Fannie Mae Sells Portfolio of RPLs with UPB of $5.1 Billion

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Towd Point Master Funding (Cerberus), Goldman Sachs Mortgage Co., NRZ Mortgage Holdings (Fortress) and DLJ Mortgage Capital (Credit Suisse) are the winning bidders on a large portfolio of re-performing loans (RPLs) recently auctioned by Fannie Mae.

The portfolio includes 29,400 loans totaling $5.1 billion in unpaid principal balance (UPB) divided into six pools, the company says in a release.

Towd Point Master Funding acquired Pools 2, 3, 4. Pool 2 includes 7,328 loans with UPB of approximately $1.484 billion. The average loan size is $202,568; the weighted average note rate is 3.92%; and the weighted BPO loan-to-value ratio is 85%.

Pool 3 includes 7,698 loans with UPB of about $1.064 billion. It has average loan size of $138,171; a weighted average note rate of 5.02%; and a weighted BPO loan-to-value ratio of 68%.

Pool 4 has 3,504 loans with UPB of about $585 million. The average loan size $167,001; the weighted average note rate is 3.97%; and the weighted BPO loan-to-value ratio is 79%.

NRZ Mortgage Holdings acquired Pool 5, which includes 2,875 loans with UPB of about $550 million. The average loan size $191,211; the weighted average note rate is 4.24%; and the weighted BPO loan-to-value ratio is 72%.

DLJ Mortgage Capital acquired Pool 6, which includes 4,664 loans with UPB of $678 million. The average loan size $145,416; the weighted average note rate is 4.35%; and the weighted BPO loan-to-value ratio is 78%.

Goldman Sachs Mortgage acquired Pool 1, which includes 3,298 loans with UPB of $752 million. The average loan size is $228,050; the weighted average note rate 3.12%; and the weighted average BPO loan-to-value ratio is 75%.

The cover bids, which are the second highest bids per pool, were 96.40% of UPB (68.93% of BPO) for Pool 1, 98.75% of UPB (72.64% of BPO) for Pool 2, 103.00% of UPB (56.02% of BPO) for Pool 3, 94.52% of UPB (61.97% of BPO) for Pool 4, 95.25% of UPB (59.15% of BPO) for Pool 5 and 92.28% of UPB (59.17% of BPO) for Pool 6.

The transaction is expected to close on October 25.

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