Fannie Mae today announced the results of its 18th non-performing loan sale. The sale, announced Sept. 9, 2021, included approximately 11,100 loans totaling $1.68 billion in unpaid principal balance (UPB), divided into four pools.
The winning bidders of the four pools were: Sutton Funding LLC (Barclays) for Pool 1; RCF II Loan Acquisition, LP (Pretium) for Pools 2 and 4, and DLJ Mortgage Capital Inc. (Credit Suisse) for Pool 3. The transaction is expected to close on Nov. 19, 2021. The pools were marketed with BofA Securities Inc. and First Financial Network Inc. as advisors.
The loan pools awarded in this most recent sale include:
- Pool 1: 2,498 loans with an aggregate UPB of $350,863,198; average loan size of $140,458; weighted average note rate of 4.60%; and weighted average broker's price opinion (BPO) loan-to-value ratio of 57%.
- Pool 2: 5,254 loans with an aggregate UPB of $ $746,342,481; average loan size of $142,052; weighted average note rate of 4.81%; and weighted average BPO loan-to-value ratio of 54%.
- Pool 3: 971 loans with an aggregate UPB of $218,312,467; average loan size of $224,833; weighted average note rate of 4.13%; and weighted average BPO loan-to-value ratio of 113%.
- Pool 4: 2,351 loans with an aggregate UPB of $360,299,264; average loan size of $153,254; weighted average note rate of 4.66%; and weighted average BPO loan-to-value ratio of 68%.
The cover bids, which are the second-highest bids per pool, were 102.75% of UPB (47.26% of BPO) for Pool 1; 108.09% of UPB (48.85% of BPO) for Pool 2; 69.55% of UPB (74.98% of BPO) for Pool 3, and 106.13% of UPB (58.90% of BPO) for Pool 4.
Bids are due on Fannie Mae's 18th Community Impact Pool on Oct. 19, 2021.
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, 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 ongoing announcements, training, and other information here. Fannie Mae will also post information about specific pools available for purchase on that page.
