%
55%
54%
53%
53%
2011
2012
2013
YTD Q2 2014
Fannie Mae has consistently provided financing to all market segments
Source: Fannie Mae
9
Fannie Mae Multifamily Acquisitions by Area Median Income (AMI)
Fannie Mae’s ability to serve a variety of income segments is a key component of serving the entire multifamily market
60% AMI or less
6%
5%
5%
4%
5%
5%
47%
%
46%
45%
>60%-100% AMI (workforce housing)
6%
5%
7%
6%
7%
4%
49%
49%
50%
35%
40%
38%
39%
9%
5%
51%
Units
000s
>100%-120% AMI
>120% AMI
8%
5%
7%
5%
45%
42%
46%
44%
45%
42%
46%
YTD Q2 2014
42%
45%
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
436
473
426
666
652
344
286
390
500
430
44%
4%
5%
6%
5%
44%
134
Throughout
g
Fannie Mae’s recent history,
y over 85% of units financed have been affordable at or
below 100% of AMI
Note: Units presented differ from total units financed because they exclude units financed by certain types of loans, primarily additional loans on properties for which we have already provided
financing and loans for manufactured housing
Source: Fannie Mae, based on Housing Goals methodology
10
Fannie Mae Multifamily Guaranty Book of Business - Diversification
and Balance
11
Fannie Mae Multifamily Guaranty Book of Business Geographical Distribution by
UPB
As of June 2014 (Total UPB $196B)
>$5B
$1B $5B
$1B-$5B
<$1B
Fannie Mae supports multifamily financing in all 50 states
Source: Fannie Mae Credit Supplement
12
Fannie Mae Multifamily Guaranty Book of Business – Geographical Distribution by
Loan Size
As of June 2014 (Total UPB $196B)
>$10M
$5M-$10M
<$5M
Fannie Mae’s average multifamily loan size nationwide is $5.8M
Source: Fannie Mae
13
Fannie Mae Guaranty Book of Business – Inventory Financed by Market Type
As of March 2014
(B Number
(By
N
b off Units
U it in
i each
h Market
M k t Type)
T
)
Fannie Mae finances units
in over 250 MSA’s in
tertiary markets
15%
16%
13%
15%
Primary
Secondary
Tertiary
Overall
Fannie Mae does not dominate any section of the market, but consistently serves primary,
secondary and tertiary markets
Source: Nielsen and Fannie Mae
Note: Data provided by Nielsen and Fannie Mae is at the MSA level. The units in each MSA are grouped into primary, secondary, or tertiary based on the population of each
MSA. Units financed by Fannie Mae in each market are divided by the total multifamily units in the same corresponding market to get to Fannie Mae’s share. Excludes
manufactured housing units.
14
Fannie Mae Mortgage Backed Securities – Capital Markets Liquidity
and Stability
15
Fannie Mae Multifamily Acquisitions by Execution Type (1994 – Q2 2014)
Total $ in Billions
Fannie Mae Multifamily Acquisitions by Execution Type (2006 – YTD Q2 2013)
45
MBS
Mortgage Loans and Other Guarantees
40
35
30
25
85%
20
83%
15
76%
10
5
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
YTD Q2
2014
Multifamily shifted from mortgage loan purchases to MBS issuances supporting investor
demand while continuing to provide market liquidity
Note: Total Multifamily Fannie Mae MBS issuances less portfolio securitization transactions and conversions of adjustable rate loans to fixed-rate loans and discount MBS (“DMBS”) to
MBS
Source: Fannie Mae
16
Fannie Mae Multifamily Book of Business by Execution Type (2006 – Q2 2014)
Total $ in Billions
250
Other Credit Guarantees
200
3rd Party MBS
y
Portfolio MBS
$189
$185
$195
$173
50
-
39%
59%
$201
$198
19%
15%
11%
50%
$121
100
$206
30%
$149
150
Mortgage loans
g g
9%
14%
62%
55%
14%
50%
62%
11%
68%
49%
5%
5%
4%
30%
29%
24%
14%
11%
10%
9%
9%
8%
8%
8%
8%
2006
2007
2008
2009
2010
2011
2012
2013
Q2 2014
7%
27%
27%
30%
38%
Fannie Mae transitions from investor to market maker as retained portfolio shrinks with
continued strong demand for Multifamily MBS and structured products
Source: Fannie Mae 10-K
10 K and 10-Q
10 Q financial statements
Note: Numbers may not sum due to rounding
17
Retained
Portfolio
Fannie Mae Multifamily Guaranteed Securities (GeMS™) Issuance
Total $ in Billions
REMICs
Megas
$10.0B
$0.04
$10.2B
$0.5
$6.4B
$4.8B
$6.4B
$2.0
$9.5
$0.7
$10.1
$6.4
$4.1
$4.4
2010
2011
2012
2013
 Structured MF Securities created by collateral selected by Fannie Mae
 Executed via REMIC or Mega Structures
 Monthly Issuance
 Collateral Diversification
 Customizable Cash Flows
 Block Size & Par Pricing
 Dealer Syndicate Distribution
