The loans offered in Fannie MaeвЂ™s NPL auctions are deeply delinquent, sometimes by as many as one, two, or three years, meaning many of them are either in some stage of loss mitigation or are in foreclosure.ДЇannie MaeвЂ™s previous three bulk NPL auctions, all executed in 2015, have resulted in the sale of approximately 13,900 deeply delinquent, non-performing loans totaling approximately $2.73 billion in UPB. Qualified bidders must meet FHFAвЂ™s guidelines, which include offering a вЂњwaterfallвЂќ of resolution tactics to the delinquent borrowers and exhausting all loss mitigation possibilities before proceeding with foreclosure. вЂњThese transactions are intended to reduce the number of seriously delinquent loans that Fannie Mae owns, to help stabilize neighborhoods, and to offer borrowers access to additional foreclosure prevention options.вЂќД«ids are due for the four larger pools on February 3, while bids are due for the Community Impact Pool on February 18. вЂњWe will continue to structure pool sales to encourage participation by non-profits and minority- and women-owned businesses.вЂќ вЂњWe are pleased to be offering our second Community Impact Pool sale, which will provide these borrowers with additional options to avoid foreclosure, while reducing the number of seriously delinquent loans that we own,вЂќ said Joy Cianci, Fannie MaeвЂ™s SVP for Credit Portfolio Management. It will be Fannie MaeвЂ™s second sale of a Community Impact Pool the first occurred in August 2015, when non-profit New Jersey Community Capital purchased a pool of 75 loans for $11 million. The Community Impact pool is focused in Miami and includes 60 loans totaling $14.5 million in UPB.

The previous largest was $1.24 billion in November 2015.ДЇannie MaeвЂ™s most recent offering includes four larger pools and a Community Impact Pool (FNMA 2016-CIP1), a geographically-focused, high occupancy pool that is marketed to encourage participation from smaller investors, non-profits, and minority- and women-owned businesses in the bidding.

The NPL offering announced Tuesday (FNMA 2016-NPL1) includes 6,700 loans totaling $1.35 billion in aggregate unpaid principal balance (UPB), making it the largest Fannie Mae NPL sale of the four in terms of UPB. As part of the Federal Housing Finance AgencyвЂ™s directive to excise non-performing loans (NPLs) and deeply delinquent loans from its residential mortgage portfolio, Fannie Mae announced on Tuesday its first bulk NPL sale by auction of 2016 and fourth overall.

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