Fannie Mae [1] recently announced the results of its 9th and 10th Community Impact Pools of non-performing loans—and the winning bidders are Community Loan Fund of New Jersey Inc. (NJCC) for pool 1 and Preserving City Neighborhoods Housing Development Fund Cooperation for pool 2—both nonprofit entities.
According to the enterprise, this deal includes an estimated 690 loans totaling $124.12 million in unpaid principal balance (UPB), divided among two pools. The transaction is expected to finalize by January 12, 2018.
In the report [2], Fannie Mae broke down the numbers by group.
The group 1 pool contains 635 loans with an aggregate unpaid principal balance of $110,265,681. In addition, the average loan size is $173,647, with a weighted average note rate 5.64 percent, a weighted average delinquency of 43 months, and a weighted average broker's price opinion (BPO) loan-to-value ratio of 82 percent.
As for the group 2 pool, there are 55 loans with an aggregate unpaid principal balance of $13,860,506, average loan size of $252,009, weighted average note rate at 6.62 percent. Additionally, this pool had a weighted average delinquency of 68 months; and a weighted average BPO loan-to-value ratio of 65 percent.
The cover bids, which are the second highest bids, for the Community Impact Pools were 85.02 percent of UPB for pool 1 and 89.87 percent of UPB for pool 2, according to the report.
In conjunction with Bank of America Merrill Lynch and First Financial Network, Inc., Fannie Mae first started marketing these loans to potential bidders in October 2017.
Potential buyers can acquire more information by clicking here [3].