Fannie Mae Announces Results of Seventeenth Reperforming Loan Sale Transaction

WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today announced the results of its seventeenth reperforming loan sale transaction. The deal, which was announced on September 10, 2020, included the sale of approximately 19,670 loans totaling $2.78 billion in unpaid principal balance (UPB), divided into five pools. The winning bidders of the five pools for the transaction were Athene Annuity and Life Company and Athene Annuity & Life Assurance Company (Athene) for Pool 1, Pacific Investment Management Company LLC (PIMCO) for Pools 2 & 3, and Goldman Sachs Mortgage Company (Goldman Sachs) for Pools 4 & 5. The transaction is expected to close on November 20, 2020. The pools were marketed with Citigroup Global Markets Inc. as advisor.

The loan pools awarded in this most recent transaction include:

•    Pool 1: 3,690 loans with an aggregate unpaid principal balance of $596,327,102; average loan size $161,606; weighted average note rate 3.992%; weighted average broker's price opinion (BPO) loan-to-value ratio of 64%.

•    Pool 2: 4,171 loans with an aggregate unpaid principal balance of $598,101,909; average loan size $143,395; weighted average note rate 4.477%; weighted BPO loan-to-value ratio of 67%.

•    Pool 3: 2,953 loans with an aggregate unpaid principal balance of $529,598,000; average loan size $179,342; weighted average note rate 4.185%; weighted BPO loan-to-value ratio of 72%.

•    Pool 4: 4,674 loans with an aggregate unpaid principal balance of $530,138,276; average loan size $113,423; weighted average note rate 4.659%; weighted BPO loan-to-value ratio of 65%.

•    Pool 5: 4,178 loans with an aggregate unpaid principal balance of $527,104,220; average loan size $126,162; weighted average note rate 4.557%; weighted BPO loan-to-value ratio of 65%.

The cover bids, which are the second highest bids per pool, were 103.75% of UPB (52.88% of BPO) for Pool 1, 102.25% of UPB (54.27% of BPO) for Pool 2, 100.00% of UPB (60.39% of BPO) for Pool 3, 96.50% of UPB (47.39% of BPO) for Pool 4, and 93.55% of UPB (46.86% 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.