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Fannie Mae Names Winners Of Its 20th Non-Performing Loan Sale

David Krechevsky
Oct 12, 2022
Fannie Mae HQ

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

Fannie Mae on Tuesday announced the results of its 20th non-performing loan sale transaction.

The deal, announced Sept. 8, included the sale of approximately 5,650 loans totaling $936.9 million in unpaid principal balance (UPB), divided into four pools. 

The winning bidders of the four pools for the transaction were:

  • Oak Harbor Capital LLC (Oak Harbor) for Pool 1 
  • VRMTG ACQ LLC (VWH Capital Management LP) for Pool 2, and 
  • MCLP Asset Company Inc. (Goldman Sachs) for Pools 3 and 4. 

Pools were awarded individually. The transaction is expected to close Nov. 18. The pools were marketed by Fannie Mae with BofA Securities Inc. and First Financial Network Inc. as advisors.

The loan pools awarded in this most recent transaction include:

  • Pool 1: 673 loans with an aggregate UPB of $131,892,863; average loan size of $195,978; weighted average note rate of 4.31%; and weighted average broker's price opinion (BPO) loan-to-value (LTV) ratio of 50%.
  • Pool 2: 1,613 loans with an aggregate UPB of $251,841,799; average loan size of $156,133; weighted average note rate of 4.63%; and weighted BPO LTV ratio of 38%.
  • Pool 3: 1,602 loans with an aggregate UPB of $251,468,772; average loan size of $156,972; weighted average note rate of 4.63%; and weighted BPO LTV ratio of 37%.
  • Pool 4: 1,757 loans with an aggregate UPB of $301,729,729; average loan size of $171,730; weighted average note rate of 4.5%; and weighted BPO LTV ratio of 45%.

The cover bids, which are the second highest bids per pool, were 83.17% of UPB (41.3% of BPO) for Pool 1; 95.13% of UPB (36.55% of BPO) for Pool 2; 96.09% of UPB (35.72% of BPO) for Pool 3; and 92.09% of UPB (41.23% of BPO) for Pool 4.

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, it said, 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.

Bids are due on Fannie Mae's 19th Community Impact Pool on Oct. 18, Fannie Mae said.

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