July 17, 2018Fannie Mae Announces the Results of its Seventh Reperforming Loan Sale Transaction
WASHINGTON, DC – Fannie Mae (FNMA/OTC) today announced the results of its seventh reperforming loan sale transaction. The deal, which was announced on June 13, 2018, included the sale of approximately 26,900 loans totaling $6.14 billion in unpaid principal balance (UPB), divided into four pools. The winning bidder of all four pools for the transaction, which is expected to close on September 21, 2018, is DLJ Mortgage Capital, Inc. (Credit Suisse).
The pools were marketed with Citigroup Global Markets Inc. as advisor.
The loan pools awarded in this most recent transaction include:
- Group 1 Pool: 2,557 loans with an aggregate unpaid principal balance of $557,177,914; average loan size $217,903; weighted average effective rate 3.56%; weighted average broker's price opinion (BPO) loan-to-value ratio of 93%.
- Group 2 Pool: 6,231 loans with an aggregate unpaid principal balance of $930,510,767; average loan size $149,336; weighted average effective rate 4.23%; weighted average BPO loan-to-value ratio of 74%.
- Group 3 Pool: 4,662 loans with an aggregate unpaid principal balance of $1,196,172,654; average loan size $256,579; weighted average effective rate 3.35%; weighted average BPO loan-to-value ratio of 90%.
- Group 4 Pool: 13,492 loans with an aggregate unpaid principal balance of $3,459,664,033; average loan size $256,423; weighted average effective rate 3.33%; weighted average BPO loan-to-value ratio of 91%.
The cover bid, which is the second highest bid, was 86.13% of UPB (67.19% of BPO) for the total of the four pools which were purchased on an all-or-none basis.
Bidders interested in future sales of Fannie Mae non-performing and reperforming loans can register for ongoing announcements, training, and other information at http://www.fanniemae.com/portal/funding-the-market/npl/index.html.