Fannie Mae recently announced the results of its fourteenth reperforming loan sale transaction. The deal, which was announced on October 10, 2019 [1], included the sale of approximately 20,800 loans totaling $3.1 billion in unpaid principal balance (UPB), divided into six pools. The winning bidders of the six pools for the transaction were DLJ Mortgage Capital, Inc. (Credit Suisse) for Pools 1, 2 and 3, J.P. Morgan Mortgage Acquisition Corp. (Chase) for Pools 4 and 6, and NRZ Mortgage Holdings, LLC (Fortress) for Pool 5. The transaction is expected to close on December 19, 2019.
The pools were marketed with Citigroup Global Markets Inc. as advisor.
The loan pools awarded in this most recent transaction include:
- Group 1 Pool: 1,935 loans with an aggregate unpaid principal balance of $392,220,903; average loan size $202,698; weighted average note rate 3.51%; weighted average broker's price opinion (BPO) loan-to-value ratio of 70%.
- Group 2 Pool: 3,905 loans with an aggregate unpaid principal balance of $662,617,902; average loan size $169,684; weighted average note rate 3.92%; weighted BPO loan-to-value ratio of 74%.
- Group 3 Pool: 5,832 loans with an aggregate unpaid principal balance of $633,825,751; average loan size $108,681; weighted average note rate 5.45%; weighted BPO loan-to-value ratio of 56%.
- Group 4 Pool: 2,929 loans with an aggregate unpaid principal balance of $496,126,998; average loan size $169,384; weighted average note rate 4.16%; weighted BPO loan-to-value ratio of 70%.
- Group 5 Pool: 3,086 loans with an aggregate unpaid principal balance of $473,958,024; average loan size $153,583; weighted average note rate 4.36%; weighted BPO loan-to-value ratio of 68%.
- Group 6 Pool: 3,139 loans with an aggregate unpaid principal balance of $473,386,556; average loan size $150,808; weighted average note rate 4.41%; weighted BPO loan-to-value ratio of 69%.
Freddie Mac, meanwhile, recently announced it sold via auction 2,243 non-performing residential first lien loans (NPLs) from its mortgage-related investments portfolio. The loans, with a balance of approximately $369 million, are currently serviced by Specialized Loan Servicing LLC. The transaction is expected to settle in January 2020. The sale is part of Freddie Mac’s Standard Pool Offerings.
Winning bidders of this sale were InSolve Global Credit Fund IV, L.P. for Pool 1, VRMTG ACQ, LLC for Pools 2 and 3, Truman 2016 SC6, LLC for Pool 4.