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Fannie Moving $5 Bil in Loans Off Balance Sheet

Nonperforming and reperforming loans being sold

Sept. 13. 14, 2018

By Mortgage Daily staff

More than $5 billion in residential loans are being moved out of the mortgage investment portfolio of the Federal National Mortgage Association. The loans are nonperforming and reperforming.

One of two transactions announced Thursday by Fannie Mae includes an offering of approximately 10,780 nonperforming single-family loans with a collective unpaid principal balance of $1.98 billion.

The successful bidder will be required to pursue sustainable loss mitigation options for borrowers. If the loans wind up in foreclosure, the real estate owned must be marketed to owner-occupants and non-profits exclusively before offering them to investors.

Mortgages in the offering, which is being marketed in collaboration with Bank of America Merrill Lynch and First Financial Network Inc. as advisors, are divided into six pools.

Bids on five of the pools are due on Oct. 4, while bids for the fifth, smaller pool are due by Oct. 23.

Washington-based Fannie also announced that it has awarded the winning bid on a reperforming loan portfolio. It began marketing the transaction on Aug. 14 in collaboration with Citigroup Global Markets Inc.

Four pools include 18,300 loans with an aggregate unpaid balance of $3.58 billion.

Winning bidders on the four pools were Nomura Corporate Funding Americas LLC, Towd Point Master Funding LLC, Athene Annuity and Life Co. and Athene Annuity & Life Assurance Co., and Goldman Sachs Mortgage Co.

The transaction is expected to close on Oct. 26.

Both transactions involve loans from Fannie's investment portfolio, which was reported at $221 billion as of July 31.

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