Fannie Mae has sold $412.3 million of reperforming loans to Pacific Investment Management Company (PIMCO).
The transaction, expected to close by October 20, included a pool of roughly 2,016 reperforming loans totaling $412.3 million in unpaid principal balance (UPB). Reperforming loans are mortgages that have been, or are currently, delinquent but have reperformed for a period of time.
The weighted average note rate of the loans was 3.44%, and the weighted average broker’s price opinion (BPO) loan-to-value ratio was 54%, according to Fannie Mae. The cover bid, which is the second-highest bid for the pool, was 79% of UPB (36.56% of BPO).