Fannie Mae Announces Winner of Twenty-Fourth Community Impact Pool of Non-Performing Loans
Fannie Mae (OTCQB: FNMA) has announced GITSIT Solutions, as the winning bidder for its twenty-fourth Community Impact Pool (CIP) of non-performing loans. This transaction, expected to close on July 24, 2024, involves 51 deeply delinquent loans with a total unpaid principal balance (UPB) of $14.3 million. The loans, primarily located in the New York area, have an average loan size of $279,812 and a weighted average note rate of 4.35%. The cover bid was 86.20% of UPB. Purchasers must honor existing loss mitigation efforts and offer further options to delinquent borrowers before initiating foreclosure.
- GITSIT Solutions, successfully bid for the Community Impact Pool, demonstrating market interest.
- The transaction involves 51 loans with an aggregate UPB of $14.3 million, potentially aiding Fannie Mae's balance sheet.
- The transaction closing date is set for July 24, 2024, providing a clear timeline for stakeholders.
- The winning bidder must honor existing loss mitigation efforts, which can reduce foreclosure rates.
- The loans included in the CIP are deeply delinquent, indicating high risk and potential for defaults.
- The cover bid was only 86.20% of UPB, suggesting a discounted market value of the loans.
- The requirement to offer loss mitigation options could extend the timeline for resolving non-performing loans, potentially delaying revenue recovery.
The CIP awarded in this most recent transaction includes 51 loans with an aggregate UPB of
The cover bid, which was the second highest bid, for the CIP was
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.
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SOURCE Fannie Mae
FAQ
What is the unpaid principal balance (UPB) of the non-performing loans in Fannie Mae's Community Impact Pool?
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What is the average loan size in Fannie Mae's twenty-fourth Community Impact Pool?
What was the cover bid percentage of the unpaid principal balance (UPB) for Fannie Mae's Community Impact Pool?
Which geographic area do the loans in Fannie Mae's twenty-fourth Community Impact Pool primarily cover?
What loss mitigation efforts must purchasers honor in Fannie Mae's Community Impact Pool?
