WASHINGTON, March 26, 2024 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) today announced the winning bidder for its twenty-third Community Impact Pool (CIP) of non-performing loans. The transaction is expected to close on May 22, 2024, and includes 37 loans totaling $10.4 million in unpaid principal balance (UPB). The loans are geographically focused in the New York/New Jersey area, and the winning bidder was GITSIT Solutions, LLC (Tourmalet). The pool was marketed with BofA Securities, Inc. and First Financial Network, Inc. as advisors.

The CIP awarded in this most recent transaction includes 37 deeply delinquent loans with an aggregate UPB of $10,367,995; average loan size of $280,216; and weighted average note rate of 4.51%.

The cover bid, which was the second highest bid, for the CIP was 86.56% of UPB (36.61% of BPO).

All purchasers are required to honor any approved or in-process loss mitigation efforts at the time of sale, including forbearance arrangements and loan modifications. In addition, purchasers must offer delinquent borrowers a waterfall of loss mitigation options, including loan modifications, which may include principal forgiveness, prior to initiating foreclosure on any loan.

Interested bidders can register for ongoing announcements, training, and other information here. Fannie Mae will also post information about specific pools available for purchase on that page.

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SOURCE Fannie Mae