Fannie Mae Announces the Results of its Twenty-Ninth Reperforming Loan Sale Transaction

WASHINGTON, Sept. 14, 2023 /PRNewswire/ — Fannie Mae (OTCQB: FNMA) today announced the results of its twenty-ninth reperforming loan sale transaction. The deal, announced on August 10, 2023, included the sale of approximately 2,016 loans totaling $412.3 million in unpaid principal balance (UPB), offered in one pool. The winning bidder was Pacific Investment Management Company LLC (PIMCO). The transaction is expected to close by October 20, 2023. The pool was marketed with Citigroup Global Markets Inc. as advisor.

The loan pool awarded in this most recent transaction includes:

  • Pool 1: 2,016 loans with an aggregate UPB of $412,321,655; average loan size of $204,525; weighted average note rate of 3.44%; and weighted average broker’s price opinion (BPO) loan-to-value ratio of 54%.

The cover bid, which is the second highest bid for the pool, was 79.04% of UPB (36.56% of BPO). 

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:
fanniemae.com | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog

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

Photo of Fannie Mae
https://www.fanniemae.com/resources/img/about-fm/fm-building.tif

Fannie Mae Resource Center
1-800-2FANNIE

SOURCE Fannie Mae



Originally published at https://www.prnewswire.com/news-releases/fannie-mae-announces-the-results-of-its-twenty-ninth-reperforming-loan-sale-transaction-301927985.html
Images courtesy of https://pixabay.com

author avatar
Funster
business banners

Latest posts

Doroni Aerospace Unveils State-of-the-Art Test Fixture, Marking Major Milestone in eVTOL ‘Flying Car’ Development

POMPANO BEACH, Fla., July 08, 2024 (GLOBE NEWSWIRE) -- Doroni Aerospace, a...

REItrades: Gateway to the Most Sophisticated Network of Commercial Real Estate Investment Organizations

The company's network has surpassed 3,000 decision makers from over 2,000 pre-vetted GP investment firms actively seeking nationwide opportunities across all asset classes.BOCA RATON,...

Read the FY 2024-25 Proposed Budget

Mayor Daniella Levine Cava unveiled the FY 2024-25 Proposed Budget on July 15 from the Stephen P. Clark Center. In the fourth year of...

Miami-Dade County Single-Family Home Sales Rise 6.5% Year-over-Year; Miami Condo Transactions Climb 4.5%

MIAMI — Miami-Dade County total home sales increased 5.4% year-over-year as single-family home transactions and condo sales rose 6.5% and 4.5%, respectively, in April...

General Contractors Send One Million Safety Text Messages a Month – Increasing Time on Tools

Safety and site managers communicate site updates, safety procedures, and emergency alerts – gaining "time on tools" worth $300k-$600k per year.WASHINGTON, June 27, 2024...

Duty To Report Deaths Bill Passes Final Committee

Tallahassee, FL – SB 768 sponsored by Senator Linda Stewart (D-Orlando), at the request of...

Attorney Matt Dolman Provides Crucial Update on the Camp Lejeune Contaminated Water Lawsuit

CLEARWATER, FLORIDA, UNITED STATES, July 8, 2024 /EINPresswire.com/ -- Attorney Matt Dolman of Dolman Law Group Accident & Injury Lawyers...
celebrity reality tv