Fannie Mae Announces Sale of Non-Performing Loans
Fannie Mae (FNMA) has announced its sale of non-performing loans, part of its strategy to reduce its mortgage portfolio. This sale includes two large pools totaling approximately $489.6 million in unpaid principal balance and the nineteenth Community Impact Pool (CIP) worth $36.3 million in unpaid principal balance. The loans are primarily located in the New York area. Bids for the larger pools are due by June 7, 2022, and for the CIP by June 21, 2022.
- Sale of 3,320 non-performing loans totaling $489.6 million in unpaid principal balance.
- Nineteenth Community Impact Pool aimed at enhancing participation from non-profits and minority-owned businesses.
- None.
NPL 2022-1 Includes the Company's Nineteenth Community Impact Pool Offering
WASHINGTON, May 12, 2022 /PRNewswire/ -- Fannie Mae (FNMA/OTCQB) today announced its latest sale of non-performing loans as part of the company's ongoing effort to reduce the size of its retained mortgage portfolio, including the company's nineteenth Community Impact Pool (CIP). CIPs are typically smaller pools of loans that are geographically focused and marketed to encourage participation by non-profit organizations, minority- and women-owned businesses (MWOBs), and smaller investors.
The two larger pools include approximately 3,320 loans totaling
Bids are due on the two larger pools on June 7, 2022 and on the CIP on June 21, 2022.
Terms of Fannie Mae's non-performing loan transactions require the buyer of the non-performing loans to offer loss mitigation options designed to be sustainable for borrowers. All buyers of non-performing loans are required to honor any approved or in-process loss mitigation efforts at the time of closing, including forbearance arrangements and loan modifications. In addition, non-performing loan buyers must offer delinquent borrowers a waterfall of loss mitigation options, including loan modifications, which may include principal forgiveness, prior to initiating foreclosure on any loan. In the event a foreclosure cannot be prevented, the owner of the loan must market the property to owner-occupants and non-profits before offering it to investors, similar to Fannie Mae's FirstLook® program.
Interested bidders are invited to register for future announcements, training and other information here. Fannie Mae will also post information about specific pools available for purchase on that page.
About Fannie Mae
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SOURCE Fannie Mae
FAQ
What is the significance of Fannie Mae's sale of non-performing loans dated May 12, 2022?
What are the details of the Community Impact Pool (CIP) in the May 12, 2022 press release?
When are the bid deadlines for the non-performing loans announced by Fannie Mae?
How will buyers of non-performing loans be required to assist delinquent borrowers?
