InSolve Global Credit Fund IV LP and Elkhorn Depositor are the purchasers of 1,789 non-performing residential first lien loans (NPLs) offered in three pools recently auctioned by Freddie Mac.
Specifically, InSolve Global Credit Fund IV LP is the purchaser of Pool 1, consisting of 512 loans with unpaid principal balance (UPB) of $93.5 million, while Elkhorn Depositor is the purchaser of Pool 2, consisting of 857 loans with UPB of $127.8 million, and Pool 3, which includes 420 loans with UPB of $86.1 million.
The average delinquency rate for Pool 1 was 20 months. The average delinquency rate for Pool 2 and Pool 3 was 28 months.
About 57% of the aggregate pool balance are mortgages that have been previously modified and subsequently became delinquent.
The loans, totaling approximately $307 million, are currently serviced by NewRez, doing business as Shellpoint Mortgage Servicing.
As purchasers of these loans, InSolve Global Credit Fund IV LP and Elkhorn Depositor must follow guidelines for servicing, including soliciting distressed borrowers for additional assistance.
The sale is part of Freddie Mac’s Standard Pool Offerings (SPO).
The transaction is expected to settle in July.