Fannie Mae’s results of its twenty-fourth reperforming loan sale transaction included the sale of 7,970 loans totaling $1.3 billion in unpaid principal balance (UPB), divided into three pools. The winning bidders of the three pools for the transaction were Pacific Investment Management Co. LLC (PIMCO) for Pools 1 and 2, and MCLP Asset Company Inc. (Goldman Sachs) for Pool 3, each awarded individually. The transaction is expected to close on April 18, 2022. The pools were marketed with Citigroup Global Markets Inc. as advisor.
Pool 1 includes 2,698 loans with an aggregate UPB of $414,932,397; average loan size of $153,793; weighted average note rate of 4%; and weighted average broker’s price opinion (BPO) loan-to-value ratio of 51%.
Pool 2 has 3,460 loans with an aggregate UPB of $617,353,072; average loan size of $178,426; weighted average note rate of 4.05%; and weighted BPO loan-to-value ratio of 56%.
Pool 3 includes 1,812 loans with an aggregate UPB of $275,231,825; average loan size of $151,894; weighted average note rate of 4.18%; and weighted BPO loan-to-value ratio of 55%.
The cover bids, which are the second highest bids per pool, were 100.08% of UPB (40.26 of BPO) for Pool 1, 99.05% of UPB (44.54% of BPO) for Pool 2 and 96.31% of UPB (42.49% of BPO) for Pool 3.
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