Fannie Mae Announces the Results of its Fourteenth Reperforming Loan Sale Transaction

Alicia Jones

202-752-5716

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today announced the results of its fourteenth reperforming loan sale transaction. The deal, which was announced on October 10, 2019, included the sale of approximately 20,800 loans totaling $3.1 billion in unpaid principal balance (UPB), divided into six pools. The winning bidders of the six pools for the transaction were DLJ Mortgage Capital, Inc. (Credit Suisse) for Pools 1, 2 and 3, J.P. Morgan Mortgage Acquisition Corp. (Chase) for Pools 4 and 6, and NRZ Mortgage Holdings, LLC (Fortress) for Pool 5. The transaction is expected to close on December 19, 2019.

The pools were marketed with Citigroup Global Markets Inc,. as advisor.

The loan pools awarded in this most recent transaction include:

• Group 1 Pool: 1,935 loans with an aggregate unpaid principal balance of $392,220,903; average loan size $202,698; weighted average note rate 3.51%; weighted average broker's price opinion (BPO) loan-to-value ratio of 70%.
• Group 2 Pool: 3,905 loans with an aggregate unpaid principal balance of $662,617,902; average loan size $169,684; weighted average note rate 3.92%; weighted BPO loan-to-value ratio of 74%.
• Group 3 Pool: 5,832 loans with an aggregate unpaid principal balance of $633,825,751; average loan size $108,681; weighted average note rate 5.45%; weighted BPO loan-to-value ratio of 56%.
• Group 4 Pool: 2,929 loans with an aggregate unpaid principal balance of $496,126,998; average loan size $169,384; weighted average note rate 4.16%; weighted BPO loan-to-value ratio of 70%.
• Group 5 Pool: 3,086 loans with an aggregate unpaid principal balance of $473,958,024; average loan size $153,583; weighted average note rate 4.36%; weighted BPO loan-to-value ratio of 68%.
• Group 6 Pool: 3,139 loans with an aggregate unpaid principal balance of $473,386,556; average loan size $150,808; weighted average note rate 4.41%; weighted BPO loan-to-value ratio of 69%.

The cover bids, which are the second highest bids per pool, were 97.56% of UPB (58.46% of BPO) for Pool 1, 97.31% of UPB (56.64% of BPO) for Pool 2, 104.55% of UPB (45.53% of BPO) for Pool 3, 95.41% of UPB (55.40% of BPO) for Pool 4, 95.75% of UPB (55.23% of BPO) for Pool 5 and 93.30% of UPB (51.31% of BPO) for Pool 6. 

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.