Mortgage Professional America - Francis Monfort - 22 February 2018
Fannie Mae and Freddie Mac have separately announced sales of non-performing loans.
Both sales target participation by smaller investors, including nonprofits and minority- or women-owned businesses.
Fannie Mae’s sale includes its eleventh and twelfth Community Impact Pools, which are typically smaller pools of loans that are geographically focused. The three larger pools include approximately 5,900 loans totaling $1.04 billion in unpaid principal balance (UPB) and the Community Impact Pools of approximately 190 loans totaling $35.68 million in UPB. The Community Impact Pools consist of one pool geographically located in the metro area of Orlando, Fla., as well as one in the Tampa, Fla., area.
Fannie Mae said bids are due on the three larger pools on March 6 and on the Community Impact Pools on March 20.
Meanwhile, Freddie Mac’s sale is an approximately $420 million transaction. The loans, which are currently serviced by Shellpoint Mortgage Servicing, are being marketed via three Standard Pool Offerings and one Extended Timeline Pool Offering. Freddie Mac said bids are due from qualified bidders on March 13 for the standard pools, and March 27 for the extended timeline pool. The sales are expected to settle in May.