Fannie Mae
Fannie Mae is a U.S. government-sponsored enterprise that purchases mortgages from approved lenders and securitizes them into MBS sold to global institutional investors, providing liquidity to the U.S. housing market through its $4.1 trillion guaranty book while serving single-family lenders, multifamily developers, and capital markets investors.
- Company typePrivate
- Founded1938
- HeadquartersWashington, United States
- Headcount5,001–10,000
- GTM typeB2B
- OfferingServices
What Fannie Mae does
Fannie Mae (Federal National Mortgage Association) is a U.S. government-sponsored enterprise founded in 1938 and headquartered in Washington, DC, that operates the secondary mortgage market by purchasing mortgages from approved lenders and bundling them into mortgage-backed securities sold to institutional investors. The company maintains a $4.1 trillion guaranty book of business as of December 31, 2025, funded approximately $409.3 billion into the U.S. housing market in 2025, and helped roughly 1.5 million households buy, refinance, or rent a home that year.
Its core technology stack centers on Desktop Underwriter (DU) for automated mortgage underwriting, Desktop Originator (DO) for loan origination submission, DUS Gateway for multifamily loan processing, and Collateral Underwriter for appraisal valuation risk, together forming a platform-plus-modules architecture used by thousands of approved lenders. AI/ML capabilities are deployed through the Palantir-built Crime Detection Unit for portfolio fraud detection and through DU's machine-learning rent-payment recognition and trended credit analytics. The company has begun limited rollout of VantageScore 4.0 and FICO Score 10T, and launched a Bitcoin-collateral mortgage product in 2026 through Coinbase and Better Home & Finance.
Fannie Mae earns revenue primarily through guaranty fees on MBS, net interest income from its retained investment portfolio, credit risk transfer transactions (Connecticut Avenue Securities), reperforming loan sales, and capital markets structuring. The company operates under a two-sided distribution model: acquiring mortgages from approved single-family and DUS multifamily lenders and selling MBS to global institutional investors. Since September 2008 it has operated in federal conservatorship under FHFA, with the U.S. Treasury as senior preferred stockholder, and is the subject of ongoing policy debate regarding potential exit from conservatorship and a possible IPO.
Fannie Mae firmographics
Firmographics- Name
- Fannie Mae
- Legal name
- Federal National Mortgage Association
- Website
- http://www.fanniemae.com
- Company type
- Private
- Founded year
- 1938
- Operating status
- Operating
- Headcount range
- 5,001–10,000 employees
- Short description
- Fannie Mae is a U.S. government-sponsored enterprise that purchases mortgages from approved lenders and securitizes them into MBS sold to global institutional investors, providing liquidity to the U.S. housing market through its $4.1 trillion guaranty book while serving single-family lenders, multifamily developers, and capital markets investors.
- Ownership category
- akta.pro rank
Fannie Mae industry classification
Industry- Product category
- Mortgage Finance (Secondary Mortgage Market)
- NAICS
- Finance and Insurance (52), Depository Credit Intermediation (5221)
- SIC
- Asset-Backed Securities (6189), Mortgage Bankers & Loan Correspondents (6162)
- akta.pro primary industry
- Government-Sponsored Enterprises (GSEs) & Government Mortgage Liquidity Providers (FSALAKAC)
Keywords
Where Fannie Mae is headquartered
LocationHeadquarters
- HQ city
- Washington
- HQ country
- United States
- HQ region
- North America
Offices8 records
Markets served
Fannie Mae business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Infrastructure
Revenue model
- Guaranty Fees: Fannie Mae earns guaranty fees for guaranteeing the timely payment of principal and interest on mortgage-backed securities. This is the primary revenue stream from its core business of purchasing mortgages from lenders and securitizing them.
- Net Interest Income: Income generated from the spread between interest earned on the retained investment portfolio and interest paid on liabilities. The company maintains a substantial investment portfolio generating interest income.
- Credit Risk Transfer: Transactions that transfer credit risk from the guaranty book to private investors, including Connecticut Avenue Securities (CAS) and other risk transfer mechanisms.
- Reperforming Loan Sales: Sale of reperforming loans (previously delinquent mortgages that have been brought current) to private investors, generating proceeds and reducing servicing costs.
- Capital Markets Revenue: Revenue from structuring, issuing, and managing mortgage-backed securities, structured transactions, and debt securities sold to capital markets investors.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Monthly | Guaranty Fee (guarantee rate charged to lenders for MBS guarantees) |
Go-to-market motion2 records
Distribution channels6 records
Marketing channels10 records
Fannie Mae product offering
Product offeringCore offering
Fannie Mae is a government-sponsored enterprise (GSE) that purchases single-family and multifamily mortgages from approved lenders, bundles them into mortgage-backed securities (MBS), and sells those securities to global institutional investors to provide liquidity to the U.S. housing market. It also runs credit risk transfer programs (such as Connecticut Avenue Securities), offers lender technology platforms (Desktop Underwriter, Desktop Originator, DUS Gateway), and operates a DUS multifamily lending program through a delegated lender network.
