NEW YORK - Fannie Mae expects a strong fourth quarter to result in better than 20% growth in its mortgage portfolio this year, officials told security analysts.

Fannie Mae, formally the Federal National Mortgage Association, achieved 11% growth in its mortgage portfolio in 1991.

"We expect our mortgage portfolio to grow 30% in the fourth quarter, leading to growth of more than 20% in 1992," chairman James Johnson said.

Chief financial officer Timothy Howard said that Fannie Mae's California mortgage portfolio, even with an expected rise in deliquency rates, should have no significant effect on the agency's earnings.

In addition, Fannie Mae is sheltered from some of the worst aspects of the California housing market because its business is in the low to moderate end of the market, Mr. Howard said.

After the meeting, President Lawrence Small said Fannie Mae is "looking forward to another record year next year."

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