VRMTG ACQ, LLC, a minority woman-owned business, is the winning bidder on a pool of 113 deeply delinquent non-performing loans (NPLs) recently auctioned by Freddie Mac.
The loans, which are currently being serviced by New Penn Financial, LLC d/b/a Shellpoint Mortgage Servicing, have been delinquent for over two years, on average, Freddie Mac says in a release.
The national pool has a total combined unpaid principle balance of $22.4 million. The average loans size is about $189,300. The average period of delinquency is 25 months.
Given the deep delinquency status of the loans, the borrowers have likely been evaluated previously for – or are already in various stages of – loss mitigation, including modification or other alternatives to foreclosure, or are in foreclosure.
Mortgages that were previously modified and subsequently became delinquent comprise approximately 65% of the pool balance.
The pool is geographically diverse and has a loan-to-value ratio of approximately 113%, based on broker price opinion (BPO).
The sale is part of Freddie Mac’s Extended Timeline Pool Offering (EXPO) and the transaction is expected to settle in May.
Freddie Mac began marketing the pool of loans in February to potential bidders, including minority and women-owned businesses, non-profits, neighborhood advocacy funds and private investors active in the NPL market.
The average period of delinquency is 25 months, nothing to see here folks. home price jumping beyond affordability, all the “pros” saying we need more inventory, meanwhile we have inventory tied up for 25+ months….crazy. try’n to side track the real data with SJW’s female owned company. No purchase price of the pool, What types of loans, when were they originated, where are the assets located….whole-lot of data left out.