Fannie Mae Announces the Results of its Sixteenth Reperforming Loan Sale Transaction
WASHINGTON, DC -
Fannie Mae (FNMA/OTCQB) today announced the results of its sixteenth reperforming loan sale transaction. The deal, which was announced on July 28, 2020, included the sale of approximately 18,190 loans totaling $3.37 billion in unpaid principal balance (UPB), divided into six pools. The winning bidders of the six pools for the transaction were DoubleLine Capital LP (DoubleLine) for Pool 1, LSRMF Mortgage Holdings II, LLC (Lone Star) for Pool 2, DLJ Mortgage Capital, Inc. (Credit Suisse) for Pool 3, Great Ajax Operating Partnership LP (Aspen Capital) for Pools 4 and 5, and JP Morgan Mortgage Acquisition Corp. (Chase) for Pool 6. The transaction is expected to close on September 25, 2020. The pools were marketed with Citigroup Global Markets Inc. as advisor.
The loan pools awarded in this most recent transaction include:
- Pool 1: 2,448 loans with an aggregate unpaid principal balance of $553,556,523; average loan size $226,126; weighted average note rate 3.624%; weighted average broker's price opinion (BPO) loan-to-value ratio of 78%.
- Pool 2: 2,147 loans with an aggregate unpaid principal balance of $448,884,977; average loan size $209,075; weighted average note rate 3.267%; weighted BPO loan-to-value ratio of 74%.
- Pool 3: 4,409 loans with an aggregate unpaid principal balance of $711,583,814; average loan size $161,393; weighted average note rate 4.465%; weighted BPO loan-to-value ratio of 79%.
- Pool 4: 3,578 loans with an aggregate unpaid principal balance of $570,146,232; average loan size $159,348; weighted average note rate 4.129%; weighted BPO loan-to-value ratio of 77%.
- Pool 5: 2,481 loans with an aggregate unpaid principal balance of $518,217,233; average loan size $208,874; weighted average note rate 4.170%; weighted BPO loan-to-value ratio of 69%.
- Pool 6: 3,125 loans with an aggregate unpaid principal balance of $567,290,447; average loan size $181,533; weighted average note rate 3.905%; weighted BPO loan-to-value ratio of 83%.
The cover bids, which are the second highest bids per pool, were 99.19% of UPB (69.58% of BPO) for Pool 1, 97.25% of UPB (63.85% of BPO) for Pool 2, 100.19% of UPB (66.63% of BPO) for Pool 3, 93.55% of UPB (62.07% of BPO) for Pool 4, 91.51% of UPB (55.95% of BPO) for Pool 5 and 84.03% of UPB (60.17% of BPO) for Pool 6.
Interested bidders can register for ongoing announcements, training, and other information at https://www.fanniemae.com/portal/funding-the-market/npl/index.html. Fannie Mae will also post information about specific pools available for purchase on that page.
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