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Four Pools of Loans, One Winning Bid

A report released Monday by Fannie Mae announced the results of its fifth reperforming loan sale transaction. According to a previous report, bids were due on November 6, 2017. The deal was originally announced on October 11, 2017 and included the sale of approximately 9,300 loans divided up into four pools. The total amount was $2.11 billion in unpaid principal balance (UPB). The winning bidder was announced as DLJ Mortgage Capital, Inc. The transaction is expected to close on December 18, 2017.

According to Fannie Mae, the first pool consisted of 2,710 loans with an aggregate unpaid principal balance of $587,556,866. The average loan size was $216,811 with a weighted average note rate of 4.11 percent and a weighted average broker’s price opinion (BPO) loan-to-value ratio of 89 percent.

The second pool consisted of 1,592 loans with an aggregate unpaid principal balance of $400,103,814. This average loan size was $251,321 with a weighted average note rate of 4.27 percent and a weighted average BPO loan-to-value ratio of 117 percent.

The third pool consisted of 2,700 loans with an aggregate unpaid principal balance of $590,779,257. The average loan size was $218,807 with a weighted average note rate of 4.12 percent and a weighted average BPO loan-to-value ratio of 94 percent.

Finally, the fourth pool consisted of 2,346 loans with an aggregate unpaid principal balance of $531,041,551. The average loan size was $226,360 with a weighted average note rate of 4.14 percent and a weighted average BPO loan-to-value ratio of 98 percent.

The cover bid, which is the second highest bid, was 90.70 percent of the UPB of the four pools in the transaction.

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