Fannie Mae announces winners of two community impact pools of NPLs

by Allie Sanchez23 Jun 2017
Fannie Mae announced the winning bidders for two tranches of its Community Impact Pools of non-performing loans (NPLs).

These two batches represent Fannie’s seventh and eighth community pool sales. The transaction will close on August 15th this year and covers 123 loans worth $32 million in unpaid principal balance (UPBs). The loans are concentrated in the New York and New Jersey areas.

Matawin Ventures XX secured Pool 1, while Community Development Fund IV won Pool 2.
Pool 1 is worth $19.3m with an average delinquency of 53 months. The average loan size is $290,000 with a weighted average note rate of 5.34%.

Meanwhile, Pool 2 is worth $12.6m with an average loan size of $220,000. The average note rate is 4.48%. Average delinquency is 30 months.

Fannie Mae worked with Wells Fargo Securities and The Williams Capital Group to start marketing these loans last May 10.

Fannie Mae and Freddie Mac enhanced its requirements for nonperforming loan sales, which built on previous regulation.

“These added enhancements encourage sustainable modifications that have the potential to give more borrowers the opportunity for home retention by requiring evaluation of underwater borrowers for modifications that may include principal and/or arrearage forgiveness; forbidding “walking away” from vacant homes; and establishing more specific proprietary loan modification standards,” Fannie Mae said in a statement.


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