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Mortgage

Fannie Mae names winner of third reperforming loan sale transaction

Winner secures all three loan pools

Fannie Mae named DLJ Mortgage Capital, a subsidiary of Credit Suisse, as the winner of all three pools for its reperforming loan sale transaction.

Originally announced back in May, this latest sale of non-performing loans marks its third reperforming loans sale.

The deal included the sale of approximately 13,500 loans totaling $2.99 billion in unpaid principal balance, divided into three pools.

Reperforming loan transactions are different since the loans are mortgages that were previously delinquent, but are performing again because payments on the mortgages have become current with or without the use of a loan modification.

Broken down, the three pools in the transaction include:

  • Pool 1: 5,179 loans with an aggregate unpaid principal balance of $1,147,189,914; average loan size $221,508.00; weighted average note rate 4.45%; weighted average broker's price opinion (BPO) loan-to-value ratio of 94.90%.
  • Pool 2: 5,096 loans with an aggregate unpaid principal balance of $1,120,135,737; average loan size $219,806.86; weighted average note rate 4.43%; weighted average broker's price opinion (BPO) loan-to-value ratio of 112.65%.
  • Pool 3: 3,254 loans with an aggregate unpaid principal balance of $731,116,035; average loan size $224,682.25; weighted average note rate 3.86%; weighted average broker's price opinion (BPO) loan-to-value ratio of 93.19%.

Under the terms of Fannie Mae's reperforming loan sale, DLJ Mortgage Capital must offer loss mitigation options designed to be sustainable to any borrower who may re-default within five years following the reperforming loan sale.

In addition, DLJ Mortgage Capital must report on loss mitigation outcomes. Any reporting requirements cease once a loan has been current for six consecutive months after the closing of the reperforming loan sale.

The deal is expected to close on July 21, 2017.

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