Fannie Mae announces winner of 13th Community Impact Pool of non-performing loans

The sale includes 667 loans priced at $129.23 million

Fannie Mae announced it has named VRMTG ACQ, a minority, woman-owned business, as the winning bidder of the company’s 13th Community Impact Pool of non-performing loans.

The sale includes 667 loans on properties in New Jersey, New York, Baltimore, Maryland, Cook County, Illinois and Miami areas. It has an unpaid principal balance of approximately $129.23 million. 

The cover bid price for this pool, which is the second highest bid, was 71.16% of unpaid principal balance (54.48% of the broker’s price opinion). 

Features of the pool include an average loan size of $193,753, with an average note rate of 4.35%. The average delinquency of the loans is 30 months, with an average broker’s price opinion loan-to-value ratio of 99%.

The Federal Housing Finance Agency announced additional enhancements to its requirements for sales of non-performing loans by Fannie Mae and Freddie Mac in September 2017. These enhancements built on requirements originally announced in March 2015 and apply to this Fannie Mae non-performing loan sale.

Fannie Mae says additional enhancements encourage sustainable modifications, potentially giving borrowers the opportunity for home retention.

Borrowers require evaluation for modifications that may include principal and/or arrearage forgiveness; forbidding “walking away” from vacant homes; and establishing more specific proprietary loan modification standards, according to Fannie Mae.

In March 2018, through VRMTG ACQ, VWH Capital Management agreed to purchase $34.25 million in non-performing loans from Fannie Mae.

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