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Fannie Mae announces winner of $1 billion non-performing loan sale

Sale of three pools to close in April

Fannie Mae announced the winning bidders for its 12th non-performing loan sale, which transfers more than $1 billion in unpaid principal balance.

The sale includes about 5,700 loans, and totals $1.002 billion in unpaid principal balance divided between three pools. The transaction is expected to close on April 24, 2018.

The three pools, which Fannie Mae began marketing on February 13, 2018 in collaboration with Bank of America, Merrill Lynch and First Financial Network, were split between two companies. The winning bidders for the transaction are Bungalow Series III Trust, or Balbec Capital, for pool one, and Elkhorn Depositor, or Roosevelt Management Co., for pools two and three.

The loan pools awarded in this most recent transaction include:

Group 1 Pool: 1,061 loans with an aggregate unpaid principal balance of $178,269,824; average loan size $168,021; weighted average note rate 4.48%; weighted average delinquency 19 months; and weighted average broker's price opinion (BPO) loan-to-value ratio of 91%.

Group 2 Pool: 2,793 loans with an aggregate unpaid principal balance of $441,703,102; average loan size $158,146; weighted average note rate 5.04%; weighted average delinquency 34 months; and weighted average BPO loan-to-value ratio of 65%.

Group 3 Pool: 1,822 loans with an aggregate unpaid principal balance of $382,833,067; average loan size $210,117; weighted average note rate 4.38%; weighted average delinquency 35 months; weighted average BPO loan-to-value ratio of 130%.

The cover bid, which is the second highest bid, for pool one was 75.13% of the unpaid principal balance and for pools two and three combined was 77.69% of the unpaid principal balance.

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