Fannie Mae Announces Winner of its Latest Non-Performing Loan Sale
WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today announced the results of its twentieth non-performing loan sale transaction. The deal, announced on September 8, 2022, 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 on November 18, 2022. 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: 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 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 loan-to-value 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 loan-to-value 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 4.50%; and weighted BPO loan-to-value ratio of 45%.
The cover bids, which are the second highest bids per pool, were 83.17% of UPB (41.30% 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.
Bids are due on Fannie Mae's nineteenth Community Impact Pool on October 18, 2022.
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.
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