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Fannie Mae Announces Winner of Community Impact Pool of Non-Performing Loans

Fannie Mae announced today that New Jersey Community Capital is the winning bidder of the sixth Community Impact Pool of non-performing loans. New Jersey Community Capital is a non-profit community development financial institution located in New Brunswick, New Jersey.

The transaction includes 158 loans secured by properties located in the New York and New Jersey area with an unpaid principal balance (UPB) of approximately $26 million, and is expected to close on May 23, 2017. The cover bid price for this Community Impact Pool is 50.2 percent of UPB, which is 46.9 percent of broker price opinion.

According to Fannie Mae, the loan pool awarded in this most recent transaction includes the following:

·         158 loans with an aggregate unpaid principal balance of $25,968,898; with an average loan size of $164,360; with a weighted average note rate of 5.29 percent; with a weighted average delinquency of 46 months; and with a weighted average broker's price opinion loan-to-value ratio of 93.46 percent.

The awarding of the Community Impact Pool follows the GSE’s announcement of the winning bidders of its ninth non-performing loan sale on March 14. The sale included approximately 9.400 loans totaling $1.68 billion in unpaid principal balance (UPB). The sale was divided into four pools as follows:

·         Group 1 Pool: 1,465 loans with an aggregate unpaid principal balance of $246,748,844; average loan size $168,429; weighted average note rate 4.51 percent; weighted average delinquency 29 months; weighted average broker's price opinion loan-to-value ratio of 78.75 percent.

·         Group 2 Pool: 3,062 loans with an aggregate unpaid principal balance of $496,205,215; average loan size $162,053; weighted average note rate 5.05 percent; weighted average delinquency 38 months; weighted average broker's price opinion loan-to-value ratio of 64.81 percent.

·         Group 3 Pool: 2,457 loans with an aggregate unpaid principal balance of $429,254,601; average loan size $174,707; weighted average note rate 4.90 percent; weighted average delinquency 39 months; weighted average broker's price opinion loan-to-value ratio of 79.61 percent.

·         Group 4 Pool: 2,427 loans with an aggregate unpaid principal balance of $512,628,430; average loan size $211,219; weighted average note rate 4.68 percent; weighted average delinquency 42 months; weighted average broker's price opinion loan-to-value ratio of 129.55 percent.

The Community Impact Pool bidding began on February 14, 2017 in partnership with Bank of America Merrill Lynch and The Williams Capital Group, L.P. For more information on Fannie Mae’s sales of non-performing loans, click here.  

About Author: Mirasha Brown

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