Fannie Mae announces the winner of its latest non-performing loan sale

Fannie Mae (FNMA/OTCQB) today announced the results of its nineteenth non-performing loan sale. The agreement, announced on May 12, 2022, included the sale of approximately 3,220 loans totaling $477.2 million in outstanding principal balance (UPB), divided into two pools. The winning bidder of both pools for the transaction was MCLP Asset Company, Inc. (Goldman Sachs) for Pool 1 and Pool 2; pools were assigned individually. The transaction is expected to close on July 27, 2022. The pools were marketed with BofA Securities, Inc. and First Financial Network, Inc. as advisors.

The pools of loans granted in this most recent transaction include:

  • Group 1: 1,635 loans with a total UPB of $250,313,952; average loan size of $153,097; weighted average rate of the notes of 4.62%; and a weighted average broker opinion (BPO) loan-to-value ratio of 63%.
  • Group 2: 1,588 loans with a total UPB of $226,905,757; average loan size of $142,888; weighted average note rate of 4.86%; and a weighted BPO loan-to-value ratio of 49%.

The coverage bids, which are the second highest bids per pool, were 94.59% UPB (45.64% BPO) for pool 1 and 101.59% UPB (40.42 % of BPO) for pool 2.

Bids are due for Fannie Mae’s nineteenth Community Impact Pool on June 21, 2022.

All buyers are required to honor all loss mitigation efforts approved or in progress at the time of the sale, including forbearance agreements and loan modifications. In addition, buyers should offer defaulting borrowers a cascade of loss mitigation options, including loan modifications, which may include forgiveness of principal, before initiating foreclosure on any loan.

Interested bidders can sign up to receive ongoing announcements, training and other information here. Fannie Mae will also post information about specific pools available for purchase on this page.

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