Inman Connect
Freddie Mac on Thursday reported net income of $2.8 billion for the first quarter of 2021, an increase of $2.6 billion year-over-year, primarily driven by higher net revenues and lower credit-related expense.
Last year, amid economic shutdown, the mortgage giant reported a net income of just $200 million in the first quarter. However, this year’s $2.8 billion is still double the 2019 reported net income of $1.4 billion.
Much of this increase was driven by new business activity of $362 billion, up 162 percent year over year, reflecting strong home purchase and refinance activity. Freddie Mac reported a mortgage portfolio of $2.458 trillion, up 22 percent year over year, driven by this strong new business activity.