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Deals & Dealmakers

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

Fannie Mae (FNMA/OTCQB) today announced the results of its nineteenth non-performing loan sale transaction. The deal, announced on May 12, 2022, included the sale of approximately 3,220 loans totaling $477.2 million in unpaid principal balance (UPB), divided into two pools. The winning bidder of the two pools for the transaction was MCLP Asset Company, Inc. (Goldman Sachs) for Pool 1 and Pool 2; pools were awarded individually. The transaction is expected to close on July 27, 2022. The pools were marketed with BofA Securities, Inc. and First Financial Network, Inc. as advisors.

The loan pools awarded in this most recent transaction include:

  • Pool 1: 1,635 loans with an aggregate UPB of $250,313,952; average loan size of $153,097; weighted average note rate of 4.62%; and weighted average broker’s price opinion (BPO) loan-to-value ratio of 63%.
  • Pool 2: 1,588 loans with an aggregate UPB of $226,905,757; average loan size of $142,888; weighted average note rate of 4.86%; and weighted BPO loan-to-value ratio of 49%.

The cover bids, which are the second highest bids per pool, were 94.59% of UPB (45.64% of BPO) for Pool 1 and 101.59% of UPB (40.42% of BPO) for Pool 2.

Bids are due on Fannie Mae’s nineteenth Community Impact Pool on June 21, 2022.

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.

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