STOCK TITAN

Fannie Mae Announces the Results of its Twenty-Ninth Reperforming Loan Sale Transaction

Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Fannie Mae announces the sale of 2,016 loans totaling $412.3 million to PIMCO, expected to close by October 20, 2023.
Positive
  • Sale of loans totaling $412.3 million
Negative
  • None.

WASHINGTON, Sept. 14, 2023 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced the results of its twenty-ninth reperforming loan sale transaction. The deal, announced on August 10, 2023, included the sale of approximately 2,016 loans totaling $412.3 million in unpaid principal balance (UPB), offered in one pool. The winning bidder was Pacific Investment Management Company LLC (PIMCO). The transaction is expected to close by October 20, 2023. The pool was marketed with Citigroup Global Markets Inc. as advisor.

The loan pool awarded in this most recent transaction includes:

  • Pool 1: 2,016 loans with an aggregate UPB of $412,321,655; average loan size of $204,525; weighted average note rate of 3.44%; and weighted average broker's price opinion (BPO) loan-to-value ratio of 54%.

The cover bid, which is the second highest bid for the pool, was 79.04% of UPB (36.56% of BPO). 

Reperforming loans are loans that have been or are currently delinquent but have reperformed for a period of time. The terms of Fannie Mae's reperforming loan sale require the buyer to offer loss mitigation options to any borrower who may re-default within five years following the closing of the reperforming loan sale. All purchasers are required to honor any approved or in-process loss mitigation efforts at the time of sale, including forbearance arrangements and loan modifications. In addition, purchasers must offer delinquent borrowers a waterfall of loss mitigation options, including loan modifications, which may include principal forgiveness or payment deferral, prior to initiating foreclosure on any loan.

Interested bidders can register for ongoing announcements, training, and other information here. Fannie Mae will also post information about specific pools available for purchase on that page.

About Fannie Mae
Fannie Mae advances equitable and sustainable access to homeownership and quality, affordable rental housing for millions of people across America. We enable the 30-year fixed-rate mortgage and drive responsible innovation to make homebuying and renting easier, fairer, and more accessible. To learn more, visit:
fanniemae.com | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog

Fannie Mae Newsroom
https://www.fanniemae.com/news

Photo of Fannie Mae
https://www.fanniemae.com/resources/img/about-fm/fm-building.tif

Fannie Mae Resource Center
1-800-2FANNIE

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/fannie-mae-announces-the-results-of-its-twenty-ninth-reperforming-loan-sale-transaction-301927985.html

SOURCE Fannie Mae

FANNIE MAE

OTC:FNMA

FNMA Rankings

FNMA Latest News

FNMA Stock Data

3.97B
1.16B
11.43%
12.12%
Mortgage Finance
Financial Services
Link
United States of America
Washington