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GSEs Release Secondary Market Updates

Fannie Mae has announced the results of its fifteenth reperforming loan sale transaction. The deal, included the sale of approximately 12,700 loans totaling $1.8 billion in unpaid principal balance (UPB), divided into three pools. The winning bidders of the three pools for the transaction were Towd Point Master Funding LLC (Cerberus) for Pools 1 and 2 and Goldman Sachs Mortgage Company (Goldman Sachs) for Pool 3. The transaction is expected to close on April 24, 2020.  The pools were marketed with Citigroup Global Markets Inc. as advisor.

The loan pools awarded in this most recent transaction include:

  • Group 1 Pool: 2,280 loans with an aggregate unpaid principal balance of $450,761,782; average loan size $197,703; weighted average note rate 3.407%; weighted average broker's price opinion (BPO) loan-to-value ratio of 65%.
  • Group 2 Pool: 7,021 loans with an aggregate unpaid principal balance of $898,440,711; average loan size $127,965; weighted average note rate 4.492%; weighted BPO loan-to-value ratio of 63%.
  • Group 3 Pool: 3,384 loans with an aggregate unpaid principal balance of $443,517,633; average loan size $131,063; weighted average note rate 4.486%; weighted BPO loan-to-value ratio of 65%.

Additionally, Ginnie Mae announced that issuance of its mortgage-backed securities (MBS) totaled $52.64 billion in February, providing financing for more than 210,000 homeowners and renters.

A breakdown of February issuance includes $50.21 billion of Ginnie Mae II MBS and $2.43 billion of Ginnie Mae I MBS, which includes $1.46 billion of loans for multifamily housing.

Ginnie Mae's total outstanding principal balance of $2.137 trillion is an increase from $2.056 trillion in February 2019.

About Author: Seth Welborn

Seth Welborn is a Reporter for DS News and MReport. A graduate of Harding University, he has covered numerous topics across the real estate and default servicing industries. Additionally, he has written B2B marketing copy for Dallas-based companies such as AT&T. An East Texas Native, he also works part-time as a photographer.
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