Fannie Mae Announces Winner of 28th Community Impact Pool of Non-Performing Loans
Fannie Mae announced the results of its 28th Community Impact Pool (CIP) of non-performing loans, with VRMTG ACQ, LLC named the winning bidder.
BofA Securities Inc. served as advisor to the CIP.
The transaction, announced on Aug. 19, included the sale of 24 loans totaling $6,200,360 in unpaid principal balance (UPB), offered in one pool, geographically located in the Dallas-Ft. Worth area.
The transaction is expected to close on Nov. 19, Fannie Mae said.
CIP Had 24 Loans
The CIP included 24 loans with an aggregate UPB of $6,200,360; average loan size of $258,348; weighted average note rate of 4.26%; and weighted average broker’s price opinion (BPO) loan-to-value ratio of 59%, Fannie Mae said.
The cover bid, which is the second highest bid for the pool, was 94.0740% of UPB (55.22% of BPO), Fannie Mae noted.
Fannie said that all purchasers of its non-performing loan pools must honor any approved or in-process loss mitigation efforts at the time of sale, including loan modifications.
Loss Mitigation
Also, buyers must offer delinquent borrowers a waterfall of loss mitigation options, including loan modifications, which may include principal forgiveness, before initiating foreclosure on any loan not secured by property that is vacant or condemned at the time of closing.
Fannie Mae said that in the event a foreclosure cannot be prevented, the owner of the loan must market the property to owner-occupants and nonprofits first, similar to Fannie Mae’s FirstLook program.
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