Fannie Mae Announces Results of Nineteenth Re-Performing Loan Sale Operation
WASHINGTON, April 6, 2021 / PRNewswire / – Fannie Mae (OTCQB: FNMA) today announced the results of its nineteenth loan sale reperformance transaction. The deal, which was announced on March 9, 2021, included the sale of 24,755 loans totaling $ 3.45 billion in the principal outstanding balance (UPB), divided into five pools. The winning bidders from all five groups for the transaction were DoubleLine Capital, LP (DoubleLine) for Group 1; Pacific Investment Management Company LLC (PIMCO) for pools 2 and 3; JP Morgan Mortgage Acquisition Corp. (Chase) for pool 4; and LB-Igloo Series IV Trust (Balbec Capital, LP) for portfolio 5. The transaction is expected to close on May 14, 2021. The pools were marketed with Citigroup Global Markets Inc. as an advisor.
The loan pools granted in this most recent transaction include:
- Pool 1: 3,917 loans with an overall UPB of $ 739,492,529; average loan amount $ 188,791; weighted average rate of the notes of 3.74%; and the broker’s notice of price (BPO) weighted average loan-to-value ratio of 81%.
- Pool 2: 3,564 loans with an overall UPB of $ 740,448,266; average loan amount $ 207,758; weighted average rate of the Notes of 3.45%; and a 60% weighted BPO loan-to-value ratio.
- Pool 3: 6,911 loans with an overall UPB of $ 673,216,961; average loan amount $ 97,412; weighted average rate of the notes of 4.96%; and a weighted BPO loan-to-value ratio of 61%.
- Pool 4: 5,610 loans with an overall UPB of $ 670,793,934; average loan amount $ 119,571; weighted average rate of the Notes of 4.60%; and a weighted BPO loan-to-value ratio of 63%.
- Pool 5: 4,753 loans with an overall UPB of $ 630,944,595; average loan amount $ 132,747; weighted average rate of the Notes of 4.42%; and a weighted BPO loan-to-value ratio of 67%.
The cover bids, which are the second highest bids per pool, accounted for 101.25% UPB (69.72% BPO) for pool 1, 100.70% UPB (55.74% of BPO) for pool 2, 105.75% of UPB (44.65% of BPO) for pool 3, 103.10% of UPB (50.11% of BPO) for pool 4 and 95, 50% of the UPB (50.70% of the BPO) for pool 5.
Interested bidders can register to receive announcements, training and other current information here. Fannie Mae will also post information on specific pools available for purchase on this page.
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