Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
735,718-296
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.94%0.01
Servicing

Fannie Mae looking to offload nearly $2 billion in re-performing loans

Loans currently being serviced by JPMorgan Chase

Fannie Mae is currently looking for a buyer (or buyers) to take nearly $2 billion in re-performing loans off its hands.

The government-sponsored enterprise announced Tuesday that it is selling 9,400 re-performing loans that carry an unpaid principal balance of approximately $1.972 billion.

The re-performing loan sale is the GSE’s sixth such sale. Last year, Fannie sold $2.11 billion in re-performing loans to DLJ Mortgage Capital, or Credit Suisse, in its fifth re-performing loan sale.

Re-performing loans are mortgages that were once delinquent, but are now performing again because payments on the mortgages have become current with or without the use of a loan modification.

According to Fannie Mae, this latest sale consists of two pools of loans: Pool 1 contains approximately $692.46 million in unpaid principal balance and Pool 2 carries approximately $1.279.61 billion in UPB.

The loans in both pools are currently being serviced by JPMorgan Chase.

The terms of Fannie Mae’s re-performing loan sales require the winning bidder to offer loss mitigation options that are designed to be sustainable to any borrower who may re-default within five years following the close of the loan sale.

Additionally, buyers must report back to Fannie Mae on loss mitigation outcomes, although, any reporting requirements end once a loan has been current for 12 consecutive months after the closing of the loan sale.

Bids on these loans are due on April 4, 2018, the GSE said.

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please