WASHINGTON, Sept. 14, 2023 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced the results of its twenty-first non-performing loan sale transaction. The deal, announced on August 10, 2023, included the sale of approximately 1,371 loans totaling $225.4 million in unpaid principal balance (UPB), offered in one pool. The winning bidder of the pool for the transaction was RCAF Loan Acquisition, LP (Pretium). The transaction is expected to close on October 20, 2023. The pools were marketed with BofA Securities, Inc. and First Financial Network, Inc. as advisors.
The loan pool awarded in this most recent transaction includes:
- Pool 1: 1,371 loans with an aggregate UPB of $225,368,552; average loan size of $164,383; weighted average note rate of 4.70%; and weighted average broker's price opinion (BPO) loan-to-value ratio of 41%.
The cover bid, which is the second highest bid for the pool, was 98.12% of UPB (40.58% of BPO).
Bids are due on Fannie Mae's Community Impact Pool on September 20, 2023.
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.
About Fannie Mae
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of people in America. 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 | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog
Fannie Mae Newsroom
https://www.fanniemae.com/news
Photo of Fannie Mae
https://www.fanniemae.com/resources/img/about-fm/fm-building.tif
Fannie Mae Resource Center
1-800-2FANNIE
View original content to download multimedia:https://www.prnewswire.com/news-releases/fannie-mae-announces-winner-of-its-latest-non-performing-loan-sale-301927685.html
SOURCE Fannie Mae