Transaction is expected to close next month
Mortgage giant Fannie Mae has sold $1.58 billion in reperforming loans, or previously delinquent mortgages that have been current for some time.
Fannie Mae’s 21st reperforming loan sale transaction, which is part of the firm’s efforts to reduce the size of its retained portfolio, included approximately 12,100 loans that were divided into four pools.
DLJ Mortgage Capital (Credit Suisse) won the bid for pools one and three, while RCF II Loan Acquisition (Pretium) purchased pools two and four. The deal – marketed with Citigroup Global Markets – is expected to close on August 26.
The loan pools awarded in the transaction include:
- Pool 1: 4,449 loans with an aggregate UPB of $592,010,069; average loan size of $133,066; weighted average note rate of 4.35%; and weighted average broker’s price opinion (BPO) loan-to-value ratio of 59%.
- Pool 2: 3,411 loans with an aggregate UPB of $460,024,607; average loan size of $134,865; weighted average note rate of 4.34%; and weighted BPO loan-to-value ratio of 61%.
- Pool 3: 3,448 loans with an aggregate UPB of $418,469,092; average loan size of $121,366; weighted average note rate of 4.51%; and weighted BPO loan-to-value ratio of 52%.
- Pool 4: 766 loans with an aggregate UPB of $110,858,344; average loan size of $144,724; weighted average note rate of 4.33%; and weighted BPO loan-to-value ratio of 63%.
