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Mortgage

Fannie Mae announces winner of fifth reperforming loan sale transaction

Winning bidder takes over more than $2 billion in UPB

Mortgage giant Fannie Mae announced Monday the results of its fifth reperforming loan sale, which transferred more than $2 billion in unpaid principal balance.

The company announced DLJ Mortgage Capital, or Credit Suisse, as the winning bidder of four pools for the transaction which included the sale of about 9,300 loans totaling $2.11 billion in unpaid principal balance.

The cover bid, or second-highest bid, was 90.7% of the unpaid principal balance of the four pools.

Fannie Mae began marketing the sale of this pool on October 11, 2017 with Citigroup Global Markets as the advisor.

The company began marketing its first sale of re-performing loans today in an effort to reduce the size of its retained mortgage portfolio.

Re-performing loans are mortgages that were previously delinquent, but now are performing because payments on the mortgage became current. This can occur with or without the use of a loan modification plan.

Here are the loan pools included on this transaction:

  • Group 1 Pool: 2,710 loans with an aggregate unpaid principal balance of $587,556,866; average loan size $216,811; weighted average note rate 4.11%; weighted average broker's price opinion loan-to-value ratio of 89%
  • Group 2 Pool: 2: 1,592 loans with an aggregate unpaid principal balance of $400,103,814; average loan size $251,321; weighted average note rate 4.27%; weighted average BPO loan-to-value ratio of 117%
  • Group 3 Pool: 2,700 loans with an aggregate unpaid principal balance of $590,779,257; average loan size $218,807; weighted average note rate 4.12%; weighted average BPO loan-to-value ratio of 94%
  • Group 4 Pool: 2,346 loans with an aggregate unpaid principal balance of $531,041,551; average loan size $226,360; weighted average note rate 4.14%; weighted average BPO loan-to-value ratio of 98%

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