To enable FHFA's evaluations, each Enterprise submits quarterly and annual reports detailing its actions and progress toward achieving the objectives in its Plan. FHFA makes these quarterly and annual reports public, omitting any confidential and proprietary information. These reports contain the Enterprises’ views on their Duty to Serve activities and do not necessarily reflect FHFA’s views.
In 2020, FHFA conducted virtual meetings with Fannie Mae and Freddie Mac to supplement the information provided by the Enterprises in their annual reports.
- Download a summary of meetings with Fannie Mae.
- Download a summary of meeting with Freddie Mac.
FHFA has evaluated Fannie Mae and Freddie Mac’s 2020 Duty to Serve performance under their first Duty to Serve Plans, which covered the 2018-2020 period. FHFA has determined that each Enterprise complied with its Duty to Serve requirements in all three underserved markets in 2020. In addition, FHFA finds that each Enterprise performed a satisfactory job of increasing the liquidity and distribution of available capital in each of the three underserved markets.
In early 2020, FHFA issued Evaluation Guidance 2020-4a, which includes changes to the evaluation process and rating scale for Enterprise Duty to Serve performance effective for the 2021 performance year. These changes were based on experience in the initial years of the program and changing priorities of FHFA. The major changes are intended to increase the impact of the program and include simplified partial credit calculations, a higher threshold to receive a rating of “Complies,” a higher minimum impact score requirement for extra credit, and a reduced extra credit adjustment. FHFA intends to release more granular ratings under Evaluation Guidance 2020-4a when the recalibrated rating scale goes into effect for the 2021 performance year.
Highlights of the Enterprises' 2020 performance are published in FHFA's 2021 Annual Housing Report to Congress. Data on the Enterprises' 2020 Duty to Serve-qualifying loan purchases is available on the Data and Tools section of the Duty to Serve page.
| Type | Description | Report |
|---|---|---|
| Manufactured homes titled as real property | ||
| Loan Purchase | Increase the purchase volume of conventional manufactured housing secured by real estate each year of the Plan | View Reports |
| Loan Purchase | Increase liquidity for manufactured housing titled as real property through industry outreach and increasing purchases | View Reports |
| Loan Product | Develop an enhanced manufactured housing loan product for quality manufactured housing and purchase loans | View Reports |
| Manufactured homes titled as personal property (chattel) | ||
| Outreach | Conduct outreach, perform research, and promote information sharing that supports the development of a chattel loan pilot and market standardization of the product | View Reports |
| Loan Product | Establish a chattel loan pilot structure and secure approval from FHFA to purchase chattel loans | View Reports |
| Manufactured home communities (MHCs) owned by a governmental entity, non-profit organization or residents | ||
| Loan Purchase | Increase liquidity to governmental entity, non-profit organization or resident-owned MHC (collectively “Non-Traditional Owners") through research, data analysis, loan product review and enhancement, implementing a pilot for resident-owned MHC and publishing Fannie Mae's experiences | View Reports |
| Manufactured home communities (MHCs) with certain tenant pad lease protections | ||
| Loan Purchase | Conduct research and outreach to determine market opportunities for FHFA's proposed minimum tenant pad lease protections (FHFA Pad Requirements), offer one loan product enhancement and acquire loans | View Reports |
| Type | Description | Report |
|---|---|---|
| Purchase or rehabilitation of distressed properties | ||
| Loan Product | Increase affordable capital through industry outreach and developing loan financing solutions | View Reports |
| Loan Purchase | Increase the purchase of mortgage loans that finance the purchase or renovation of distressed properties | View Reports |
| Low-income housing tax credit (LIHTC) debt | ||
| Loan purchase | Increase purchases of mortgages secured by LIHTC Properties | View Reports |
| Multifamily energy efficiency improvements | ||
| Loan Purchase | Purchase multifamily loans that finance energy or water improvements that meet the FHFA Criteria | View Reports |
| Small multifamily rental properties | ||
| Loan Purchase | Adopt effective approach to purchase small multifamily loans from financial entities with $10 billion or less in assets and purchase loans | View Reports |
| HUD Rental Assistance Demonstration (RAD) program | ||
| Loan Purchase | Conduct outreach, review potential loan product enhancements and purchase loans secured by RAD properties | View Reports |
| Additional Activity: Residential Economic Diversity | ||
