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HousingWire Magazine: December 2021/ January 2022

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Mortgage

Fannie Mae announces winner of 11th reperforming loan sale

Sale includes unpaid principal balance of $3.27 billion across four pools

Fannie Mae announced the winner of its 11th reperforming loan sale. The deal includes 21,200 loans with an unpaid principal balance of $3.27 billion across four pools.

Credit Suisse subsidiary DLJ Mortgage Capital was the winning bidder for all pools in the transaction, which is expected to close on June 21, according to Fannie Mae.

DLJ Mortgage Capital has previously purchased reperforming loans from the government-sponsored enterprise. The cover bid, which is the second highest bid, was 92.8% of UPB – or 59.15% of BPO – for the total of the four pools that were purchased on an all-or-none basis, according to the GSE’s press release.

The loan pools awarded in this sale include:

  • Group 1 Pool: 2,808 loans with an aggregate unpaid principal balance of $562,968,352; average loan size $200,487; weighted average note rate 3.90%; weighted average broker's price opinion (BPO) loan-to-value ratio of 71%
  • Group 2 Pool: 6,837 loans with an aggregate unpaid principal balance of $988,152,544; average loan size $144,530; weighted average note rate 4.86%; weighted BPO loan-to-value ratio of 77%
  • Group 3 Pool: 6,954 loans with an aggregate unpaid principal balance of $992,818,709; average loan size $142,769; weighted average note rate 4.85%; weighted average BPO loan-to-value ratio of 75%
  • Group 4 Pool: 4,620 loans with an aggregate unpaid principal balance of $730,740,732; average loan size $158,169; weighted average note rate 4.53%; weighted average BPO loan-to-value ratio of 82%

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