Fannie Mae announced Wednesday that it selected the winning bidders in its latest Community Impact non-performing loan sale, which are typically smaller pools of loans that are geographically focused, and marketed to encourage participation by nonprofit organizations, minority- and women-owned businesses, and smaller investors.
In this latest sale, Fannie Mae is selling off $124.12 million in non-performing loans. The sale was originally announced in October.
Included in this sale are two Community Impact pools of loans, both of which are being sold to nonprofits.
The larger of the Community Impact pools carries an unpaid principal balance of approximately $110.3 million, and the loans in this pool are geographically diverse.
The smaller of the two Community Impact pools carries an unpaid principal balance of $13.9 million, and the loans are focused in the New York City area.
The winning bidder for the larger pool is Community Loan Fund of New Jersey, while the winning bidder for the smaller pool is Preserving City Neighborhoods Housing Development Fund Cooperation.
The larger pool contains 635 loans that carry an aggregate unpaid principal balance of $110,265,681. The loans in the larger pool have an average loan size of $173,647 and a weighted average note rate of 5.64%.
The loans also have a weighted average delinquency of 43 months and a weighted average broker's price opinion loan-to-value ratio of 82%.
The smaller pool contains 55 loans that carry an aggregate unpaid principal balance of $13,860,506 and an average loan size of $252,009. The loans in the smaller pool have a weighted average note rate of 6.62%, a weighted average delinquency of 68 months, and a weighted average broker's price opinion loan-to-value ratio of 65%.
According to Fannie Mae, the cover bids, which are the second highest bids, for the Community Impact Pools are 85.02% of UPB (55.26% of broker’s price opinion) for Pool 1 and 89.87% of UPB (43.66% of broker’s price opinion) for Pool 2.