Fannie Mae Announces Winner of Seventh and Eighth Community Impact Pools of Non-Performing Loans
WASHINGTON, DC – Fannie Mae (FNMA/OTC) today announced the winning bidders for its seventh and eighth Community Impact Pools of non-performing loans. The transaction is expected to close on August 15, 2017, and includes approximately 123 loans totaling $31.9 million in unpaid principal balance (UPB), divided between two pools focused in the New York and New Jersey areas. The winning bidders for the transaction were Matawin Ventures XX, LLC (Tourmalet Advisors) for Pool 1 and Community Development Fund IV, LLC (HMC) for Pool 2.
In collaboration with Wells Fargo Securities, LLC and The Williams Capital Group, L.P., Fannie Mae began marketing these loans to potential bidders on May 10, 2017.
The loan pools awarded in this most recent transaction include:
- Group 1 Pool: 67 loans with an aggregate unpaid principal balance of $19,372,214; average loan size $289,138; weighted average note rate 5.34%; weighted average delinquency 53 months; and weighted average broker's price opinion loan-to-value ratio of 65.17%.
- Group 2 Pool: 56 loans with an aggregate unpaid principal balance of $12,565,528; average loan size $224,384; weighted average note rate 4.48%; weighted average delinquency 30 months; and weighted average broker's price opinion loan-to-value ratio of 97.31%.
The cover bids, which are the second highest bids, for the Community Impact Pools are 75.0% of UPB (39.73% of broker price opinion) for Pool 1 and 69.16% of UPB (52.21% of broker price opinion) for Pool 2.
On April 14, 2016, the Federal Housing Finance Agency announced additional enhancements to its requirements for sales of non-performing loans by Fannie Mae and Freddie Mac that build on requirements originally announced in March 2015 and apply to this Fannie Mae non-performing loan sale. These added enhancements encourage sustainable modifications that have the potential to give more borrowers the opportunity for home retention by requiring evaluation of underwater borrowers for modifications that may include principal and/or arrearage forgiveness; forbidding “walking away” from vacant homes; and establishing more specific proprietary loan modification standards.
Potential buyers can register for ongoing announcements or training, and find more information on Fannie Mae’s sales of non-performing loans and on the Federal Housing Finance Agency’s guidelines for these sales, at https://www.fanniemae.com/portal/funding-the-market/npl/index.html.Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/FannieMae.