Fannie Mae [1] recently announced the results of its 11th non-performing loan sale—and the winning bidder is MTGLQ Investors, L.P. a subsidiary of Goldman Sachs.
According to the enterprise, this deal includes an estimated 7,500 loans totaling $1.23 billion in unpaid principal balance (UPB), divided among four pools. The transaction is expected to finalize by December 21, 2017.
In the report [2], Fannie Mae broke down the numbers by group.
The group 1 pool contains 756 loans with an aggregate unpaid principal balance of $133,922,761. In addition, the average loan size is $177,147, with a weighted average note rate 4.3 percent, a weighted average delinquency of 28 months, and a weighted average broker's price opinion (BPO) loan-to-value ratio of 86 percent.
As for the group 2 pool, there are 1460 loans with an aggregate unpaid principal balance of $241,360,082, average loan size of $165,315, weighted average note rate at 4.48 percent. Additionally, this pool had a weighted average delinquency of 22 months; and a weighted average BPO loan-to-value ratio of 69 percent.
The group 3 pool contains 3,381 loans with an aggregate unpaid principal balance of $475,718,218, average loan size of $140,703, and a weighted average note rate at 4.89 percent. The reported weighted average delinquency is 26 months and the weighted average BPO loan-to-value ratio is 55 percent.
Group pool 4 resulted in 1,879 loans with an aggregate unpaid principal balance of $376,985,499, an average loan size of $200,631, and a weighted average note rate 4.25 percent. Along with a weighted average delinquency of 26 months and a weighted average BPO loan-to-value ratio of 115 percent.
According to Fannie Mae, the cover bid represents the second highest bid at 78.16 percent of UPB for the total of the four pools—which were purchased on an all-or-none basis.
In conjunction with Bank of America Merrill Lynch and First Financial Network, Inc., Fannie Mae first started marketing these loans to potential bidders in October 2017.
Bids are due on Fannie Mae's 9th and 10th Community Impact Pools on November 15, 2017.
Potential buyers can acquire more information by clicking here [3].