Cision PR Newswire
Fannie Mae Announces Winner of Twenty-Second Community Impact Pool of Non-Performing Loans
News provided byFannie Mae
Nov 21, 2023, 10:00 AM ET
WASHINGTON, Nov. 21, 2023 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced the winning bidder for its twenty-second Community Impact Pool (CIP) of non-performing loans. The transaction is expected to close on January 22, 2024, and includes approximately 61 loans totaling $18.4 million in unpaid principal balance (UPB). The loans are geographically focused in the New York area, and the winning bidder was 510 Residential Loan Acquisition V LLC (400 Capital). The pool was marketed with BofA Securities, Inc. and First Financial Network, Inc. as advisors.
The CIP awarded in this most recent transaction includes 61 loans with an aggregate UPB of $18,404,738; average loan size of $301,717; and weighted average note rate of 5.75%.
The cover bid, which was the second highest bid, for the CIP was 82.12% of UPB (30.89% 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:
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SOURCE Fannie Mae
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