Fannie Mae announces latest NPL sale winners

Investing

Fannie Mae announced it reduced its seriously delinquent portfolio with its latest sale of $581.1 million in non-performing loans.

Its tenth non-performing loan sale totaled about 3,400 loans of $581.1 in unpaid principal balance divided among three pools. MTGLQ Investors, Goldman Sachs, won the first pool, Igloos Series III Trust, Balbec Capital, won the second pool and Rushmore Loan Management Services took the third pool. The transaction is expected to close on July 26, 2017.

Fannie Mae first began marketing the sale on May 10 in collaboration with Wells Fargo Securities and The Williams Capital Group.

Here are the details for each pool in the transaction:

Group 1 Pool: 808 loans with an aggregate unpaid principal balance of $127,716,108; average loan size $158,064; weighted average note rate 5.03%; weighted average delinquency 38 months; weighted average broker’s price opinion loan-to-value ratio of 86.84%.

Group 2 Pool: 681 loans with an aggregate unpaid principal balance of $115,802,447; average loan size $170,048; weighted average note rate 4.80%; weighted average delinquency 28 months; weighted average broker’s price opinion loan-to-value ratio of 81.03%.

Group 3 Pool: 1,929 loans with an aggregate unpaid principal balance of $337,667,876; average loan size $175,048; weighted average note rate 4.87%; weighted average delinquency 30 months; weighted average broker’s price opinion loan-to-value ratio of 88.02%.

The companies bid 80.24% of the unpaid principle balance of the first pool, 85.01% in UPB for the second pool and 77.63% in UPB for the third pool.

Bids are due on Fannie Mae’s seventh and eighth Community Impact Pools on June 14, 2017.

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