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Fannie Mae Announces Winner of Non-performing Loan Sale

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money magnetOn Wednesday, Fannie Mae [1] 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 [2] 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.