09/27/2023 | Press release | Distributed by Public on 09/27/2023 08:00
Helping lenders serve homebuyers and homeowners with affordable mortgages
Financing for quality, affordable rental housing in every market, every day
Reducing risk and enhancing housing finance liquidity
WASHINGTON, DC - Fannie Mae (FNMA/OTCQB) today announced the winning bidder for its twenty-first Community Impact Pool (CIP) of non-performing loans. The transaction is expected to close on November 17, 2023, and includes approximately 25 loans totaling $6.4 million in unpaid principal balance (UPB). The loans are geographically focused in the New York area, and the winning bidder was GITSIT Solutions, LLC (Tourmalet). The pool was marketed with BofA Securities, Inc. and First Financial Network, Inc. as advisors.
The CIP awarded in this most recent transaction includes 25 loans with an aggregate UPB of $6,368,046; average loan size of $254,722; weighted average note rate of 4.54%; and weighted average broker's price opinion (BPO) loan-to-value ratio of 31.46%.
The cover bid, which was the second highest bid, for the CIP was 87.09% of UPB (27.40% of BPO).
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.