Fannie Mae Announces Winner of its Latest Non-Performing Loan Sale
WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today announced the results of its seventeenth non-performing loan sale transaction. The deal, which was announced on May 13, 2021, included the sale of approximately 8,000 loans totaling $1.6 billion in unpaid principal balance (UPB), divided into four pools. The winning bidders of the four pools for the transaction were Great Ajax Operating Partnership, LP (Aspen) for Pool 1; VRMTG ACQ, LLC (VWH Capital Management, LP) for Pools 2 and 4; and DLJ Mortgage Capital, Inc. (Credit Suisse) for Pool 3. The transaction is expected to close on July 23, 2021. The pools were marketed with BofA Securities, Inc. and First Financial Network, Inc. as advisors.
The loan pools awarded in this most recent transaction include:
- Pool 1: 1,046 loans with an aggregate UPB of $178,382,669; average loan size of $ $170,538; weighted average note rate of 4.33%; and weighted average broker's price opinion (BPO) loan-to-value ratio of 64%.
- Pool 2: 4,103 loans with an aggregate UPB of $ $744,634,885; average loan size of $181,485; weighted average note rate of 4.56%; and weighted BPO loan-to-value ratio of 59%.
- Pool 3: 1,280 loans with an aggregate UPB of $357,198,006; average loan size of $279,061; weighted average note rate of 3.79%; and weighted BPO loan-to-value ratio of 114%.
- Pool 4: 1,587 loans with an aggregate UPB of $$307,938,274; average loan size of $194,038; weighted average note rate of 4.26%; and weighted BPO loan-to-value ratio of 75%.
The cover bids, which are the second highest bids per pool, were 97.59% of UPB (53.01% of BPO) for Pool 1, 102.29% of UPB (51.48% of BPO) for Pool 2, 66.19% of UPB (72.81% of BPO) for Pool 3, and 97.07% of UPB (61.12% of BPO) for Pool 4.
Bids are due on Fannie Mae's seventeenth Community Impact Pool on June 22, 2021.
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.
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