Fannie Mae will soon close on a reperforming loan sale transaction that included 12,700 loans totaling $1.8 billion in unpaid principal balance, divided into three pools.
The winning bidders of the three pools for the transaction were Towd Point Master Funding LLC (Cerberus) for Pools 1 and 2 and Goldman Sachs Mortgage Co. for Pool 3. The pools were marketed with Citigroup Global Markets Inc. as advisor.
The loan pools awarded in this transaction include:
- Group 1 Pool: 2,280 loans with an aggregate unpaid principal balance of $450,761,782; average loan size $197,703; weighted average note rate 3.407%; weighted average broker’s price opinion (BPO) loan-to-value ratio of 65%.
- Group 2 Pool: 7,021 loans with an aggregate unpaid principal balance of $898,440,711; average loan size $127,965; weighted average note rate 4.492%; weighted BPO loan-to-value ratio of 63%.
- Group 3 Pool: 3,384 loans with an aggregate unpaid principal balance of $443,517,633; average loan size $131,063; weighted average note rate 4.486%; weighted BPO loan-to-value ratio of 65%.
The cover bids, which are the second highest bids per pool, were 101.00% of UPB (55.26% of BPO) for Pool 1, 103.01% of UPB (47.90% of BPO) for Pool 2, and 99.65% of UPB (49.51% of BPO) for Pool 3.
The transaction is expected to close on April 24.