Fannie Mae Announces the Results of its Eighth Reperforming Loan Sale Transaction
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Alicia Jones
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202-752-5716
WASHINGTON, DC – Fannie Mae (FNMA/OTC) today announced the results of its eighth reperforming loan sale transaction. The deal, which was announced on August 14, 2018, included the sale of approximately 18,300 loans totaling $3.58 billion in unpaid principal balance (UPB), divided into four pools. The winning bidders of the four pools for the transaction, which is expected to close on October 26, 2018, are Nomura Corporate Funding Americas, LLC (Nomura) for Pool 1, Towd Point Master Funding LLC (RMBS Cerberus) for Pool 2, Athene Annuity and Life Company & Athene Annuity & Life Assurance Company (Athene) for Pool 3 and Goldman Sachs Mortgage Company (Goldman Sachs) for Pool 4.
The pools were marketed with Citigroup Global Markets Inc. as advisor.
The loan pools awarded in this most recent transaction include:
- Group 1 Pool: 3,091 loans with an aggregate unpaid principal balance of $487,784,941; average loan size $157,808; weighted average note rate 4.24%; weighted average broker's price opinion (BPO) loan-to-value ratio of 76%.
- Group 2 Pool: 4,839 loans with an aggregate unpaid principal balance of $651,451,525; average loan size $134,625; weighted average note rate 4.28%; weighted average BPO loan-to-value ratio of 69%.
- Group 3 Pool: 2,115 loans with an aggregate unpaid principal balance of $498,751,687; average loan size $235,816; weighted average note rate 3.42%; weighted average BPO loan-to-value ratio of 88%.
- Group 4 Pool: 8,277 loans with an aggregate unpaid principal balance of $1,939,030,553; average loan size $234,267; weighted average note rate 3.42%; weighted average BPO loan-to-value ratio of 89%.
The cover bids, which are the second highest bids per pool, were 89.50% of UPB (54.98% of BPO) for Pool 1, 95.60% of UPB (55.30% of BPO) for Pool 2, 86.75% of UPB (68.71% of BPO) for Pool 3 and 85.77% of UPB (68.28% of BPO) for Pool 4.
Bidders interested in future sales of Fannie Mae non-performing and reperforming loans can register for ongoing announcements, training, and other information at https://www.fanniemae.com/portal/funding-the-market/npl/index.html.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/FannieMae.