As serious mortgage delinquency fell to the lowest level since last year at the Federal National Mortgage Association, new business jumped to the second-highest level this year.

Fannie Mae disclosed in its monthly summary that its total book of business ended May at $3.2405 trillion. The balance grew from $3.2355 trillion a month earlier and $3.1678 trillion a year earlier.

Most recently, the Washington-based organization’s book of business was comprised of an $0.2224 trillion mortgage portfolio and $3.0181 trillion in outstanding mortgage-backed securities and other guarantees.

Source: Mortgage Daily