Product overview
Fannie Mae operates as a government-sponsored enterprise providing a platform-plus-modules architecture for mortgage finance. The core products include Desktop Underwriter (DU) for automated underwriting and Desktop Originator (DO) for loan origination, which together process mortgage applications from lenders. Single-family offerings span mortgage products (HomeReady, HomeStyle Renovation, RefiNow, MH Advantage), credit risk transfer (Connecticut Avenue Securities), and loan quality tools (EarlyCheck, Collateral Underwriter, ACheck, Day 1 Certainty). Multifamily operations center on the DUS (Delegated Underwriting and Servicing) program with supporting platforms including DUS Gateway, DUS Disclose, and DUS Navigate. Additional platforms provide data access (PoolTalk, Data Dynamics), policy support (Ask Poli), education (HomeView), and connectivity (Fannie Mae Connect). The company also launched a Bitcoin-collateral mortgage program in 2026 through partnerships with Coinbase and Better Home & Finance.
Differentiator
Problem solved
Functional benefit
Brands
- HomeReady: Affordable mortgage product for low-to-moderate income borrowers
- HomeStyle
- HomePath
- Desktop Underwriter
- DUS
Products and services
- Desktop Underwriter (DU)
Quantifiable outcome
- $409.3 billion in funding to support U.S. housing market in 2025
- +4 more outcomes
Companies that use Fannie Mae
Customer profileNamed customers11 records
Segments6 records
Ideal customer profiles4 records
Fannie Mae technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration8 records
AI capability7 records
Feature7 records
Fannie Mae partnerships and signals
Strategic signalPartnerships
14 partnerships are on record, tiered core, key and supporting.
- CoinbasecorePartnership for crypto-collateral mortgage product allowing borrowers to pledge Bitcoin or USDC as down payment collateral without forced liquidation. Coinbase handles custody and compliance for pledged digital assets, enabling the first Fannie Mae-backed cryptocurrency mortgage.
- Better Home & Finance (Better)coreFirst lender to originate Fannie Mae-backed Bitcoin-collateral mortgages through partnership with Coinbase. Better originates and services the mortgages using the crypto as collateral. Has funded over $110 billion in loan volume and operates in all 50 states.
- Pacific Investment Management Co. (PIMCO)keyWinning bidder for Fannie Mae's 36th reperforming loan sale transaction, purchasing 2,330 loans with $564.6 million aggregate unpaid principal balance. PIMCO has been a repeat buyer in these RPL transactions.
- Citigroup Global MarketskeyCo-marketing advisor for reperforming loan sale transactions, including the $564.6 million June 2026 RPL transaction. Provides structuring and marketing services for loan sales.
- NewmarkkeyArranged $163 million Fannie Mae loan on behalf of LaSalle Investment Management to refinance a three-property multifamily portfolio totaling 833 apartment units across Virginia, Oregon, and Washington D.C.
- Walker & DunlopkeyArranged $232.35 million Fannie Mae financing for Aspen Square Management's five-property multifamily portfolio (1,585 units). Long-standing partnership with 8 completed transactions with Walker & Dunlop.
- Class ValuationsupportingVerified by Fannie Mae and Freddie Mac to support Uniform Property Data Report (UPDR) specification under Uniform Property Dataset Version 1.0, enabling smooth transition to new standardized report format.
- ReggorasupportingAppraisal technology platform verified by Fannie Mae and Freddie Mac for UAD 3.6 specification. Browser-based platform supporting both UAD 3.6 and existing UAD 2.6 forms.
- First American Mortgage SolutionssupportingACI Sky Workbench platform verified by Fannie Mae and Freddie Mac for Uniform Appraisal Dataset (UAD) 3.6 specifications ahead of November 2026 mandate.
- Fifth Third BancorpkeyAcquired Mechanics Bank's DUS business, becoming one of only 24 lenders authorized by Fannie Mae to originate, underwrite, close, and service multifamily loans.
- NewRez LLCsupportingTop-5 U.S. mortgage lender that helped validate VantageScore 4.0 for Freddie Mac through loan delivery limited engagement. Also serves as subservicer on Fannie Mae's RPL portfolio.
- PalantircorePartnership to develop AI-powered Crime Detection Unit launched in May 2025 to surface fraud patterns across Fannie Mae's $4.3 trillion guaranty portfolio.
- Rocket Mortgage LLCsupportingSubservicer on Fannie Mae's reperforming loan portfolio following RPL transactions.
- evoLendsupportingMortgage servicing company approved by Fannie Mae, Freddie Mac, and Ginnie Mae, designed to allow loan officers to retain control of borrower relationships after loans close.
