DLJ Mortgage Capital Inc. (Credit Suisse) is the winning bidder on a portfolio of 21,200 re-performing mortgage loans totaling $3.27 billion in unpaid principal balance (UPB) recently auctioned by Fannie Mae.
In addition, the company announced that is auctioning a smaller portfolio of 4,660 performing loans divided into six pools totaling $822.3 million in UPB and a Community Impact Pool of approximately 80 loans totaling $17.7 million in UPB. Bids for the six pools are due on June 4 and bids for the Community Impact Pool are due on June 18.
The Community Impact Pool consists of loans geographically located in Miami-Dade area.
Community Impact Pools are typically smaller pools of loans that are geographically-focused, and marketed to encourage participation by non-profit organizations, minority- and women-owned businesses (MWOBs), and smaller investors.
The re-performing loans purchased by DLJ Mortgage Capital were divided into four pools. It was Fannie Mae’s 11th re-performing loan sale to date as it continues to divest itself of riskier assets in its portfolio.
The Group 1 Pool included 2,808 loans with an aggregate UPB of about $563 million. The average loan size is $200,487; the weighted average note rate is 3.90%; and the weighted average broker’s price opinion (BPO) loan-to-value ratio is 71%, Fannie Mae says in a release.
The Group 2 Pool includes 6,837 loans with an aggregate UPB of about $988 million. The average loan size is $144,530; the weighted average note rate is 4.86%; and the weighted BPO loan-to-value ratio is 77%.
The Group 3 Pool includes 6,954 loans with a UPB of about $993 million. The average loan size is $142,769; the weighted average note rate is 4.85%; and the weighted average BPO loan-to-value ratio is 75%.
The Group 4 Pool includes 4,620 loans with a UPB of about $731 million. The average loan size is $158,169; the weighted average note rate is 4.53%; and the weighted average BPO loan-to-value ratio is 82%.
The cover bid, which is the second highest bid, was 92.80% of UPB (59.15% of BPO) for the total of the four pools which were purchased on an all-or-none basis.