VRMTG ACQ LLC, a minority and woman owned business, is the purchaser of a pool of 101 non-performing mortgage loans (NPLs) with an unpaid principal balance of about $18.4 million recently auctioned by Freddie Mac.
The sale, which is expected to be completed in December, is part of Freddie Mac’s Extended Timeline Pool Offering (EXPO).
Freddie Mac began marketing the transaction on Sept. 8.
Given the delinquency status of the loans, the borrowers have likely been previously evaluated 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 73.6% of the pool balance.
Also, purchasers are required to honor the terms of existing loss mitigation agreements and solicit distressed borrowers for additional assistance except in limited cases and ensure all pending loss mitigation actions are completed.
Most of the properties are in Florida and have an average loan balance of $185,000.