first_img Related Articles Previous: Cash Sales Share Falls to Lowest Level Since September 2008 Next: CFPB Deputy Director Announces Departure Fannie Mae announced its intention to auction three pools of residential single-family non-performing loans (NPLs), the GSE’s second-ever bulk NPL sale.This sale includes two larger pools and a Community Impact Pool, which is a smaller geographically-focused, high occupancy pool. Fannie Mae is marketing the Community Impact Pool to encourage bidding by nonprofits and minority- and women-owned businesses (MWOB).The loans being offered for sale are deeply delinquent, sometimes by two years or more, meaning many of them are likely either in some stage of foreclosure or loss mitigation.”The goal of our non-performing loan sales is to be able to offer borrowers additional options to avoid foreclosure, while also reducing the number of seriously delinquent loans in Fannie Mae’s portfolio,” said Joy Cianci, Fannie Mae’s SVP for Credit Portfolio Management. “We hope to inspire opportunities for non-profit organizations, smaller investors, minority- and women-owned businesses and community groups to work together to help more borrowers avoid foreclosure and collaborate on neighborhood stabilization efforts. We recently held a training forum to bring diverse stakeholders together to explore ways to participate in upcoming NPL sales. We’ll learn and evolve our strategy over time to ensure we meet our goals.”Approximately 3,900 loans are contained in the two larger pools with an aggregate unpaid principal balance (UPB) of about $777 million, while the Community Impact Pool contains approximately 75 loans totaling about $11 million in UPB focused in the Tampa, Florida, area. The loans are available for purchase by qualified bidders and are being marketed in collaboration with Credit Suisse, Wells Fargo, and the Williams Capital Group, according to Fannie Mae.Interested bidders should click here to register for ongoing announcements, training, and other information related to the NPL sale, including information about specific pools. Interested nonprofits, MWOBs and community groups should contact Nadja Fidelia at the Williams Capital Group.Fannie Mae held its first-ever bulk NPL sale in May. That transaction included approximately 3,000 deeply delinquent residential single-family mortgage loans totaling about $762 million in UPB. The loans were sold in two pools; the winners were SW Sponsor and Neuberger Berman Fixed Income Funds.Bidders in NPL auctions must meet qualifications set forth by FHFA, Fannie Mae’s conservator. In early March, FHFA issued enhanced requirements for the buyers and servicers of Agency non-performing loans that call for bidders to identify servicing partners at the time of qualification and complete a questionnaire to demonstrate a record of successful loan resolution through foreclosure alternatives. As part of the new requirements, servicers who purchase non-performing Agency loans must apply a “waterfall of resolution tactics” before resorting to foreclosure. in Daily Dose, Featured, News, Secondary Market Servicers Navigate the Post-Pandemic World 2 days ago Share Save Demand Propels Home Prices Upward 2 days ago  Print This Post Data Provider Black Knight to Acquire Top of Mind 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Brian Honea’s writing and editing career spans nearly two decades across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, was published by the TCU Press in December 2014. A lifelong Texan, Brian received his master’s degree from Amberton University in Garland. Demand Propels Home Prices Upward 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img The Best Markets For Residential Property Investors 2 days ago Deeply Delinquent Mortgage Loans Fannie Mae Loss Mitigation Non-Performing Loans 2015-07-16 Brian Honea Home / Daily Dose / Latest Fannie Mae NPL Sale Includes Smaller ‘Community Impact’ Pool Sign up for DS News Daily Latest Fannie Mae NPL Sale Includes Smaller ‘Community Impact’ Pool July 16, 2015 1,065 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Deeply Delinquent Mortgage Loans Fannie Mae Loss Mitigation Non-Performing Loans About Author: Brian Honea The Best Markets For Residential Property Investors 2 days ago Subscribelast_img read more

first_img The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribe Data Provider Black Knight to Acquire Top of Mind 2 days ago in Daily Dose, Featured, Journal, News About Author: Eric C. Peck  Print This Post Share Save Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Black Knight Delinquencies Foreclosures moratorium 2021-02-24 Eric C. Peck Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com. Related Articles Demand Propels Home Prices Upward 2 days agocenter_img Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Black Knight Delinquencies Foreclosures moratorium February 24, 2021 1,214 Views Home / Daily Dose / Roughly 2.1 Million Homeowners Remain 90+ Days Overdue Sign up for DS News Daily Roughly 2.1 Million Homeowners Remain 90+ Days Overdue Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Black Knight has reported that in January 2021, the national mortgage delinquency rate fell to 5.9%, a 0.9% monthly drop from December 2020’s rate of 6.08%. This marked the first time since March 2020 when the national delinquency rate dipped below the 6% mark.Recovery continues to crawl, but remains steady, as nearly 2.1 million U.S. homeowners remain 90 or more days past due, but not yet in foreclosure–1.7 million homeowners more than at the same time last year or five times pre-pandemic levels.In an effort to ‘deliver immediate relief’ to homeowners during a national health crisis, President Joe Biden extended the national moratorium on home foreclosures for federally-backed mortgages through the end of June 2021. It was previously set to expire March 31, 2021.Black Knight also found that foreclosure starts were down 86% year-over-year in January, with sales activity down more than 95%.And while government intervention has reduced near-term risk, such actions will likely offset recovery times and extend the length of the housing recovery period. At the current rate of improvement, approximately 1.8 million U.S. mortgages will still be seriously delinquent at the end of June when foreclosure moratoriums on government-backed loans are currently slated to lift.Also in January, Black Knight found that prepayment activity fell by 17% from December 2020, but was still more than 85% higher than it was at the same time last year.Recent rate increases may further impact prepay rates, as last week, Freddie Mac’s latest Primary Mortgage Market Survey (PMMS) showed the 30-year fixed-rate mortgage (FRM) hitting the 2.81% mark, up 0.08% over the previous week. Previous: Single-Family Temporary Flexibilities Extended, FHA Announces Next: California’s Last Legislative Session Left Housing Advocates Disappointed The Best Markets For Residential Property Investors 2 days agolast_img read more