GeMS issuance
iss ance has facilitated market making activity
acti it
Source: Fannie Mae 10-K and Fannie Mae Press Releases
18
YTD Q2 2014
Multifamily Market Spreads
Trailing 6 Quarters Legacy & New Issue AAA CMBS, MBS/DUS®, GNMA, GeMS and Freddie K Spreads
bps
Legacy AAA Super Senior CMBS
MBS/DUS® 10 yr
New Issue AAA CMBS
Ginnie Mae
Freddie K A2 10 yr
FNMA GeMS A2 10 yr
160
140
120
Spread vvs. swaps
100
80
60
40
20
0
12/31/2012
3/31/2013
6/30/2013
9/30/2013
12/31/2013
3/31/2014
6/30/2014
Investor demand and increased borrower activity have bolstered the multifamily market as
evidenced by tight spreads
Source: Fannie Mae and JPMorgan Markit Partners
19
Fannie Mae Multifamily Delegated Underwriting and Servicing (DUS®)
20
Fannie Mae Supports the Market – Private Capital in Fannie Mae’s DUS Model
Loan
Note
DUS lenders
Borrower
Fannie Mae
Risk-Sharing
Servicing Fee
(with fee for
credit risk)
$
If loan defaults
Fannie Mae securitizes
loan as MBS
MBS
Fannie Mae
Capital
Markets
Sell MBS to
3rd party investor
Market Making
Activity
Package MBS
into structured
security
Sell
security
to 3rd
party
investor
Sell MBS
to
3rd party
Investor
FNM 2/3
credit loss
Private capital is part of every Fannie Mae Multifamily transaction
Note: Blue indicates presence of private capital
Source: Fannie Mae Multifamily
21
DUS lender
1/3 credit
loss
Fannie Mae Multifamily DUS® Risk-Sharing and Delegation Model
$
Borrower
Loan
$
DUS® Lender
Mortgage
$
Multifamily
Origination
 Applies for loan
 Originates the
loans
 Sets loan
documentation and
delivery protocol
Underwriting
& servicing
 Borrower and
property
evaluated as part
of underwriting
 Underwrites and
services the loans
in accordance with
Fannie Mae
standards and
requirements
 Sets underwriting
standards and
servicing
requirements
MBS
 Performs quality
control on
underwriting and
servicing
MBS
Investors
 Rely on
standard
underwriting
 Require
periodic property
performance
information
 Creates Mortgage
Backed Securities
Risk sharing
Risk-sharing
C t ib t
 Contributes
(private
20%+ equity
capital at risk)
 Sh
Shares in
i 1/3 off
the credit losses1
 Sh
Shares in
i 2/3 off th
the
credit losses1
A
Are protected
t t d from
f
credit losses by
FNM guarantee but
have interest risk
Fannie Mae Multifamily
Multifamily’s
s success has been achieved through its unique risk
risk-sharing
sharing model
and alignment of interests
Note: 1 Example illustrates pari passu loss sharing
Source: Fannie Mae Multifamily
22
Fannie Mae Multifamily DUS® Features and Benefits
Features
Feature
Industry Continuity
Benefits
Benefit
 Countercyclical stability – consistently provides access to credit throughout economic cycles
 Promotes confidence that funding and liquidity will be accessible
Published Underwriting and
Servicing Guidelines and Loan
Documents
 Sets industry standards for multifamily underwriting and servicing best practices
D l
Delegation
ti and
dS
Scalability
l bilit
 Enables Fannie Mae to scale the business as industry conditions change
 Promotes standardization and transparency across all industry participants
 Facilitates reliable securities disclosures
 Improves efficiency and, therefore, lender responsiveness to customers
Network of Approved Lenders/
Servicers
 Maintains a select group of business relationships based on:
g
 Financial strength
 Extensive multifamily underwriting and servicing experience
 Strong portfolio performance
 Creation of quality branded product
Risk-Sharing
 Originators, Lenders and Fannie Mae have “skin in the game” throughout the life of the loan
 Awareness of risk potential improves processes and performance of all parties
 Optimizes outcomes (e.g., profitability and loss mitigation) for all participants
DUS Mortgage-Backed Security
(DUS/MBS )
 Transforms a mortgage loan into a more liquid asset, which increases available funds in the financial
system
 Offers investors highly-rated credit strength due to Fannie Mae’s guarantee of timely payment of
principal and interest
The delegated model allows Fannie Mae to be more responsive to customers
Source: Fannie Mae Multifamily release titled DUS® – The Role of Risk Retention in Multifamily Finance, Fourth Quarter 2011
23
Fannie Mae Multifamily DUS® Lenders
DUS® Lenders service over 90% of Multifamily Book
1.
