Fannie Mae Sells Two Reperforming Loan Pools with Aggregate UPB of $1.96 Billion

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NRZ Mortgage Holdings LLC (Fortress) and Towd Point Master Funding LLC (RMBS Cerberus) are the winning bidders on two separate pools of reperforming mortgage loans recently auctioned by Fannie Mae.

The two pools included approximately 9,400 loans totaling $1.96 billion in unpaid principal balance (UPB). It was Fannie Mae’s sixth reperforming loan sale transaction, as the government-sponsored enterprise continues to offload it balance sheet of risky assets for the purpose of reducing taxpayer exposure.

NRZ Mortgage Holdings was the winning bidder of “Pool 1,” which included 3,015 loans with an aggregate unpaid principal balance of $686,391,858. The average loan size was $227,659. The weighted average note rate was 4.04%. The weighted average broker’s price opinion loan-to-value ratio was 75%.

Towd Point Master Funding was the winning bidder on “Pool 2,” which included 6,363 loans with an aggregate unpaid principal balance of $1,273,054,918. The average loan size was $200,071. The weighted average note rate was 3.12%. The weighted average BPO loan-to-value ratio was 87%.

The transactions are expected to close on May 24.

The pools were marketed with Citigroup Global Markets Inc. as advisor.

The cover bid, which is the second highest bid, on the aggregate was 92.30% of UPB (63.25% of BPO).

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