WASHINGTON, Oct. 10, 2024 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced the results of its twenty-fifth non-performing loan sale transaction. The deal, announced on September 10, 2024, included the sale of 1,675 deeply delinquent loans totaling $280.0 million in unpaid principal balance (UPB), offered in one pool. The winning bidder of the pool for the transaction was VRMTG ACQ, LLC (VWH Capital Management, LP). VWH Capital Management, LP is a Minority and Women-Owned Business ("MWOB"). The transaction is expected to close on November 22, 2024. The pool was marketed with BofA Securities, Inc. and First Financial Network, Inc. as advisors.
The loan pool awarded in this most recent transaction includes:
- Pool 1: 1,675 loans with an aggregate UPB of $280,013,313; average loan size of $167,172; weighted average note rate of 3.88%; and weighted average broker's price opinion (BPO) loan-to-value ratio of 41%.
The cover bid, which is the second highest bid for the pool, was 101.29% of UPB (41.35% of BPO).
Bids are due on Fannie Mae's Community Impact Pool on October 17, 2024.
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 MaeFannie 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: fanniemae.com | X (formerly Twitter) | Facebook | LinkedIn | Instagram | YouTube | Blog
Fannie Mae Newsroomhttps://www.fanniemae.com/news
Photo of Fannie Maehttps://www.fanniemae.com/resources/img/about-fm/fm-building.tif
Fannie Mae Resource Center1-800-2FANNIE
SOURCE Fannie Mae
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
440k+
Newsrooms &
Influencers
9k+
Digital Media
Outlets
270k+
Journalists
Opted In
GET STARTED
Originally published at https://www.prnewswire.com/news-releases/fannie-mae-announces-winner-of-its-latest-non-performing-loan-sale-302272955.html
Images courtesy of https://pixabay.com
