Fannie Mae announced the winning bidder for the final mortgage pool that was part of its inaugural 2022 non-performing loan sale – and it is the nineteenth sale since the inaugural bid in 2015.
The loan pool, dubbed the Community Impact Pool (CIP), includes 120 loans with an outstanding principal balance of $36.3 million, an average loan size of $301,412 and an average interest rate of 5.24%. Lending is concentrated in the New York area.
The successful bidder is the stNew York Mortgage Agency Community Restoration Fund (CRF), which is sponsored by the New York State Office of Homes and Community Renewal. CRF acquires pools of delinquent loans to offer homeowners a chance to start over with more affordable house payments and to ensure abandoned homes are sold quickly to owner-occupied buyers, where possible.
“CIPs are typically smaller pools of loans that are geographically targeted and marketed to encourage participation from nonprofit organizations, minority and women-owned businesses, and small investors,” Fannie Mae said in her initial announcement of the sale of non-performing loans.
The sales of non-performing mortgages are intended to reduce the number of badly delinquent loans held by Fannie Mae in an effort to help stabilize neighborhoods and also meet the portfolio reduction targets established as part of the agreement. purchase of Fannie First Preferred Shares with the US Treasury.
Fannie Mae earlier this month picked the winning bidder for the other two loan pools that were also part of its initial 2022 non-performing loan sale, dubbed FNMA 2022-NPL1.
The successful bidder for these two pools was MCLP Asset Co.which is registered as a debt collection agency with the city of New York Department of Consumer Affairs. Its address, 200 West St., is a Manhattan property that also houses the headquarters of Goldman Sachs. Fannie Mae identifies MCLP as being affiliated with Goldman Sachs in its announcement of the deal.
The two NPL pools sold to MCLP consisted of a total of 3,320 mortgages valued at $489.6 million, according to Fannie Mae.
BofA Securities Inc. acted as advisors to the three loan pools, with Premier Financial Network Inc. also help with the CIP pool. Mr. Cooper is the service of loans.