Mortgage Loans

3 Months Ended

Mar. 31, 2026

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

The table below provides details of the loans on our condensed consolidated balance sheets.

Table 3.1 - Mortgage Loans


	March 31, 2026			December 31, 2025
(In millions)	Single-Family	Multifamily	Total	Single-Family	Multifamily	Total
Held-for-sale UPB	$1,449	$2	$1,451	$1,108	$136	$1,244
Cost basis and fair value adjustments, net	(225)	(1)	(226)	(216)	(14)	(230)
Total held-for-sale loans, net	1,224	1	1,225	892	122	1,014
Held-for-investment UPB	3,119,960	164,268	3,284,228	3,117,945	153,124	3,271,069
Cost basis and fair value adjustments, net(1)	26,291	(570)	25,721	27,491	(526)	26,965
Allowance for credit losses	(6,977)	(666)	(7,643)	(7,297)	(671)	(7,968)
Total held-for-investment loans, net(2)	3,139,274	163,032	3,302,306	3,138,139	151,927	3,290,066
Total mortgage loans, net	$3,140,498	$163,033	$3,303,531	$3,139,031	$152,049	$3,291,080

(1)Includes ($0.4) billion and ($0.3) billion of basis adjustments maintained on a closed portfolio basis related to existing portfolio layer method fair value hedge relationships as of March 31, 2026 and December 31, 2025, respectively.

(2)Includes $6.9 billion and $7.0 billion of multifamily held-for-investment loans for which we have elected the fair value option as of March 31, 2026 and December 31, 2025, respectively.

The table below provides details of the UPB of loans we purchased and sold during the periods presented.

Table 3.2 - Loans Purchased and Sold


(In millions)	1Q 2026	1Q 2025
Single-Family:
Purchases:
Held-for-investment loans	$102,513	$77,646
Sales of held-for-sale loans(1)	—	759
Multifamily:
Purchases:
Held-for-investment loans	12,700	3,914
Held-for-sale loans	96	5,431
Sales of held-for-sale loans(2)	671	6,604

(1)Our sales of single-family loans reflect the sale of single-family seasoned loans.

(2)Our sales of multifamily loans occur primarily through the issuance of Multifamily K Certificates.

Reclassifications

The table below presents the allowance for credit losses or valuation allowance that was reversed or established due to loan reclassifications between held-for-investment and held-for-sale during the periods presented.

Table 3.3 - Loan Reclassifications(1)


	1Q 2026			1Q 2025
(In millions)	UPB	Allowance for Credit Losses Reversed or (Established)	Valuation Allowance (Established) or Reversed	UPB	Allowance for Credit Losses Reversed or (Established)	Valuation Allowance (Established) or Reversed
Single-Family reclassifications from:
Held-for-investment to held-for-sale	$542	$22	$—	$689	$7	$—
Held-for-sale to held-for-investment(2)	146	9	12	258	21	13
Multifamily reclassifications from:
Held-for-investment to held-for-sale	442	1	(20)	527	1	(27)
Held-for-sale to held-for-investment(2)	—	—	—	190	(1)	5

(1)Amounts exclude reclassifications related to loans for which we have elected the fair value option.

(2)Allowance for credit losses established upon loan reclassifications from held-for-sale to held-for-investment to reflect the net amount we expect to collect on the loan. Loans with prior charge-offs may have a negative allowance for credit losses established upon reclassification.

Interest Income

The table below presents the amortized cost basis of non-accrual loans as of the beginning and the end of the periods presented, including the interest income recognized for the period that is related to the loans on non-accrual status as of the period end.

Table 3.4 - Amortized Cost Basis of Held-for-Investment Loans on Non-Accrual(1)


	Non-Accrual Amortized Cost Basis		Interest Income Recognized(2)
(In millions)	March 31, 2026	December 31, 2025	1Q 2026
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$17,002	$16,739	$48
15-year or less, amortizing fixed-rate	462	482	1
Adjustable-rate and other	217	221	—
Total Single-Family	17,681	17,442	49
Total Multifamily	50	227	—
Total Single-Family and Multifamily	$17,731	$17,669	$49


	Non-Accrual Amortized Cost Basis		Interest Income Recognized(2)
(In millions)	March 31, 2025	December 31, 2024	1Q 2025
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$15,724	$15,157	$43
15-year or less, amortizing fixed-rate	487	511	1
Adjustable-rate and other	256	240	1
Total Single-Family	16,467	15,908	45
Total Multifamily	207	125	1
Total Single-Family and Multifamily	$16,674	$16,033	$46

(1)Excludes amounts related to loans for which we have elected the fair value option.

