Skip to main content

Fannie Mae Announces Winner of 20th CIP Of Non-Performing Loans

David Krechevsky
Oct 25, 2022
Fannie Mae HQ

Transaction includes approximately 61 loans totaling $13 million in unpaid principal balance.

Fannie Mae on Tuesday announced the winning bidder for its 20th Community Impact Pool (CIP) of non-performing loans. 

The transaction is expected to close Dec. 9 and includes approximately 61 loans totaling $13 million in unpaid principal balance (UPB). The loans are geographically located in the Miami-Dade area.

The winning bidder was Restora LLC, which is majority owned by Restorative Neighborhood Resources LLC (RNR). Skid Row Housing Trust, a not-for-profit entity, is the sole member of RNR. The pool was marketed with BofA Securities Inc. and First Financial Network Inc. as advisors.

The CIP awarded in this most recent transaction includes 61 loans with an aggregate UPB of $13,065,790; average loan size of $214,193; weighted-average note rate of 4.47%; and weighted-average broker's price opinion (BPO) loan-to-value ratio of 48.78%, Fannie Mae said.

The cover bid, which was the second-highest bid, for the CIP was 99.68% of UPB (38.59% of BPO), it said.

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 said.

In addition, 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.

Oct 25, 2022
Fannie Mae Launches New Single-Family Social Disclosures

New disclosures provide a view into socially oriented lending activities.

Investor Loans
Nov 16, 2022
Fannie Mae Names Winners Of Its 20th Non-Performing Loan Sale

Sold approximately 5,650 loans totaling $936.9 million in unpaid principal balance, divided into four pools. 

Investor Loans
Oct 12, 2022
Are Investors Fueling The Rapid Decline In Housing Affordability?

It might be a case, instead, of higher prices attracting investors

Investor Loans
Oct 03, 2022
AG Mortgage Investment Trust Makes C-Suite Changes

T.J. Durkin, MITT president, to also assume role of CEO.

Investor Loans
Sep 23, 2022
Fitch To Rate BRAVO Residential Funding Trust Non-QM Offering

BRAVO 2022-NQM3 notes are supported by 920 loans with a total interest-bearing balance of approximately $387 million. 

Aug 30, 2022
KBRA Assigns Preliminary Ratings To Barclays Mortgage Loan Trust Non-QM Transaction

The $255.3 million non-prime residential mortgage-backed securities transaction is sponsored by Sutton Funding LLC. 

Aug 25, 2022