ACRE
9.
Citibank
17. M&T
2.
AmeriSphere
10. Dougherty
18. Oak Grove
3
3.
Ab
Arbor
11 Grandbridge
11.
G db id
19 Pillar
19.
Pill
4.
Berkadia
12. Greystone
20. PNC
5
5.
Berkeley Point
13 HomeStreet
13.
21 Prudential
21.
6.
Capital One
14. HSBC
22. Red
7.
CBRE
15. JPMorgan Chase
23. Walker & Dunlop
8.
Centerline
16. KeyBank
24. Wells Fargo
The Multifamily lender base includes both large and small institutions
Source: Fannie Mae
24
Fannie Mae Multifamily DUS® Risk-Sharing
% of Guaranty Book of Business with DUS & Other Lender Risk-Sharing
85%
86%
81%
79%
78%
2010
2011
2012
2013
Q2 2014
Lenders have increasingly shared in the risk of the loans delivered to Fannie Mae
Source: Fannie Mae 10-K and 10-Q financial statements
25
Fannie Mae Multifamily Financial Results
26
Market Performance – Credit Risk Management
SDQ as of Q1 20141
Credit Losses to Book as of Q1 20141
16%
1.4%
14%
1.2%
12%
1.0%
10%
9.36%
8%
0.8%
6%
0.6%
0.43%
4%
0.4%
2%
0.74%
0.10%
0 04%
0.04%
0.00%
0%
2006
2007
2008
2009
2010
2011
Fannie Mae
Freddie Mac
CMBS with Foreclosures & REO
Market Participant
Fannie Mae
Freddie Mac
All FDIC Insured Institutions
Life Insurers
CMBS with Foreclosures & REO
2006
0.08%
0.05%
0.53%
0.02%
0.70%
2007
0.08%
0.02%
0.76%
0.01%
1.06%
2012
2013
0.2%
2006
Lif e Insurers
2008
0.30%
0.01%
1.77%
0.07%
2.37%
2009
0.63%
0.20%
4.43%
0.19%
8.21%
2010
2011
2012
0.71%
0.26%
3.74%
0.19%
14.41%
0.59%
0.22%
2.53%
0.13%
14.36%
0.24%
0.19%
1.56%
0.06%
13.21%
2013
0.01%
0.0%
YTD Q1
2014
2007
2008
Fannie Mae
YTD Q1 2014
0.10%
0.09%
0.83%
0.00%
10.18%
0.10%
0.04%
0.74%
0.00%
9.36%
Market Participant
Fannie Mae
Freddie Mac
CMBS
1Note:
2009
2010
2011
2006
0.01%
0.01%
0.05%
0.10%
2007
0.01%
0.01%
0.12%
0.07%
2008
0.03%
0.01%
0.36%
0.11%
2009
0.12%
0.04%
1.09%
0.30%
2012
2013
Freddie Mac
2010
0.27%
0.09%
1.23%
0.80%
2011
0.20%
0.06%
0.72%
1.30%
2012
0.13%
0.03%
0.30%
1.12%
Prepared by MF Finance. FDIC bank data reflects net charge-offs to book.
1Note:
Prepared by MF Finance. Not all delinquency rates are comparable between investor groups. FDIC bank data reflects
90 d
90+
day d
delinquency
li
rates.
t
CMBS iincludes
l d fforeclosures
l
& REO
REO.
