March 17, 2020Fannie Mae Announces the Results of its Fifteenth Reperforming Loan Sale Transaction
Company's Latest Reperforming Loan Transaction to Date Features $1.8 Billion in Unpaid Principal Balance
WASHINGTON, DC – March 17, 2020 – Fannie Mae (FNMA/OTCQB) today announced the results of its fifteenth reperforming loan sale transaction. The deal, which was announced on February 13, 2020, included the sale of approximately 12,700 loans totaling $1.8 billion in unpaid principal balance (UPB), divided into three pools. The winning bidders of the three pools for the transaction were Towd Point Master Funding LLC (Cerberus) for Pools 1 and 2 and Goldman Sachs Mortgage Company (Goldman Sachs) for Pool 3. The transaction is expected to close on April 24, 2020. The pools were marketed with Citigroup Global Markets Inc. as advisor.
The loan pools awarded in this most recent transaction include:
- Group 1 Pool: 2,280 loans with an aggregate unpaid principal balance of $450,761,782; average loan size $197,703; weighted average note rate 3.407%; weighted average broker's price opinion (BPO) loan-to-value ratio of 65%.
- Group 2 Pool: 7,021 loans with an aggregate unpaid principal balance of $898,440,711; average loan size $127,965; weighted average note rate 4.492%; weighted BPO loan-to-value ratio of 63%.
- Group 3 Pool: 3,384 loans with an aggregate unpaid principal balance of $443,517,633; average loan size $131,063; weighted average note rate 4.486%; weighted BPO loan-to-value ratio of 65%.
The cover bids, which are the second highest bids per pool, were 101.00% of UPB (55.26% of BPO) for Pool 1, 103.01% of UPB (47.90% of BPO) for Pool 2, and 99.65% of UPB (49.51% of BPO) for Pool 3.
Interested bidders can register for ongoing announcements, training, and other information at https://www.fanniemae.com/portal/funding-the-market/npl/index.html. Fannie Mae will also post information about specific pools available for purchase on that page.
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