Fannie Mae 2012 Annual Report Download - page 150

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repurchase requests originating from missing documentation or loan files are excluded from the total requests outstanding
until we receive the missing documents and loan files and a full underwriting review is completed.
Table 57: Repurchase Request Activity
For the Year Ended December 31,
2012 2011
(Dollars in millions)
Beginning outstanding repurchase requests. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10,400 $ 5,007
Issuances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,764 24,828
Collections . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,657)(11,533)
Other resolutions(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8,425)(6,913)
Total successfully resolved . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (17,082)(18,446)
Cancellations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,069)(989)
Ending outstanding repurchase requests(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 16,013 $ 10,400
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(1) Mainly includes repurchase requests that were successfully resolved through the lender taking corrective action with or without a
pricing adjustment. Also includes resolutions through indemnification or future repurchase agreements, negotiated settlements for a
pool of loans, and loans in which no further repurchase or reimbursement for loss was required from the mortgage seller/servicer.
(2) Excludes the impact of our January 6, 2013 resolution agreement with Bank of America, which reduced the total outstanding
repurchase request balance by $11.3 billion and substantially resolved our outstanding and expected future repurchase requests on
specified single-family loans originated between 2000 and 2008 that were delivered to us by Bank of America. See “Note 20,
Subsequent Events” for additional information on this agreement.
The increase in “Other resolutions” activity during 2012 compared with 2011 was primarily driven by an increase in the
number of requests that were successfully resolved by lenders, thereby curing the defects identified in the repurchase request
without requiring the lender to repurchase the loan or reimburse us for our losses. As of December 31, 2012, less than 0.25%
of the loans in our new single-family book of business, which were acquired after 2008, have been subject to a repurchase
request, compared with approximately 3% of single-family loans acquired between 2005 and 2008 that have been subject to a
repurchase request.
Table 58 displays our top five mortgage sellers/servicers by outstanding repurchase requests based on the unpaid principal
balance of the loans underlying repurchase requests issued as of December 31, 2012 and 2011. Table 58 also displays the
mortgage sellers’/servicers’ balance and percentage of our repurchase requests to that mortgage seller/servicer that were over
120 days outstanding, and the mortgage sellers’/servicers’ repurchase requests outstanding over 120 days as a percentage of
our total repurchase requests outstanding over 120 days, as of December 31, 2012 and 2011.
Table 58: Outstanding Repurchase Requests(1)
Outstanding Repurchase Requests as of December 31,
2012 2011
Total
Outstanding
Balance(3)
Over 120 Days(2) Total
Outstanding
Balance(3)
Over 120 Days(2)
Balance(3) % % of Total Balance(3) % % of Total
(Dollars in millions)
Mortgage Seller/Servicer
Counterparty:
Bank of America, N.A.(4) . . . . . . . $11,735 $ 9,163 78% 84 % $ 5,449 $1,841 34% 59 %
CitiMortgage(5). . . . . . . . . . . . . . . 909 284 31 3 917 226 25 7
Wells Fargo Bank, N.A.(5) . . . . . . 758 358 47 3 830 259 31 8
JPMorgan Chase Bank, N.A.. . . . 688 173 25 2 1,136 197 17 6
SunTrust Bank, Inc.(5) . . . . . . . . . 494 224 45 2 430 40 9 1
Other(5) . . . . . . . . . . . . . . . . . . . . . 1,429 724 51 6 1,638 576 35 19
Total. . . . . . . . . . . . . . . . . . . . . . . $16,013 $10,926 100 % $10,400 $3,139 100 %