(2)Represents the amount of payments received during the period, including those received while the loans were on accrual status, for the held-for-investment loans on non-accrual status as of period end.

The table below provides the amount of accrued interest receivable presented on our condensed consolidated balance sheets and the amount of accrued interest receivable related to loans on non-accrual status at the end of the periods that was charged off.

Table 3.5 - Accrued Interest Receivable and Related Charge-Offs


	Accrued Interest Receivable		Accrued Interest Receivable Related Charge-Offs
(In millions)	March 31, 2026	December 31, 2025	1Q 2026	1Q 2025
Single-Family loans	$10,598	$10,547	($73)	($64)
Multifamily loans	708	663	—	(3)

Credit Quality

Single-Family

The current LTV ratio is a key factor we consider when estimating our allowance for credit losses for single-family loans. As current LTV ratios increase, the borrower's equity in the home decreases, which may negatively affect the borrower's ability to refinance or to sell the property for an amount at or above the balance of the outstanding loan.

The table below presents the amortized cost basis of single-family held-for-investment loans by current LTV ratio and charge-offs related to these loans. Our current LTV ratios are estimates based on available data through the end of each period presented.

Table 3.6 - Amortized Cost Basis of Single-Family Held-for-Investment Loans by Current LTV Ratio and Vintage


	March 31, 2026
	Year of Origination						Total
(In millions)	2026	2025	2024	2023	2022	Prior
Current LTV ratio:
20- and 30-year or more, amortizing fixed-rate
≤ 60	$8,698	$50,304	$44,393	$37,527	$114,041	$1,473,337	$1,728,300
> 60 to 80	24,341	121,494	103,454	89,654	157,726	208,915	705,584
> 80 to 90	11,704	66,473	62,480	46,818	41,470	9,799	238,744
> 90 to 100	12,397	82,702	47,792	14,915	9,725	1,533	169,064
> 100	67	738	2,323	1,889	1,830	244	7,091
Total 20- and 30-year or more, amortizing fixed-rate	57,207	321,711	260,442	190,803	324,792	1,693,828	2,848,783
Current-year gross charge-offs	—	2	17	28	36	41	124
15-year or less, amortizing fixed-rate
≤ 60	1,921	10,706	5,535	3,824	19,373	198,169	239,528
> 60 to 80	2,222	9,611	3,903	1,636	1,513	235	19,120
> 80 to 90	609	2,013	545	83	44	1	3,295
> 90 to 100	262	955	68	10	7	—	1,302
> 100	3	8	1	—	—	—	12
Total 15-year or less, amortizing fixed-rate	5,017	23,293	10,052	5,553	20,937	198,405	263,257
Current-year gross charge-offs	—	—	—	—	1	1	2
Adjustable-rate and other
≤ 60	367	1,937	337	401	1,723	13,138	17,903
> 60 to 80	976	4,578	886	1,125	2,055	603	10,223
> 80 to 90	386	2,046	495	562	556	26	4,071
> 90 to 100	269	1,577	209	145	128	5	2,333
> 100	—	4	3	16	23	1	47
Total adjustable-rate and other	1,998	10,142	1,930	2,249	4,485	13,773	34,577
Current-year gross charge-offs	—	—	—	—	—	—	—
Total for all loan product types by current LTV ratio:
≤ 60	10,986	62,947	50,265	41,752	135,137	1,684,644	1,985,731
> 60 to 80	27,539	135,683	108,243	92,415	161,294	209,753	734,927
> 80 to 90	12,699	70,532	63,520	47,463	42,070	9,826	246,110
> 90 to 100	12,928	85,234	48,069	15,070	9,860	1,538	172,699
> 100	70	750	2,327	1,905	1,853	245	7,150
Total Single-Family loans	$64,222	$355,146	$272,424	$198,605	$350,214	$1,906,006	$3,146,617
Total current-year gross charge-offs	$—	$2	$17	$28	$37	$42	$126


