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

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today announced the results of its nineteenth reperforming loan sale transaction. The deal, which was announced on March 9, 2021, included the sale of 24,755 loans totaling $3.45 billion in unpaid principal balance (UPB), divided into five pools. The winning bidders of the five pools for the transaction were DoubleLine Capital, LP (DoubleLine) for Pool 1; Pacific Investment Management Company LLC (PIMCO) for Pools 2 and 3; JP Morgan Mortgage Acquisition Corp. (Chase) for Pool 4; and LB-Igloo Series IV Trust (Balbec Capital, LP) for Pool 5. The transaction is expected to close on May 14, 2021. The pools were marketed with Citigroup Global Markets Inc. as advisor.

The loan pools awarded in this most recent transaction include:

• Pool 1: 3,917 loans with an aggregate UPB of $739,492,529; average loan size of $188,791; weighted average note rate of 3.74%; and weighted average broker's price opinion (BPO) loan-to-value ratio of 81%.
• Pool 2: 3,564 loans with an aggregate UPB of $740,448,266; average loan size of $207,758; weighted average note rate of 3.45%; and weighted BPO loan-to-value ratio of 60%.
• Pool 3: 6,911 loans with an aggregate UPB of $673,216,961; average loan size of $97,412; weighted average note rate of 4.96%; and weighted BPO loan-to-value ratio of 61%.
• Pool 4: 5,610 loans with an aggregate UPB of $670,793,934; average loan size of $119,571; weighted average note rate of 4.60%; and weighted BPO loan-to-value ratio of 63%.
• Pool 5: 4,753 loans with an aggregate UPB of $630,944,595; average loan size of $132,747; weighted average note rate of 4.42%; and weighted BPO loan-to-value ratio of 67%.

The cover bids, which are the second highest bids per pool, were 101.25% of UPB (69.72% of BPO) for Pool 1, 100.70% of UPB (55.74% of BPO) for Pool 2, 105.75% of UPB (44.65% of BPO) for Pool 3, 103.10% of UPB (50.11% of BPO) for Pool 4, and 95.50% of UPB (50.70% of BPO) for Pool 5.

Interested bidders can register for ongoing announcements, training, and other information here. Fannie Mae will also post information about specific pools available for purchase on that page.