Fannie Mae has served the market broadly, while maintaining sound credit performance
Sources: Fannie Mae, FRE Volumes Summary, FDIC, ACLI , Trepp
27
YTD Q1
2014
CMBS
2013
0.03%
0.01%
0.13%
0.84%
YTD Q1 2014
0.01%
0.00%
0.01%
0.43%
Fannie Mae Multifamily Credit Losses by Loan Size
Total $ in Millions
$25M+
$5M <= 25M
<=$5m
$498
$410
35%
32%
$257
48%
34%
34%
50%
55%
$52
17%
79%
18%
%
11%
2010
1
2011
2012
55%
79%
($22)
-34%
-80%
2013
YTD Q2 2014
-20%
Reflects g
gains on sale of
foreclosed properties in
the $5M <= $25M and
$25M+ loan sizes
Diversification by loan size helps drive strong credit performance
1Excludes
$19 million of credit-related income from other Multifamily Mortgage Business Investments
Source: Fannie Mae 10-K and 10-Q financial statements, Quarterly Credit Supplement
28
Historical Multifamily Credit Guaranty Financials (2004 – Q2 2014)
(Total $ in millions)
YTD Q2
2014
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
449
(49)
400
572
(29)
543
562
(7)
555
470
(8)
462
633
(52)
581
675
(220)
455
791
(498)
293
884
(391)
493
1,040
(257)
783
1,217
(52)
1,165
628
22
650
204
(391)
266
(409)
279
(596)
359
(548)
186
(404)
100
(363)
146
(384)
218
(264)
207
(269)
182
(280)
55
(148)
213
400
238
273
363
192
55
447
721
1,067
557
9
(68)
38
(109)
2
(149)
(1)
(236)
(32)
(133)
(1,996)
(38)
304
(59)
111
5
444
19
635
19
84
29
154
329
91
36
198
(1,842)
300
563
1,184
1,721
670
LIHTC/equity/income tax income (expense)
271
174
247
121
(2,387)
(7,186)
(84)
20
327
8,348
36
Total MMB net income as reported
425
503
338
157
(2,189)
(9,028)
216
583
1,511
10,069
706
Estimated Multifamily Credit Guaranty Financials
Guaranty fees
Credit losses
1
MF margin
Fee and other income
Administrative expenses
MF operating income
1
Other credit income (expenses)
Other revenue (expenses)
MF income
1
Additional estimated net interest income
2
Average Multifamily guaranty book of business
3
114,349
118,874
118,537
4,967
6,347
4,059
565
785
865
873
827
709
257
161,722
179,315
186,867
191,984
199,797
204,284
199,074
(2,050)
(58,707)
(71,969)
(14,014)
(16,855)
17,224
83,963
8,991
Cumulative
Total
2008
2009
2010
2011
(116.1)
(15.2)
(60.0)
(15.0)
(25.9)
-
-
-
2.5
7.7
9.6
11.6
82.5
12.9
131,375
Total Fannie Mae Net Income (Loss)
Net income (loss) attributable to Fannie Mae
Treasury Draws and Senior Preferred Stock Dividend Payments ($B)
Treasury Draws
Senior Preferred stock dividends
4
126.8
-
2012
2013
YTD Q2
2014
Notes
1MF margin, MF operating income and MF income are Non-GAAP measures that exclude low income housing tax credits (LIHTC) and multifamily equity investment related amounts and income tax income (expense)
2Earned on Fannie Mae Multifamily mortgage loans and MBS included in Capital Markets Group’s results
32004 average based on beginning and end of year book balances
4Dividend payment in Q2 2014 was $5.7B,
$5 7B which was calculated based on Fannie Mae
Mae’s
s net worth of $8.1B
$8 1B as of March 31 2014
2014, less the applicable capital reserve amount of $2.4B.
$2 4B As of June 30 2014
2014, Fannie Mae
has paid a total of $126.8B in dividends to Treasury
Fannie Mae Multifamily has performed soundly
Source: Fannie Mae 10-K and 10-Q financial statements
29
Additional Fannie Mae Multifamily Resources
 Quarterly/Annual Financial Results and Credit Supplement
http://www.fanniemae.com/portal/about-us/investor-relations/quarterly-annual-results.html
 Fannie Mae Progress
g
Report
p
http://www.fanniemaeprogress.com/
 Fannie Mae Mortgage Market and Programs: “MBSenger”
http://www.fanniemae.com/portal/funding-the-market/mbs/news/mbsenger/index.html
 Fannie Mae Commentary
http://www.fanniemae.com/portal/about-us/media/commentary/index.html
 Monthly
y Summaryy Report
http://www.fanniemae.com/portal/about-us/investor-relations/monthly-summary.html
 Fannie Mae Multifamily New Business Volumes
https://www.fanniemae.com/content/fact_sheet/multifamily-monthly-business-volumes.pdf
 Multifamily Market Commentary, Research and Analysis (“White Papers”), and General Information
https://www.fanniemae.com/multifamily/index
 Multifamily DUS Prepayment History Report
http://www.fanniemae.com/portal/funding-the-market/mbs/multifamily/dusprepayment-history.html
30

Fannie Mae Multifamily Mortgage Business Information

Transcription

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