MTGLQ Investors LP is the winning bidder on a pool of non-performing mortgage loans (NPLs) recently auctioned by Fannie Mae.
The sale includes approximately 9,800 loans totaling $1.64 billion in unpaid principal balance (UPB), divided among four pools.
The Group 1 Pool includes 2,372 loans with an aggregate UPB of about $358 million; an average loan size of $151,045; a weighted average note rate of 4.73%; a weighted average delinquency rate of 25 months; and a weighted average broker’s price opinion (BPO) loan-to-value ratio of 79%.
The Group 2 Pool includes 3,182 loans with an aggregate UPB of $478 million; an average loan size of $150,430; a weighted average note rate of 5.21%; a weighted average delinquency rate of 40 months; and a weighted average BPO LTV ratio of 63%.
The Group 3 Pool includes 1,403 loans with an aggregate UPB of $211 million; an average loan size of $150,270; a weighted average note rate of 5.13%; a weighted average delinquency rate of 40 months; and a weighted average BPO loan-to-value ratio of 63%.
The Group 4 Pool includes 2,881 loans with an aggregate UPB of $595 million; an average loan size of $206,589; a weighted average note rate of 4.60%; a weighted average delinquency rate of 39 months; and a weighted average BPO LTV ratio of 120%.
The transaction – in collaboration with Bank of America Merrill Lynch and Williams Capital Group – is expected to close on July 20.
The cover bid, which is the second highest bid, was 81.48% of UPB (53.39% of BPO) for the total of the four pools which were purchased on an all-or-none basis.
Bids are due on Fannie Mae’s 13th Community Impact Pools on June 19.
