Fannie Mae Announces the Results of its Thirty-second Reperforming Loan Sale Transaction
Rhea-AI Summary
Fannie Mae (OTCQB: FNMA) has announced the results of its thirty-second reperforming loan sale transaction. The deal, announced on August 13, 2024, involved the sale of 3,092 loans totaling $607,166,012 in unpaid principal balance (UPB). The winning bidders were Goldman Sachs Mortgage Company for Pool 1 and RCAF Loan Acquisition, LP for Pool 2. The transaction is expected to close by October 25, 2024.
Pool 1 consists of 2,254 loans with an aggregate UPB of $461,758,162, while Pool 2 includes 838 loans with an aggregate UPB of $145,407,850. The cover bids were 87.25% of UPB for Pool 1 and 87.00% of UPB for Pool 2. The sale requires buyers to offer loss mitigation options to borrowers who may re-default within five years and honor any approved or in-process loss mitigation efforts.
Positive
- Successful completion of the thirty-second reperforming loan sale transaction
- Sale of 3,092 loans totaling $607,166,012 in unpaid principal balance
- Attractive cover bids of 87.25% and 87.00% of UPB for Pool 1 and Pool 2 respectively
Negative
- None.
The loan pool awarded in this most recent transaction includes:
- Pool 1: 2,254 loans with an aggregate UPB of
$461,758,162 $204,862 3.83% ; and weighted average broker's price opinion (BPO) loan-to-value ratio of49% . - Pool 2: 838 loans with an aggregate UPB of
$145,407,850 $173,518 4.04% ; and weighted average broker's price opinion (BPO) loan-to-value ratio of46% .
The cover bid, which is the second highest bid for the pool, was
Reperforming loans are loans that have been or are currently delinquent but have reperformed for a period of time. The terms of Fannie Mae's reperforming loan sale require the buyer to offer loss mitigation options to any borrower who may re-default within five years following the closing of the reperforming loan sale. All purchasers are required to honor any approved or in-process loss mitigation efforts at the time of sale, including forbearance arrangements and loan modifications. In addition, purchasers must offer delinquent borrowers a waterfall of loss mitigation options, including loan modifications, which may include principal forgiveness or payment deferral prior to initiating foreclosure on any loan.
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.
About Fannie Mae
Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit:
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SOURCE Fannie Mae
FAQ
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