Fannie Mae Completes Reperforming Loan Sale Transaction

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Fannie Mae recently wrapped up its most recent reperforming loan sale transaction, which included the sale of approximately 24,600 loans totaling $4.25 billion in unpaid principal balance (UPB), divided into five pools.

The winning bidders of the five pools for the transaction were Pacific Investment Management Company LLC (PIMCO) for Pools 1, 2 and 3; J.P. Morgan Mortgage Acquisition Corp. (Chase) for Pool 4; and Great Ajax Operating Partnership LP (Aspen) for Pool 5. The pools were marketed with Citigroup Global Markets Inc. as advisor.

The loan pools awarded in this most recent transaction include:

  • Pool 1: 3,604 loans with an aggregate UPB of $773,103,188; average loan size of $214,513; weighted average note rate of 3.29%; and weighted average broker’s price opinion (BPO) loan-to-value ratio of 82%.
     
  • Pool 2: 3,630 loans with an aggregate UPB of $770,449,422; average loan size of $212,245; weighted average note rate of 3.12%; and weighted BPO loan-to-value ratio of 60%.
     
  • Pool 3: 7,888 loans with an aggregate UPB of $1,191,043,442; average loan size of $150,994; weighted average note rate of 4.04%; and weighted BPO loan-to-value ratio of 61%.
     
  • Pool 4: 4,721 loans with an aggregate UPB of $721,912,807; average loan size of $152,915; weighted average note rate of 4.03%; and weighted BPO loan-to-value ratio of 63%.
     
  • Pool 5: 4,739 loans with an aggregate UPB of $790,446,866; average loan size of $166,796; weighted average note rate of 3.99%; and weighted BPO loan-to-value ratio of 65%.

The cover bids, which are the second highest bids per pool, were 99.04% of UPB (78.83% of BPO) for Pool 1, 99.57% of UPB (55.49% of BPO) for Pool 2, 103.05% of UPB (52.86% of BPO) for Pool 3, 100.54% of UPB (53.49% of BPO) for Pool 4 and 96.21% of UPB (53.24% of BPO) for Pool 5.

Photo by Sean McMenemy, licensed under CC BY 2.0

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