Federal National Mortgage Association Fannie Mae FNMFO

Federal National Mortgage Association Fannie Mae is a government-sponsored, stockholder-owned corporation chartered by Congress to provide liquidity and stability to the U. S. housing market and to promote access to mortgage credit. The company purchases residential mortgage loans from lenders, pools these loans into trusts, and issues guaranteed mortgage-backed securities that investors buy. It does not originate loans or lend money directly to borrowers. In exchange for guaranteeing the timely payment of principal and interest on its securities, Fannie Mae receives guaranty fees which constitute its primary revenue stream.

Fannie Mae generates revenue mainly from guaranty fees received for assuming credit risk on mortgage loans underlying its mortgage-backed securities. It also earns net interest income from its retained mortgage portfolio and corporate liquidity portfolio, as well as fee and other income from various ancillary services. These revenue streams are driven by the size and performance of its guaranty book of business and the yields earned on its held assets.

The company operates through the following segments: Single-Family and Multifamily.

• Single-Family: This segment provides financing for properties with four or fewer residential units by purchasing loans from lenders and issuing guaranteed mortgage-backed securities backed by those loans.
• Multifamily: This segment provides financing for residential buildings with five or more units through similar loan purchase, securitization, and guaranty activities.

Fannie Mae holds a leading position in the U. S. residential mortgage finance market, accounting for approximately 24% of single-family mortgage debt and 21% of multifamily mortgage debt outstanding as of December 31, 2025. It competes with Freddie Mac, Ginnie Mae, and private-label issuers, while its government-sponsored status and explicit guaranty provide competitive advantages in liquidity, market confidence, and access to funding.

The company serves mortgage lenders who originate loans and investors who purchase its mortgage-backed securities. It also interacts with loan servicers that manage the underlying mortgages on behalf of investors. No specific customer names are disclosed in the filing.