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

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.