Fannie Mae Sells Pool of NPLs to RCAF Loan Acquisition


RCAF Loan Acquisition, LP is the winning bidder on a pool of non-performing loans recently auctioned by Fannie Mae, including 1,473 loans totaling $208.8 million in unpaid principal balance (UPB).

The average loan size for the single pool was $141,783, while the weighted average note rate was 4.67%.

The weighted average broker’s price opinion (BPO) loan-to-value ratio was 39%.

The cover bid, which is the second highest bid for the pool, was 98.12% of UPB (38.17% of BPO).

Under the terms of the deal, RCAF Loan Acquisition is required to honor any approved or in-process loss mitigation efforts at the time of sale, including forbearance arrangements and loan modifications.

In addition, it 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.

Photo: Eskay Lim

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