	December 31, 2025
	Year of Origination						Total
(In millions)	2025	2024	2023	2022	2021	Prior
Current LTV ratio:
20- and 30-year or more, amortizing fixed-rate
≤ 60	$47,112	$47,188	$39,388	$114,149	$557,834	$936,838	$1,742,509
> 60 to 80	118,639	110,794	95,194	162,477	179,033	40,311	706,448
> 80 to 90	60,372	67,451	50,223	43,480	9,002	1,135	231,663
> 90 to 100	77,814	51,196	16,197	10,399	1,386	292	157,284
> 100	557	2,426	1,822	1,663	156	84	6,708
Total 20- and 30-year or more, amortizing fixed-rate	304,494	279,055	202,824	332,168	747,411	978,660	2,844,612
Full-year gross charge-offs	1	22	44	73	54	172	366
15-year or less, amortizing fixed-rate
≤ 60	9,953	5,816	3,987	19,872	96,005	111,387	247,020
> 60 to 80	9,450	4,281	1,879	1,833	286	17	17,746
> 80 to 90	1,967	639	105	57	3	—	2,771
> 90 to 100	1,007	104	15	7	—	—	1,133
> 100	8	2	1	—	—	—	11
Total 15-year or less, amortizing fixed-rate	22,385	10,842	5,987	21,769	96,294	111,404	268,681
Full-year gross charge-offs	—	—	—	1	1	1	3
Adjustable-rate and other
≤ 60	1,797	358	412	1,753	3,121	10,469	17,910
> 60 to 80	4,321	923	1,184	2,138	489	155	9,210
> 80 to 90	1,783	522	581	574	19	9	3,488
> 90 to 100	1,312	226	153	132	3	2	1,828
> 100	2	2	12	19	—	2	37
Total adjustable-rate and other	9,215	2,031	2,342	4,616	3,632	10,637	32,473
Full-year gross charge-offs	—	—	—	1	—	1	2
Total for all loan product types by current LTV ratio:
≤ 60	58,862	53,362	43,787	135,774	656,960	1,058,694	2,007,439
> 60 to 80	132,410	115,998	98,257	166,448	179,808	40,483	733,404
> 80 to 90	64,122	68,612	50,909	44,111	9,024	1,144	237,922
> 90 to 100	80,133	51,526	16,365	10,538	1,389	294	160,245
> 100	567	2,430	1,835	1,682	156	86	6,756
Total Single-Family loans	$336,094	$291,928	$211,153	$358,553	$847,337	$1,100,701	$3,145,766
Total full-year gross charge-offs	$1	$22	$44	$75	$55	$174	$371

Multifamily

The table below presents the amortized cost basis of our multifamily held-for-investment loans, for which we have not elected the fair value option, by credit quality indicator, and charge-offs related to these loans. These indicators are based on available data through the end of each period presented, involve significant management judgment, and are defined as follows:

n "Pass" is current and adequately protected by the borrower's current financial strength and debt service capacity;

n "Special mention" has administrative issues that may affect future repayment prospects but does not have current credit weaknesses. In addition, this category generally includes loans in forbearance;

n "Substandard" has a weakness that jeopardizes the timely full repayment; and

n "Doubtful" has a weakness that makes collection or liquidation in full highly questionable and improbable based on existing conditions.

Table 3.7 - Amortized Cost Basis of Multifamily Held-for-Investment Loans by Credit Quality Indicator and Vintage


	March 31, 2026
	Year of Origination						Total
(In millions)	2026	2025	2024	2023	2022	Prior		Revolving Loans
Category:
Pass	$8,783	$66,396	$28,076	$12,949	$15,233	$20,258	$1,626	$153,321
Special mention	—	236	313	139	274	739	—	1,701
Substandard	—	—	254	419	662	435	—	1,770
Doubtful	—	—	—	—	—	—	—	—
Total	$8,783	$66,632	$28,643	$13,507	$16,169	$21,432	$1,626	$156,792
Current-year gross charge-offs	$—	$—	$—	$—	$—	$50	$—	$50


	December 31, 2025
	Year of Origination						Total
(In millions)	2025	2024	2023	2022	2021	Prior		Revolving Loans
Category:
Pass	$63,205	$28,613	$13,374	$15,732	$7,238	$12,947	$1,851	$142,960
Special mention	—	49	173	177	96	670	—	1,165
Substandard	—	163	266	581	233	225	—	1,468
Doubtful	—	—	—	—	—	—	—	—
Total	$63,205	$28,825	$13,813	$16,490	$7,567	$13,842	$1,851	$145,593
Full-year gross charge-offs	$—	$—	$—	$11	$—	$115	$—	$126

Past Due Status

The table below presents the amortized cost basis of our single-family and multifamily held-for-investment loans, for which we have not elected the fair value option, by payment status.

