Fannie Mae names winner of non-performing loan community impact pool

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Fannie Mae announced the successful bidder for its eighteenth Community Impact Pool (CIP) of non-performing loans. The transaction is expected to close on December 10, 2021. It includes approximately 140 loans totaling $ 44.6 million in outstanding principal balance (UPB). The loans are geographically concentrated in the New York area, and the successful bidder was Residential Credit Opportunities VI, LLC (AMIP). The pool has been marketed with BofA Securities Inc. and First Financial Network Inc. as advisers.

The CIP granted in this most recent transaction includes 139 loans with a total UPB of $ 44,642,352; average loan amount of $ 321,168; weighted average rate on the Notes of 5.00%; and a Weighted Average Broker Price Opinion (BPO) loan-to-value ratio of 52%.

The second highest cover offer for CIP was 96.18% UPB (39.87% BPO).

All buyers are required to honor all loss mitigation efforts approved or in progress at the time of sale, including forbearance agreements and loan modifications. Additionally, buyers should offer defaulting borrowers a cascade of loss mitigation options, including loan modifications, which may include a principal discount, before initiating loan foreclosure.

Interested bidders can register to receive ongoing announcements, training and other information here. Fannie Mae will also post information on specific pools available for purchase on this page.

Image: Photo by Dillon kydd to Unsplash


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