March 20, 2019Fannie Mae Announces the Results of its Tenth Reperforming Loan Sale Transaction
WASHINGTON, DC – Fannie Mae (FNMA/OTC) today announced the results of its tenth reperforming loan sale transaction. The deal, which was announced on February 14, 2019, included the sale of approximately 15,000 loans totaling $3.0 billion in unpaid principal balance (UPB), divided into four pools. The winning bidders of the four pools for the transaction, which is expected to close on April 25, 2019, were Towd Point Master Funding LLC (Cerberus) for Pools 1, 2 and 3 and NRZ Mortgage Holdings LLC (Fortress) for Pool 4.
The pools were marketed with Citigroup Global Markets Inc. as advisor.
The loan pools awarded in this most recent transaction include:
- Group 1 Pool: 5,640 loans with an aggregate unpaid principal balance of $1,197,458,011; average loan size $212,315; weighted average note rate 4.31%; weighted average broker's price opinion (BPO) loan-to-value ratio of 87%.
- Group 2 Pool: 2,821 loans with an aggregate unpaid principal balance of $598,068,850; average loan size $212,006; weighted average note rate 4.29 %; weighted average BPO loan-to-value ratio of 86%.
- Group 3 Pool: 2,555 loans with an aggregate unpaid principal balance of $568,807,032; average loan size $222,625; weighted average note rate 4.15%; weighted average BPO loan-to-value ratio of 73%.
- Group 4 Pool: 4,028 loans with an aggregate unpaid principal balance of $638,767,104; average loan size $158,582; weighted average note rate 4.61%; weighted average BPO loan-to-value ratio of 75%.
The cover bids, which are the second highest bids per pool, were 88.81% of UPB (65.05% of BPO) for pool 1, 88.81% of UPB (64.69% of BPO) for pool 2, 86.08% of UPB (56.56% of BPO) for pool 3 and 90.85% of UPB (54.10% of BPO) for pool 4.
Bidders interested in future sales of Fannie Mae non-performing and reperforming loans can register for ongoing announcements, training, and other information 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.