Table 3.8 - Amortized Cost Basis of Held-for-Investment Loans by Payment Status(1)


	March 31, 2026
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due, or in Foreclosure(2)	Total	Non-Accrual With No Allowance(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$2,800,859	$24,719	$6,726	$16,479	$2,848,783	$755
15-year or less, amortizing fixed-rate	261,508	1,079	220	450	263,257	7
Adjustable-rate and other	34,024	270	72	211	34,577	33
Total Single-Family	3,096,391	26,068	7,018	17,140	3,146,617	795
Total Multifamily	156,629	28	38	97	156,792	40
Total Single-Family and Multifamily	$3,253,020	$26,096	$7,056	$17,237	$3,303,409	$835


	December 31, 2025
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due, or in Foreclosure(2)	Total	Non-Accrual with No Allowance(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$2,793,168	$27,286	$7,892	$16,266	$2,844,612	$662
15-year or less, amortizing fixed-rate	266,741	1,196	276	468	268,681	7
Adjustable-rate and other	31,880	291	87	215	32,473	31
Total Single-Family	3,091,789	28,773	8,255	16,949	3,145,766	700
Total Multifamily	145,344	57	2	190	145,593	132
Total Single-Family and Multifamily	$3,237,133	$28,830	$8,257	$17,139	$3,291,359	$832

(1)The amount of held-for-investment loans three months or more past due and accruing interest was not material as of March 31, 2026. There were no held-for-investment loans that were three months or more past due and accruing interest as of December 31, 2025.

(2)Includes $4.1 billion and $4.0 billion of single-family loans that were in the process of foreclosure as of March 31, 2026 and December 31, 2025, respectively.

(3)Loans with no allowance for loan losses primarily represent loans that were previously charged off and for which the amount we expect to collect is sufficiently in excess of the amortized cost to result in recovery of the entire amortized cost basis if the property were foreclosed upon or otherwise subject to disposition. We exclude the amounts of allowance for credit losses on advances of pre-foreclosure costs when determining whether a loan has an allowance for credit losses.

Loan Restructurings

Single-Family Loan Restructurings

We offer several types of restructurings to single-family borrowers that may result in a payment delay, interest rate reduction, term extension, or combination thereof. We do not offer principal forgiveness.

For purposes of the disclosure related to single-family loan restructurings involving borrowers experiencing financial difficulty, we exclude loans that were held-for-sale either at the time of restructuring or at the period end. The table below presents the period-end amortized cost basis of single-family held-for-investment loan restructurings involving borrowers experiencing financial difficulty that we entered into during the periods presented.

Table 3.9 - Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty(1)


	1Q 2026
(Dollars in millions)	Payment Delay(2)	Payment Delay and Term Extension	Payment Delay, Term Extension, and Interest Rate Reduction	Total	Total as % of Class of Financing Receivable(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$6,079	$1,886	$419	$8,384	0.3	%
15-year or less, amortizing fixed-rate	189	2	—	191	0.1
Adjustable-rate and other	54	2	—	56	0.2
Total Single-Family loan restructurings	$6,322	$1,890	$419	$8,631	0.3


	1Q 2025
(Dollars in millions)	Payment Delay(2)	Payment Delay and Term Extension	Payment Delay, Term Extension, and Interest Rate Reduction	Total	Total as % of Class of Financing Receivable(3)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$7,308	$1,675	$121	$9,104	0.3	%
15-year or less, amortizing fixed-rate	255	—	—	255	0.1
Adjustable-rate and other	67	4	1	72	0.3
Total Single-Family loan restructurings	$7,630	$1,679	$122	$9,431	0.3

(1) Type of loan restructurings reflects the cumulative effects of the loan restructurings received during the period. Includes loan modifications in the period in which the borrower completes the trial period and the loan is permanently modified. The amortized cost basis of loans in the trial period modification plans was $4.1 billion and $2.9 billion as of March 31, 2026 and March 31, 2025, respectively. Most of these loans are 20- and 30-year or more, amortizing fixed-rate loans.

(2) Includes $2.3 billion and $2.8 billion related to payment deferral plans for 1Q 2026 and 1Q 2025, respectively. Also includes forbearance plans, repayment plans, and loan modifications that only involve payment delays.

(3) Based on the amortized cost basis as of period end, divided by the total period-end amortized cost basis of the corresponding financing receivable class of single-family held-for-investment loans.

The table below shows the financial effect of single-family held-for-investment loan restructurings involving borrowers experiencing financial difficulty that we entered into during the periods presented.

