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Press Release

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

September 13, 2019

 

Alicia Jones

202-752-5716

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today announced the results of its thirteenth reperforming loan sale transaction. The deal, which was announced on August 13, 2019, included the sale of approximately 29,400 loans totaling $5.1 billion in unpaid principal balance (UPB), divided into six pools. The winning bidders of the six pools for the transaction were Goldman Sachs Mortgage Company (Goldman Sachs) for Pool 1, Towd Point Master Funding LLC (Cerberus) for Pools 2, 3, 4, NRZ Mortgage Holdings, LLC (Fortress) for Pool 5, and DLJ Mortgage Capital, Inc. (Credit Suisse) for Pool 6. The transaction is expected to close on October 25, 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: 3,298 loans with an aggregate unpaid principal balance of $752,107,728; average loan size $228,050; weighted average note rate 3.12%; weighted average broker's price opinion (BPO) loan-to-value ratio of 75%.
  • Group 2 Pool: 7,328 loans with an aggregate unpaid principal balance of $1,484,418,320; average loan size $202,568; weighted average note rate 3.92%; weighted BPO loan-to-value ratio of 85%.
  • Group 3 Pool: 7,698 loans with an aggregate unpaid principal balance of $1,063,641,374; average loan size $138,171; weighted average note rate 5.02%; weighted BPO loan-to-value ratio of 68%.
  • Group 4 Pool: 3,504 loans with an aggregate unpaid principal balance of $585,171,556; average loan size $167,001; weighted average note rate 3.97%; weighted BPO loan-to-value ratio of 79%.
  • Group 5 Pool: 2,875 loans with an aggregate unpaid principal balance of $549,731,163; average loan size $191,211; weighted average note rate 4.24%; weighted BPO loan-to-value ratio of 72%.
  • Group 6 Pool: 4,664 loans with an aggregate unpaid principal balance of $678,220,033; average loan size $145,416; weighted average note rate 4.35%; weighted BPO loan-to-value ratio of 78%. 

The cover bids, which are the second highest bids per pool, were 96.40% of UPB (68.93% of BPO) for Pool 1, 98.75% of UPB (72.64% of BPO) for Pool 2, 103.00% of UPB (56.02% of BPO) for Pool 3, 94.52% of UPB (61.97% of BPO) for Pool 4, 95.25% of UPB (59.15% of BPO) for Pool 5 and 92.28% of UPB (59.17% 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.

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.