09/12/2024 | Press release | Distributed by Public on 09/12/2024 08:03
Helping lenders serve homebuyers and homeowners with affordable mortgages
Financing for quality, affordable rental housing in every market, every day
Reducing risk and enhancing housing finance liquidity
All Resources to Manage Financial Uncertainty
All Resources for Recovering from a Disaster
Recovery Assistance for Homeowners
Recovery Assistance for Renters
WASHINGTON, DC - Fannie Mae (FNMA/OTCQB) today announced the results of its thirty-second reperforming loan sale transaction. The deal, announced on August 13, 2024, included the sale of 3,092 loans totaling $607,166,012 in unpaid principal balance (UPB), offered in two pools. The winning bidder for Pool 1 was Goldman Sachs Mortgage Company, and for Pool 2 was RCAF Loan Acquisition, LP. The transaction is expected to close by October 25, 2024. The pools were marketed with Citigroup Global Markets Inc. as advisor.
The loan pool awarded in this most recent transaction includes:
The cover bid, which is the second highest bid for the pool, was 87.25% of UPB (35.12% of BPO) for Pool 1 and 87.00% of UPB (32.04% of BPO) for Pool 2.
Reperforming loans are loans that have been or are currently delinquent but have reperformed for a period of time. The terms of Fannie Mae's reperforming loan sale require the buyer to offer loss mitigation options to any borrower who may re-default within five years following the closing of the reperforming loan sale. 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 or payment deferral 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.