Freddie Mac recently sold via auction 1,458 deeply delinquent non-performing residential first lien loans (NPLs) from its mortgage-related investments portfolio.
The loans, with an unpaid principal balance (UPB) of approximately $261 million, are currently serviced by Select Portfolio Servicing Inc., NewRez LLC, d/b/a Shellpoint Mortgage Servicing and Nationstar Mortgage LLC, d/b/a Rushmore Servicing.
The transaction, which is expected to settle in May, is part of Freddie Mac’s Standard Pool Offerings (SPO).
The loans were sold in three pools: Pool 1 was 990 loans with UPB of $178.3 million. Pool 2 was 375 loans with UPB of $65.4 million. And Pool 3 was 98 loans with UPB of $17.6 million. All three pools are geographically dispersed. They average 20 to 23 months delinquent.
RCAF Loan Acquisition, LP was the winning bidder on Pool 1, while Residential Credit Opportunities X, LLC was the winning bidder on Pool 2 and Pool 3.
Freddie Mac, through its advisors, began marketing the transaction on March 6 to potential bidders active in the NPL market. Bids for the upcoming Extended Timeline Pool Offering (EXPO), which is a smaller sized pool of loans, are due from qualified bidders by April 10.
Photo: Giorgio Trovato