Fannie Mae selling $1.2B in non-performing loans

After announcing last week that it intended to join Freddie Mac in selling off pools of non-performing loans, Fannie Mae released the details of its first sale on NPLs. According to Fannie Mae, it is.

WASHINGTON, Oct. 11, 2017 /PRNewswire/ — Fannie Mae FNMA, -0.35% today announced its latest sale of non-performing loans, including the company’s ninth and tenth Community Impact Pools.

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Earlier in the day on Tuesday, Fannie Mae announced that it sold $1.68 billion in non-performing. loan portfolio that contained 3,500 loans with a total unpaid principal balance of $789.2 million..

Both Fannie Mae and Freddie Mac are actively selling off their residential non-performing loans (NPL) in bulk via auction. Freddie Mac kicked off 2016 in a big way with residential non-performing loan (NPL) sales.

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Fannie Mae’s latest sale of non-performing loans includes three pools of approximately seven thousand loans totaling .2 billion in unpaid principal balance.

Fannie Mae’s latest sale of non-performing loans includes three pools of about seven thousand loans totaling $1.2 billion in unpaid principal balance. credit suisse securities, J.P. Morgan Securities, Bank of America Merrill Lynch and the Williams Capital Group L.P. are collectively marketing the sale of the loans.

If anyone out there wants to be buy a big office building, Fannie has one: the company is preparing to move to its new HQ downtown and is selling its current. (depending on if the loan is.

Fannie Mae produced an automated underwriting system (AUS) tool called desktop underwriter (DU) which lenders can use to automatically determine if a loan is conforming; fannie mae followed this program up in 2004 with Custom DU, which allows lenders to set custom underwriting rules to handle nonconforming loans as well.

Except to the extent otherwise expressly permitted in the Selling Guide ( A2-3.2-01, Loan Repurchases and Make Whole Payments Requested by Fannie Mae ), or the Servicing Guide with respect to the redelivery of loans to Fannie Mae, the loan being delivered cannot be one that was required to be repurchased by a secondary market investor.