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Fannie Mae today announced its 23rd sale of reperforming loans as part of the government-sponsored enterprise’s ongoing effort to reduce the size of its retained mortgage portfolio.
The sale consists of approximately 18,800 loans with an unpaid principal balance of about $2.9 billion, and is being marketed in collaboration with Citigroup Global Markets Inc.
The sale is available for purchase by qualified bidders. Bids are due on Nov. 2, 2021.
Reperforming loans are loans that have been or are currently delinquent but have reperformed for a period of time.
Terms of Fannie Mae's reperforming loan sale require the buyer to offer loss-mitigation options to any borrower who re-defaults within five years following the closing of the reperforming loan sale. All purchasers are required to honor any approved or in-process loss-mitigation efforts at the time of sale, including forbearance arrangements and loan modifications.
In addition, following closing, purchasers must offer delinquent borrowers a waterfall of loss mitigation options, including loan modifications, which may include principal forgiveness, prior to initiating foreclosure on any loan.
Interested bidders can register for the sale, as well as for ongoing announcements, training, and other information, on Fannie Mae’s wholesale loan page.
Fannie Mae partners with lenders to create housing opportunities for families across the country.