Fannie Mae’s mortgage portfolio continued to shrink to a compound annualized rate of 12.2% in March, according to the government-sponsored enterprise’s monthly summary.

The GSE’s gross mortgage portfolio continues to drop, edging down a bit each month.

The book of mortgage business continued to decrease at a compound annualized rate of 1.5% last month, down from 1.75% in February.

In addition, the conventional single-family, serious delinquency rate declined 11 basis points to 3.02% in March.

The multifamily serious delinquency rate also fell two basis points to 0.39% in the latest report.

Fannie Mae completed 14,025 loan modifications in March, for a total of 43,153 loan mods in the first three months of the year.