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 2022, FHFA conducted virtual meetings with Fannie Mae and Freddie Mac to supplement the information provided by the Enterprises in their 2021 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 2021 Duty to Serve performance under their first Duty to Serve Plans, which covered the 2018-2021 period. FHFA has determined that each Enterprise complied with its Duty to Serve requirements in all three underserved markets in 2021. For an Enterprise that achieves compliance, FHFA will convert its final performance score into one of four passing ratings: Minimally Passing, Low Satisfactory, High Satisfactory, or Exceeds.
For 2021, FHFA assigned Fannie Mae a rating of Low Satisfactory for its activities in the manufactured housing market, a rating of Low Satisfactory for its activities in the affordable housing preservation market, and a rating of High Satisfactory for its activities in the rural housing market. For 2021, FHFA assigned Freddie Mac a rating of High Satisfactory for its activities in the manufactured housing market, a rating of Low Satisfactory for its activities in the affordable housing preservation market, and a rating of Low Satisfactory for its activities in the rural housing market.
Highlights of the Enterprises' 2021 performance are published in FHFA's 2022 Annual Housing Report. Data on the Enterprises' 2021 Duty to Serve-qualifying loan purchases is available on the Performance Data 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 Product | 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 |
| Outreach | Engage with Industry Stakeholders in a Way that Addresses Market Needs | 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 organizations, or ROC (collectively “Non-Traditional Owners”) through research, data analysis, loan product review and enhancement, implementing a pilot for ROC, 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 | ||
| Outreach | Increase affordable capital through industry outreach and developing loan financing solutions | View Reports |
| Outreach | Increase the purchase of mortgage loans that finance the purchase or renovation of distressed properties | View Reports |
| Small multifamily rental properties | ||
| Loan Product | Adopt effective approach to purchase small multifamily loans from financial entities with $10 billion or less in assets and purchase loans | View Reports |
| Multifamily energy | ||
| Outreach | Engage stakeholders and conduct research to increase awareness and understanding of energy or water efficiency improvements and financing needs | View Reports |
| Outreach | Facilitate the establishment and dissemination of energy or water efficiency improvements finance industry standards that will facilitate increased liquidity to the multifamily energy efficiency improvements finance market | 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 Other Comparable State or Local Affordable Housing Programs | View Reports |
| Outreach | Outreach and Stakeholder Engagement on the importance of Residential Economic Diversity in community-level, household and individual outcomes | View Reports |
| Loan Product | Establish an initiative which aims at improving future access to affordable rental housing through outreach, research, and product development efforts | View Reports |
| Section 515 | ||
| Loan Purchase | Work with the USDA and other stakeholders to adopt an approach resulting in increased preservation of Section 515 properties and purchase Section 515 loans | View Reports |
| Outreach | Sponsor technical assistance programs that support and facilitate the preservation of Section 515 properties | View Reports |
| Section 8 | ||
| Loan Purchase | Purchase loans secured by properties served by the Section 8 program | View Reports |
| Single-family energy efficiency improvements | ||
| Outreach | Increase liquidity for energy or water efficiency improvements through outreach, research and developing solutions | View Reports |
| Loan Product | Increase liquidity for energy or water efficiency 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 |
| Outreach | 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) | 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 | Conduct activities to expand access to the secondary market for high needs populations | 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 in high-needs rural regions | 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 |
| 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 | Gain an understanding of the challenges and opportunities for small financial institutions in rural areas through outreach | 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 |
| 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 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 |
| Energy or Water Efficiency Improvements on Multifamily Rental Properties 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 |
| Loan Product | Develop offering for loan credit enhancement for secondary market transactions “SMART CE” | 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 |
| Outreach | Conduct and publish research on zoning practices that further residential economic diversity | View Reports |
| Section 8 | ||
| Loan Purchase | Provide liquidity and stability through Section 8 loan purchases | View Reports |
| Section 515 | ||
| Loan Product | Develop a new offering to preserve properties with USDA Section 515 debt | View Reports |
| Support for Shared Equity Programs for Affordable Housing Preservation | ||
| Loan Purchase | Inform loan product design through loan purchases and increase single-family purchases of loans secured by properties under shared equity programs | 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 |
| Sustainability and Resiliency | ||
| Outreach | Conduct and publish a report on resiliency efforts within multifamily housing | View Reports |
| Type | Description | Report |
|---|---|---|
| Housing for high-needs rural populations | ||
| 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 |
| 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 new offering to preserve properties with USDA Section 515 debt | View Reports |
| Investment | Engage in LIHTC equity investment in all rural in 5- to 50-unit properties | View Reports |
See past Quarterly and Annual Reports