Scale indicators14 records
Recent moves6 records
Expansion highlights6 records
Fannie Mae competitors and assessment
Company assessmentDirect peers
- Freddie Mac: The other U.S. GSE chartered to provide liquidity to the mortgage market, purchasing and securitizing single-family and multifamily loans with comparable guaranty book size (~70% combined market share). Direct functional peer under shared FHFA conservatorship.
- Ginnie Mae: Government mortgage guarantor that securitizes FHA, VA, and USDA loans into MBS. Operates the same secondary-market MBS model as Fannie Mae but with explicit federal (rather than implicit) guarantee; competes for capital markets investors and lender relationships.
Emerging players
- Rocket Mortgage: Largest U.S. retail mortgage originator that sells the vast majority of its production to Fannie Mae/Freddie Mac. Acts as a key seller/servicer counterparty and increasingly as a subservicer on Fannie Mae's RPL portfolio, representing the originator side of the GSE's distribution model.
- United Wholesale Mortgage (UWM): Largest wholesale mortgage lender in the U.S., heavily dependent on GSE conforming loan channels. Comparable as a high-volume seller/servicer that drives Fannie Mae's loan acquisition volumes and shapes its seller network dynamics.
- PennyMac Financial Services: Specialty mortgage finance company focused on correspondent production, servicing, and asset management. Comparable to Fannie Mae as a servicer/aggregator and active participant in GSE RPL/credit risk transfer transactions.
- Better Home & Finance: Digital mortgage lender that originated the first Fannie Mae-backed Bitcoin-collateral mortgage in partnership with Coinbase. Comparable as a tech-forward GSE seller and a leader in the crypto-mortgage product Fannie Mae just launched.
Broad incumbents
- JPMorgan Chase Home Lending: Among the largest U.S. mortgage originators and a major Fannie Mae seller/servicer. Operates at much greater scale across consumer banking, but mortgage origination overlaps directly with GSE distribution economics.
- Wells Fargo Home Mortgage: Top-three U.S. mortgage originator and significant Fannie Mae seller/servicer. Comparable as a large bank-affiliated originator feeding the GSE's secondary market, though embedded in a much broader commercial banking franchise.
Others
- PIMCO: Major institutional asset manager that is a repeat buyer of Fannie Mae's reperforming loan sales and a key counterparty in credit risk transfer markets. Comparable as the demand side of Fannie Mae's secondary-market distribution.
- Pershing Square USA (Bill Ackman): Closed-end fund and public advocate for Fannie Mae/Freddie Mac conservatorship exit. Comparable as a prominent equity holder and policy advocate whose $5B fund exposes the political dynamics driving Fannie Mae's equity value.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks5 records
Key highlights6 records
Customer concentration
Fannie Mae social profiles
Digital presenceFannie Mae financial estimates
Financial estimateRevenue estimate
Valuation estimate
Fannie Mae leadership team
Management profileNumber of profiles
Profiles10 records
Fannie Mae funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Fannie Mae M&A and investment
M&A and investmentM&A
Investments8 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Fannie Mae
What does Fannie Mae do?
Fannie Mae is a government-sponsored enterprise (GSE) that purchases single-family and multifamily mortgages from approved lenders, bundles them into mortgage-backed securities (MBS), and sells those securities to global institutional investors to provide liquidity to the U.S. housing market. It also runs credit risk transfer programs (such as Connecticut Avenue Securities), offers lender technology platforms (Desktop Underwriter, Desktop Originator, DUS Gateway), and operates a DUS multifamily lending program through a delegated lender network.
Is Fannie Mae a public or private company?
Fannie Mae is a private company. It is classified as public and is currently operating.
When was Fannie Mae founded?
Fannie Mae was founded in 1938. It employs 5,001 to 10,000 people.
Where is Fannie Mae based?
Fannie Mae is headquartered in Washington, United States, in the North America region.
How does Fannie Mae make money?
Five revenue lines are on record. Guaranty Fees are the primary driver. The others are net Interest Income, credit Risk Transfer, reperforming Loan Sales and capital Markets Revenue.
Who are Fannie Mae's main competitors?
Direct peers on record are Freddie Mac and Ginnie Mae. Emerging players are Rocket Mortgage, United Wholesale Mortgage (UWM), PennyMac Financial Services and Better Home & Finance. Broad incumbents are JPMorgan Chase Home Lending and Wells Fargo Home Mortgage. Others are PIMCO and Pershing Square USA (Bill Ackman).
Does Fannie Mae have an API?
No public API is recorded for Fannie Mae.
What industry is Fannie Mae in?
Fannie Mae's product category is Mortgage Finance (Secondary Mortgage Market). Its primary akta.pro industry code is FSALAKAC, Government-Sponsored Enterprises (GSEs) & Government Mortgage Liquidity Providers. Its NAICS code is 52 and its SIC code is 6189.