| Loan Purchase | Establish a RED initiative to increase loan purchases relating to the Statutory Activity for the provision of debt for LIHTC under Section 42 of the Internal Revenue Code | View Reports |
| Loan Purchase | Establish a RED initiative to increase loan purchases relating to the Statutory Activity for Other Comparable State or Local Affordable Housing Programs | View Reports |
| Loan Product | Develop and approve product enhancements designed to improve affordable housing preservation and development in High Opportunity Areas | View Reports |
| Section 202 | ||
| Loan Purchase | Consider loan product changes, prepare work-plan and purchase loans | View Reports |
| Section 515 | ||
| Outreach | Work with USDA and other stakeholders to adopt approach resulting in increased preservation of Section 515 properties and purchase Section 515 loans | View Reports |
| Section 8 | ||
| Loan Purchase | Purchase loans secured by properties served by the Section 8 program | View Reports |
| Single-family energy efficiency improvements | ||
| Loan Product | Increase liquidity for energy or water efficiency improvements through outreach, research and developing solutions | View Reports |
| Loan Product | Increase liquidity for Improvements that meet the FHFA Criteria by facilitating the adoption of enhanced industry standards and purchasing loans | View Reports |
| Shared equity (Affordable homeownership preservation) | ||
| Loan Product | Increase the purchase of mortgage loans that finance shared equity programs | View Reports |
| Loan Product | Increase liquidity for shared equity homeownership through outreach, research, and enhancing loan product solutions | View Reports |
| Comparable state or local affordable housing programs | ||
| Loan Purchase | Expand Fannie Mae's multifamily affordable housing (MAH) definition to support other comparable State or local programs to preserve affordable housing and purchase loans | View Reports |
| Type | Description | Report |
|---|---|---|
| Housing for high-needs rural populations | ||
| Outreach | Rebrand and market Fannie Mae's Native American Conventional Lending Initiative (NACLI) and purchase loans | View Reports |
| Outreach | Create and implement work-plans and purchase loans secured by multifamily housing for Native Americans and agricultural workers | View Reports |
| Loan Product | Purchase Single family NACLI and/or HUD Section 184 loans and produce loan products via supply variance and appraisals | View Reports |
| Housing in high-needs rural regions | ||
| Loan Purchase | Fannie Mae will increase single-family loan purchases in high-needs rural regions | View Reports |
| Outreach | Increase affordable capital through industry outreach and developing solutions to increase loan purchases | View Reports |
| Loan Purchase | Create a work-plan and increase multifamily loan purchases in Middle Appalachia, the Lower Mississippi Delta, rural tracts in persistent poverty counties, and the colonias | View Reports |
| Loan Product | Develop solutions to increase single-family loan purchases in high-needs rural regions | View Reports |
| Outreach | Develop a data visualization tool to provide rural affordable housing practitioners better insight into the social and economic conditions of high-needs rural regions | View Reports |
| Additional activity: Rural LIHTC equity investments | ||
| Investment | Invest in LIHTC properties including housing associated with other Statutory and Regulatory Activities | View Reports |
| Financing by small institutions of rural housing | ||
| Loan Purchase | Fannie Mae will increase loan purchases of single family loans in rural areas from small financial institutions | View Reports |
| Outreach | Purchase single-family rural loans through bulk transactions from small financial institutions | View Reports |
| Loan Product | Gain an understanding of the challenges and opportunities for small financial institutions in rural areas through outreach | View Reports |
| Rural small multifamily properties | ||
| Loan Purchase | Identify market opportunities to purchase small multifamily loans in rural areas | View Reports |
| Type | Description | Report |
|---|---|---|
| Manufactured homes titled as real property | ||
| Loan Purchase | Increase single-family loan purchases of manufactured housing titled as real property | View Reports |
| Loan Product | Design new product flexibilities to facilitate the origination of mortgages securing manufactured housing titled as real property | View Reports |
| Outreach | Increase homebuyer access to education and resources | View Reports |
| Manufactured home communities (MHCs) owned by a governmental entity, non-profit organization or residents | ||
| Loan Purchase | Purchase Resident-Owned Community Loans | View Reports |
| Manufactured home communities (MHCs) with certain tenant pad lease protections | ||
