Pacific Investment Management Company LLC (PIMCO) is the winning bidder on three pools of reperforming mortgage loans recently auctioned by Fannie Mae.
Reperforming loans are loans that have been or are currently delinquent but have reperformed for a period of time.
The deal included the sale of 6,484 loans totaling $1.47 billion in unpaid principal balance (UPB).
The transaction is expected to close by June 25.
Of the three pools, Pool 1 included 2,959 loans with an aggregate UPB of $667,197,001. The average loan size was $225,481; weighted average note rate was 3.204%; and the weighted average broker’s price opinion (BPO) loan-to-value ratio was 48%.
Pool 2 included 2,197 loans with an aggregate UPB of $498,589,899. The average loan size was $226,941; the weighted average note rate was 3.208%; and the weighted average broker’s price opinion (BPO) loan-to-value ratio was 49%.
Pool 3 included 1,328 loans with an aggregate UPB of $299,535,261. The average loan size was $225,554; the weighted average note rate was 3.201%; and the weighted average broker’s price opinion (BPO) loan-to-value ratio was 49%.
The cover bid, which is the second highest bid for the pool, was 78.554% of UPB (32.30% of BPO) for Pool 1, 78.640% of UPB (32.70% of BPO) for Pool 2 and 78.870% of UPB (32.72% of BPO) for Pool 3.
Photo: Eskay Lim
