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Fannie Mae Announces Winner of Non-performing Loan Sale

money magnetOn Wednesday, Fannie Mae announced the winners of its latest sale of non-performing loans, —the twelfth such sale, consisting of approximately 5,700 loans. The loans are divided into three different pools, with a total unpaid principal balance (UPB) of $1.002 billion.

Bungalow Series III Trust (Balbec Capital LP) won the first pool of loans, and Elkhorn Depositor LLC (Roosevelt Management Company LLC) won pools 2 and 3.

Fannie Mae began marketing these loans to potential bidders on February 13, 2018, working in collaboration with Bank of America Merrill Lynch and First Financial Network, Inc.

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

The Group 2 Pool consisted of 2,793 loans with an aggregate UPB of $441,703,102 and an average loan size of $158,146. The weighted average note rate was 5.04 percent, the weighted average delinquency was 34 months, and the weighted average BPO loan-to-value ratio was 65 percent.

The Group 3 Pool consisted of 1,822 loans with an aggregate UPB of $382,833,067 and an average loan size of $210,117. The weighted average note rate was 4.38 percent, the weighted average delinquency was 35 months and the weighted average BPO loan-to-value ratio was 130 percent.

The second highest bid for Pool 1 was 75.13 percent of UPB; for Pool 2 and Pool 3 combined, the second highest bid was 77.69 percent of UPB.

According to Fannie’s media statement, bids for Fannie Mae's eleventh and twelfth Community Impact Pools are due on March 20, 2018.

About Author: David Wharton

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