| Loan Product | Develop pilot offering for borrowers that institute Duty to Serve tenant protections | View Reports |
| Loan Purchase | Purchase loans that institute Duty to Serve tenant protections | View Reports |
| Type | Description | Report |
|---|---|---|
| Manufactured homes titled as real property | ||
| Loan Purchase | Increase single-family loan purchases of manufactured housing titled as real property | View Reports |
| Loan Product | Design new product flexibilities to facilitate the origination of mortgages securing manufactured housing titled as real property | View Reports |
| Outreach | Increase homebuyer access to education and resources | View Reports |
| Manufactured home communities (MHCs) owned by a governmental entity, non-profit organization or residents | ||
| Loan Purchase | Purchase Resident-Owned Community Loans | View Reports |
| Manufactured home communities (MHCs) with certain tenant pad lease protections | ||
| Loan Product | Develop pilot offering for borrowers that institute Duty to Serve tenant protections | View Reports |
| Loan Purchase | Purchase loans that institute Duty to Serve tenant protections | View Reports |
| Type | Description | Report |
|---|---|---|
| Low-income housing tax credit (LIHTC) debt | ||
| Loan Purchase | Provide liquidity and stability through LIHTC loan purchases | View Reports |
| Multifamily energy efficiency improvements | ||
| Outreach | Publish an annual study of energy and water efficiency through the Green Advantage program | View Reports |
| Financing of Small multifamily rental properties | ||
| Loan Purchase | Purchase/Guaranty seasoned Small Balance Loans from Small Financial Institutions | View Reports |
| HUD Rental Assistance Demonstration (RAD) program | ||
| Loan Purchase | Provide liquidity and stability through RAD loan purchases | View Reports |
| Additional Activity: Residential Economic Diversity | ||
| Loan Purchase | Purchase loans on properties that support Residential Economic Diversity | View Reports |
| Loan Product | Create a mapping tool to enable deeper understanding of the various aspects of RED | View Reports |
| Outreach | Conduct and publish three research projects on states that prioritize, or could prioritize, RED in QAPs | View Reports |
| Loan Product | Develop a tool to identify LIHTC properties and Section 8 properties in areas of residential economic diversity for preservation around the country | View Reports |
| Section 8 | ||
| Loan Purchase | Provide liquidity and stability through Section 8 loan purchases | View Reports |
| Financing of Energy or Water Efficiency Improvements on Single-family Properties | ||
| Loan Product | Research the relationship of energy efficient homes to property values and mortgage performance | View Reports |
| Loan Product | Develop valuation guidelines and data collection requirements | View Reports |
| Loan Product | Facilitate financing of energy efficiency improvements and energy efficient homes | View Reports |
| Support for Shared Equity Programs for Affordable Housing Preservation | ||
| Loan Product | Support standardization of data collection at the transaction level | View Reports |
| Financing of Single-Family Properties in Opportunity Zones | ||
| Outreach | Facilitate the creation and preservation of long-term affordable housing units in opportunity zones | View Reports |
| Type | Description | Report |
|---|---|---|
| Housing for high-needs rural populations | ||
| Outreach | Increase homebuyer access to education and resources for members of a federally recognized Indian tribe in Indian areas | View Reports |
| Outreach | Increase technical expertise in Indian areas | View Reports |
| Investment | Engage in LIHTC equity investment | View Reports |
| Housing in high-needs rural regions | ||
| Loan Purchase | Increase single-family loan purchases in high-needs rural regions | View Reports |
| Loan Product | Design new product flexibilities to facilitate the origination of mortgages in high-needs rural regions | View Reports |
| Outreach | Research the use of and opportunity for LIHTC in support of persistent-poverty counties not included in other high-needs rural regions | View Reports |
| Investment | Engage in LIHTC equity investment | View Reports |
| Outreach | Facilitate thought leadership and research related to housing and mortgage financing in rural communities | View Reports |
| Additional activity: LIHTC Investment in all Rural Areas | ||
| Investment | Engage in LIHTC equity investment in all rural areas | View Reports |
| Financing by Small Financial Institutions of Rural Housing | ||
| Loan Purchase | Increase loan purchases from small financial institutions serving rural regions | View Reports |
| Small Multifamily Rental Properties in Rural Areas | ||
| Loan Product | Develop a tool to identify LIHTC properties and Section 8 properties for preservation around the country (Including DTS designations) | View Reports |
See past Quarterly and Annual Reports