Fannie Mae Announces Winner of Twenty-First Community Impact Pool of Non-Performing Loans

Rhea-AI Summary

Fannie Mae announces winning bidder for non-performing loans, transaction to close on November 17, 2023. Includes 25 loans totaling $6.4 million. Winning bidder is GITSIT Solutions, LLC. Cover bid for the CIP was 87.09% of UPB (27.40% of BPO).

WASHINGTON, Sept. 27, 2023 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced the winning bidder for its twenty-first Community Impact Pool (CIP) of non-performing loans. The transaction is expected to close on November 17, 2023, and includes approximately 25 loans totaling $6.4 million in unpaid principal balance (UPB). The loans are geographically focused in the New York area, and the winning bidder was GITSIT Solutions, LLC (Tourmalet). The pool was marketed with BofA Securities, Inc. and First Financial Network, Inc. as advisors.

The CIP awarded in this most recent transaction includes 25 loans with an aggregate UPB of $6,368,046; average loan size of $254,722; weighted average note rate of 4.54%; and weighted average broker's price opinion (BPO) loan-to-value ratio of 31.46%.

The cover bid, which was the second highest bid, for the CIP was 87.09% of UPB (27.40% of BPO).

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: 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

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/fannie-mae-announces-winner-of-twenty-first-community-impact-pool-of-non-performing-loans-301939966.html

SOURCE Fannie Mae