Federal National Mortgage Assctn Fnni Me (OTCMKTS:FNMA) reported the winner for its most recent non-performing loan sale. This sale covered nearly 6,900 loans amounting to $1.3 billion in UPB, divided among 5 pools. Earlier in November, the company finalized MTGLQ Investors, L.P. as the winner bidder for the deal, projected to complete on December 23, 2016.
In association with Wells Fargo Securities, LLC, the company commenced marketing these loans to prospective bidders on October 11.
The details
In April, the Federal Housing Finance Agency reported additional enhancements to its needs for non-performing loans sales by Federal National that build on the requirements initially reported in March 2015. These requirements, which apply to Fannie Mae’s eighth non-performing loan sale, prompt sustainable changes that have the potential to offer more borrowers the chance for home retention by requiring assessment of underwater borrowers for amendments that may cover arrearage and/or principal forgiveness; stopping moving away from vacant homes; and building more specific patented loan modification standards.
Prospective buyers can register for continuing training or announcements, and find more information on company’s non-performing loans sale and on the its guidelines for sales.
Fannie Mae assists turns the 30-year fixed-rate mortgage as well as affordable rental housing a reality for the U.S. residents. They associate with lenders to develop housing prospects for families across the nation. The company is leading positive changes in housing finance to turn the home buying procedure easier, while reducing risk and costs.
In 3Q2016, Federal National recorded comprehensive income of $3 billion and net income of $3.2 billion. The company posted net worth of $4.2 billion at the end of quarter, and hence it projects to pay Treasury dividend of $3 billion in December 2016. Timothy J. Mayopoulos, the CEO and President of Federal National, said that the third quarter perfoemance showcases the strength of business and commitment to offering innovations that turns the mortgage procedure better for lenders.
Fannie Mae is offering technologies and tools that increase efficiency and reduce costs for its customers. They have associated with lenders to advance new solutions that fulfill their most important needs.
