Skip to main content

Fannie Mae Announces Reperforming Loan Sale Results

Sarah Wolak
Aug 01, 2022
Fannie Mae HQ

The sale of approximately 5,460 loans totaling $663.3 million in unpaid principal balance was awarded to JP Morgan Mortgage Acquisition Corp.

KEY TAKEAWAYS
  • The loan pool awarded in this most recent transaction includes 5,460 loans with an aggregate unpaid principal balance of $663,261,375.
  • The approximate weighted-average bid ranked in the low 90s for this pool.

Fannie Mae has awarded a pool of reperforming loans to JP Morgan Mortgage Acquisition Corp., the government-sponsored enterprise said today.

The sale included a pool of approximately 5,460 loans totaling $663.3 million in unpaid principal balance (UPB). The pool, which was marketed with Citigroup Global Markets Inc. as advisor, is expected to close on Aug. 26. 

The loan pool awarded in this most recent transaction includes 5,460 loans with an aggregate UPB of $663,261,375. The average loan size was $121,476, and the weighted-average note rate was 4.49%. The weighted-average broker's price opinion loan-to-value ratio was 48%.

The approximate weighted-average bid, as a percentage of UPB, was in the low 90s for this pool, Fannie Mae said.

Reperforming loans are loans that have been or are currently delinquent but have reperformed for a period of time. The terms of Fannie Mae's reperforming loan sale require the buyer to offer loss-mitigation options to any borrower who may re-default 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. Fannie Mae also said that 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.

Published
Aug 01, 2022
DOJ: Lakeland Bank To Spend $13M To Settle 'Redlining' Claims

Agreement with N.J. bank is the third-largest redlining settlement in Justice Department history.

Industry News
Sep 29, 2022
Angel Oak Layoffs Add To Growing List Of Non-QM Cuts

About 20% of its staff, or 75 people, were affected.

Industry News
Sep 28, 2022
Redwood Trust Names New Chief Investment Officer

Also announces planned CoreVest leadership transition to be completed on 3rd anniversary of acquisition

Industry News
Sep 27, 2022
Fannie Mae Pilot Program Seeks To Help Improve Renters' Credit

Renters, including historically underserved groups, will benefit from paying on time each month.

Industry News
Sep 27, 2022
Suffolk County Data Breach Puts Contracts On Back Burner

Cyberattack beginning Sept. 8 prevents title services from closing loans.

Tech
Sep 27, 2022
Nations Lending Opens Another Branch In Arizona

New Scottsdale branch welcomes Arizona native Christine McConnell as lead personal mortgage advisor.

Industry News
Sep 26, 2022