Fannie Mae Announces Winner of its Latest Non-Performing Loan Sale

Rhea-AI Summary

Fannie Mae (FNMA) announces the results of its twenty-third non-performing loan sale transaction, totaling $235.8 million in unpaid principal balance. VRMTG ACQ, LLC wins the bid, with the transaction expected to close on April 25, 2024. The sale includes 1,581 deeply delinquent loans with specific loan pool details.

WASHINGTON, March 12, 2024 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced the results of its twenty-third non-performing loan sale transaction. The deal, announced on February 8, 2024, included the sale of 1,581 deeply delinquent loans totaling $235.8 million in unpaid principal balance (UPB), offered in one pool. The winning bidder of the pool for the transaction was VRMTG ACQ, LLC (VWH Capital Management, LP).  VWH Capital Management, LP is a Minority and Women-Owned Business ("MWOB"). The transaction is expected to close on April 25, 2024. The pools were marketed with BofA Securities, Inc. and First Financial Network, Inc. as advisors.

The loan pool awarded in this most recent transaction includes:

• Pool 1: 1,581 loans with an aggregate UPB of $235,825,110; average loan size of $149,162; weighted average note rate of 4.62%; and weighted average broker's price opinion (BPO) loan-to-value ratio of 40%.

The cover bid, which is the second highest bid for the pool, was 101.06% of UPB (40.72% of BPO).

Bids are due on Fannie Mae's Community Impact Pool on March 19, 2024.

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, 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:
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SOURCE Fannie Mae

FAQ

What is the total unpaid principal balance of the non-performing loan sale?

The total unpaid principal balance of the sale is $235.8 million.

Who won the bid for the transaction?

VRMTG ACQ, LLC (VWH Capital Management, LP) won the bid.

When is the expected closing date for the transaction?

The transaction is expected to close on April 25, 2024.

How many loans were included in the sale?

1,581 loans were included in the sale.

What is the average loan size of the loans included in the sale?

The average loan size is $149,162.

What is the weighted average note rate of the loans?

The weighted average note rate is 4.62%.

What is the weighted average broker's price opinion loan-to-value ratio of the loans?

The weighted average broker's price opinion loan-to-value ratio is 40%.

When are bids due on Fannie Mae's Community Impact Pool?

Bids are due on March 19, 2024.

What are purchasers required to honor at the time of sale?

Purchasers are required to honor approved or in-process loss mitigation efforts, including forbearance arrangements and loan modifications.

What options must purchasers offer delinquent borrowers before initiating foreclosure?

Purchasers must offer a waterfall of loss mitigation options, including loan modifications with potential principal forgiveness, prior to foreclosure.

Where can interested bidders find ongoing announcements and information?

Interested bidders can register for announcements, training, and information on Fannie Mae's website.