Fannie Mae Announces Winner of its Latest Non-Performing Loan Sale

Rhea-AI Summary

Fannie Mae has announced the winner of its twenty-fifth non-performing loan sale transaction. The deal, announced on September 10, 2024, involved the sale of 1,675 deeply delinquent loans with a total unpaid principal balance of $280.0 million. The winning bidder was VRMTG ACQ, (VWH Capital Management, LP), a Minority and Women-Owned Business.

The transaction is expected to close on November 22, 2024. The loan pool includes 1,675 loans with an average loan size of $167,172, a weighted average note rate of 3.88%, and a weighted average broker's price opinion loan-to-value ratio of 41%. The cover bid was 101.29% of UPB (41.35% of BPO).

Purchasers are required to honor any approved or in-process loss mitigation efforts and must offer delinquent borrowers a waterfall of loss mitigation options before initiating foreclosure.

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WASHINGTON, Oct. 10, 2024 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced the results of its twenty-fifth non-performing loan sale transaction. The deal, announced on September 10, 2024, included the sale of 1,675 deeply delinquent loans totaling $280.0 million in unpaid principal balance (UPB), offered in one pool. The winning bidder of the pool for the transaction was VRMTG ACQ, LLC (VWH Capital Management, LP). VWH Capital Management, LP is a Minority and Women-Owned Business ("MWOB"). The transaction is expected to close on November 22, 2024. The pool was marketed with BofA Securities, Inc. and First Financial Network, Inc. as advisors.

The loan pool awarded in this most recent transaction includes:

• Pool 1: 1,675 loans with an aggregate UPB of $280,013,313; average loan size of $167,172; weighted average note rate of 3.88%; and weighted average broker's price opinion (BPO) loan-to-value ratio of 41%.

The cover bid, which is the second highest bid for the pool, was 101.29% of UPB (41.35% of BPO).

Bids are due on Fannie Mae's Community Impact Pool on October 17, 2024.

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, 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: fanniemae.com | X (formerly Twitter) | Facebook | LinkedIn | Instagram | YouTube | Blog

Fannie Mae Newsroom
https://www.fanniemae.com/news

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Fannie Mae Resource Center
1-800-2FANNIE

 

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SOURCE Fannie Mae

FAQ

What was the total value of Fannie Mae's (FNMA) latest non-performing loan sale?

Fannie Mae's latest non-performing loan sale involved 1,675 deeply delinquent loans with a total unpaid principal balance of $280.0 million.

Who won the bid for Fannie Mae's (FNMA) non-performing loan sale announced on September 10, 2024?

The winning bidder for the non-performing loan sale was VRMTG ACQ, (VWH Capital Management, LP), which is a Minority and Women-Owned Business.

When is the closing date for Fannie Mae's (FNMA) twenty-fifth non-performing loan sale transaction?

The transaction is expected to close on November 22, 2024.

What was the average loan size in Fannie Mae's (FNMA) latest non-performing loan sale?

The average loan size in the latest non-performing loan sale was $167,172.

What requirements must purchasers follow in Fannie Mae's (FNMA) non-performing loan sales?

Purchasers must honor any approved or in-process loss mitigation efforts and offer delinquent borrowers a waterfall of loss mitigation options before initiating foreclosure.