Fannie Mae has announced the winning bidder for its eighteenth Community Impact Pool (CIP) of non-performing loans. The CIP includes approximately 140 loans totaling $44.6 million in unpaid principal balance (UPB), geographically focused in the New York area.
The winning bidder is Residential Credit Opportunities VI, LLC (AMIP). The pool was marketed with BofA Securities Inc. and First Financial Network Inc. as advisors.
The transaction is expected to close on December 10.
The CIP awarded in this most recent transaction includes 139 loans with an aggregate UPB of $44,642,352; average loan size of $321,168; weighted average note rate of 5.00%; and weighted average broker’s price opinion (BPO) loan-to-value ratio of 52%.
The cover bid, which was the second highest bid, for the CIP was 96.18% of UPB (39.87% of BPO).
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, 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.
Image: Photo by Dillon Kydd on Unsplash
