PR Newswire
WASHINGTON, Oct. 30, 2018
WASHINGTON, Oct. 30, 2018 /PRNewswire/ -- Fannie Mae (OTC
Bulletin Board: FNMA) today announced the winning bidder for its fourteenth Community Impact Pool of non-performing loans. The
transaction is expected to close on December 18, 2018, and includes approximately 66 loans totaling
$22.9 million in unpaid principal balance (UPB); the loans are geographically focused in the
New York City area. The winning bidder was VRMTG ACQ, LLC (VWH Capital Management, LP), a
minority woman owned business.
In collaboration with Bank of America Merrill Lynch and First Financial Network, Inc., Fannie Mae began marketing these loans
to potential bidders on September 13, 2018.
The loan pool awarded in this most recent transaction includes:
- 66 loans with an aggregate unpaid principal balance of $22,947,058; with an average loan size
of $347,683; weighted average note rate of 5.46%; weighted average delinquency of 66 months; and
weighted average broker's price opinion loan-to-value ratio of 63% weighted by UPB.
The cover bid, which is the second highest bid, for the Community Impact Pool was 90.0% of UPB (48.41% of broker's price
opinion).
Potential buyers can register for ongoing announcements or training, and find more information on Fannie Mae's sales of
Community Impact Pools of non-performing loans and on the Federal Housing Finance Agency's guidelines for these sales, at
http://www.fanniemae.com/portal/funding-the-market/npl/index.html.
On September 27, 2017, the Federal Housing Finance Agency announced additional enhancements to
its requirements for sales of non-performing loans by Fannie Mae and Freddie Mac that build on requirements originally announced
in March 2015 and apply to this Fannie Mae non-performing loan sale. These added enhancements
encourage sustainable modifications that have the potential to give more borrowers the opportunity for home retention by
requiring evaluation of underwater borrowers for modifications that may include principal and/or arrearage forgiveness;
forbidding "walking away" from vacant homes; and establishing more specific proprietary loan modification standards.
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We
partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing
finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/fanniemae.
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SOURCE Fannie Mae