Fannie Mae [1] disclosed the result of its fourth reperforming loan sale recently. The deal was originally announced back on August 10, 2017, and included 10,700 loans totaling and unpaid principle balance (UPB) of $2.43 billion.
The loans were divided up into three pools, broken down in the following:
The first pool consisted of 4,200 loans with an UPB of $984,619,405—average loan size amounted to $234,433 with an average broker’s price opinion (BPO) loan-to-value ratio (LTV) of 109.61 percent. For pool one, the weighted average note was 4.54 percent.
The second pool, which had the smallest number of total loans, consisted of 2,001 loans with a BPO LTV rate of 97.54 percent. unpaid principle balance was $461,732,787 with an average loan size of $230, 751.
The final pool had the largest amount of loans and the largest aggregate UPD, at 4,482 loans for a total of $988,847,948, respectively. The BPO LTV was the lowest of the three groups, however, at 89.37 percent.
All three pools were sold to a single entity, MTGLQ Investors. The deal is expected to close on October 26, 2017. The pools were marketed by Citigroup Global Markets, Inc, who served as advisors.
It was additionally reported that the cover bid price for all three pools was 91.51 percent of unpaid principal balance, which amounts to 83.37 percent of the average broker’s price opinion.
According to Fannie Mae’s bulletin, Bidders that are interested in future sales of Fannie Mae non-performing and reperforming loans can register for ongoing announcements, training, and other information at here. [2]