Table 3.10 – Financial Effects of Single-Family Loan Restructurings Involving Borrowers Experiencing Financial Difficulty(1)


	1Q 2026
(Dollars in thousands)	Weighted-Average Interest Rate Reduction		Weighted-Average Months of Term Extension	Weighted-Average Payment Deferral or Principal Forbearance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	0.7	%	144	$26
15-year or less, amortizing fixed-rate	—		33	11
Adjustable-rate and other	NM		157	15


	1Q 2025
(Dollars in thousands)	Weighted-Average Interest Rate Reduction		Weighted-Average Months of Term Extension	Weighted-Average Payment Deferral or Principal Forbearance(2)
Single-Family:
20- and 30-year or more, amortizing fixed-rate	0.6	%	166	$15
15-year or less, amortizing fixed-rate	—		NM	10
Adjustable-rate and other	0.6		224	11

(1) Averages are based on payment deferral plans and loan modifications completed during the periods presented. The financial effects of forbearance plans and repayment plans consist of a payment delay of between one and twelve months. In addition, the financial effect of a forbearance plan is included at the time the forbearance plan is completed if the borrower exits forbearance by entering into a payment deferral plan or loan modification.

(2) Primarily related to payment deferral plans. Amounts are based on non-interest-bearing principal balances on the restructured loans.

The table below provides the amortized cost basis of single-family held-for-investment loans that had a payment default (i.e., loans that became two months delinquent) during the periods presented and had been restructured within the previous 12 months preceding the payment default, when the borrower was experiencing financial difficulty at the time of the restructuring.

Table 3.11 - Subsequent Defaults of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty(1)


	1Q 2026
(In millions)	Payment Delay	Payment Delay and Term Extension	Payment Delay, Term Extension, and Interest Rate Reduction	Total
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$1,056	$982	$136	$2,174
15-year or less, amortizing fixed-rate	24	—	—	24
Adjustable-rate and other	11	1	—	12
Total Single-Family	$1,091	$983	$136	$2,210


	1Q 2025
(In millions)	Payment Delay	Payment Delay and Term Extension	Payment Delay, Term Extension, and Interest Rate Reduction	Total
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$975	$606	$9	$1,590
15-year or less, amortizing fixed-rate	35	—	—	35
Adjustable-rate and other	11	1	—	12
Total Single-Family	$1,021	$607	$9	$1,637

(1) Excludes forbearance plans and repayment plans as borrowers are typically past due based on the loan's original contractual terms at the time the borrowers enter into these plans.

The table below provides the single-family held-for-investment loan performance in the 12 months after a restructuring involving borrowers experiencing financial difficulty. While a single-family loan is in a forbearance plan or repayment plan, payments continue to be due based on the loan’s original contractual terms because the loan has not been permanently modified. As a result, we report single-family loans in forbearance plans and repayment plans as delinquent to the extent that payments are past due based on the loan’s original contractual terms. Loans that have been restructured by entering into a payment deferral plan or loan modification are reported as delinquent to the extent that payments are past due based on the loan's restructured terms.

Table 3.12 - Amortized Cost Basis of Single-Family Restructured Loans Involving Borrowers Experiencing Financial Difficulty by Payment Status


	March 31, 2026
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due	Total
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$15,192	$3,506	$2,029	$7,008	$27,735
15-year or less, amortizing fixed-rate	309	86	50	162	607
Adjustable-rate and other	91	25	13	61	190
Total Single-Family	$15,592	$3,617	$2,092	$7,231	$28,532


	March 31, 2025
(In millions)	Current	One Month Past Due	Two Months Past Due	Three Months or More Past Due	Total
Single-Family:
20- and 30-year or more, amortizing fixed-rate	$12,733	$3,159	$2,000	$7,249	$25,141
15-year or less, amortizing fixed-rate	347	97	66	208	718
Adjustable-rate and other	80	17	18	77	192
Total Single-Family	$13,160	$3,273	$2,084	$7,534	$26,051

Non-Cash Investing and Financing Activities

During 1Q 2026 and 1Q 2025, we acquired $64.9 billion and $55.7 billion, respectively, of loans held-for-investment in exchange for the issuance of debt issued by consolidated trusts in guarantor swap transactions. We received approximately $37.6 billion and $27.6 billion of loans held-for-investment from sellers during 1Q 2026 and 1Q 2025, respectively, to satisfy advances to lenders that were recorded in other assets on our condensed consolidated balance sheets.

- Definition

The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding 3 percent of carrying amount of mortgage.

+ References + Details