Fannie Mae is now marketing its 16th sale of reperforming loans: approximately 18,300 mortgages with an unpaid principal balance of approximately $3.4 billion. The sale is being marketed in collaboration with Citigroup Global Markets Inc.
Reperforming loans are loans that were previously delinquent but have reperformed for a period of time. Some of the loans may be up to 90 days delinquent. The terms of Fannie Mae’s reperforming loan sale require the buyer to offer loss mitigation options designed to be sustainable to any borrower who may re-default within five years following the closing of the reperforming loan sale. In addition, buyers must report on loss mitigation outcomes. Any reporting requirements cease once a loan has been current for twelve consecutive months after the closing of the reperforming loan sale.
Interested bidders can register here. Bids are due on Aug. 18, 2020.
