The Federal Home Loan Mortgage Corporation (“Freddie Mac”) is seeking bids for the sale and purchase (the “Offering”) of (i) two Standard Pool Offerings (“SPO”) of non-performing residential first lien mortgage loans (the “Mortgage Loans”) and (ii) two Extended Timeline Pool Offerings (“EXPO”) of Mortgage Loans. Freddie Mac will sell the Mortgage Loans to the auction winner(s) (each, a “Purchaser”) pursuant to the terms of an offering memorandum (“Offering Memorandum”), a mortgage loan purchase and sale agreement with each Purchaser (the “Purchase Agreement”) and the other documents described herein. Freddie Mac reserves the right to reject any or all bids in its sole discretion.
Wells Fargo Securities, LLC (“WFS”) and First Financial Network, Inc. ((“FFN”) and together with WFS, the “Advisors”) will assist in the administration and execution of the Offering.
The Mortgage Loans are currently owned by Freddie Mac and serviced by Specialized Loan Servicing LLC (“SLS”), Select Portfolio Servicing, Inc. (“SPS”), NewRez LLC, d/b/a Shellpoint Mortgage Servicing (“Shellpoint”) or Nationstar Mortgage LLC d/b/a RightPath Servicing (“RPS” and together with SLS, SPS and Shellpoint, the “Servicers,” and each a “Servicer”) and will be sold on a servicing released basis.
Minority, Women, Disabled, LGBTQ+, Veteran or Service-Disabled Veteran-Owned Businesses (MWDOBs), non-profits, and neighborhood advocacy organizations are encouraged to bid.
Each prospective bidder will be required to execute and submit to Freddie Mac: (1) a non-disclosure agreement (“NDA”) and (2) a Long Form Bidder Qualification Statement (“BQS”, which includes a Servicer Questionnaire) (together the “Pre-Access Qualification Package”). The NDA and BQS are not subject to negotiation. Forms of these documents are attached and must be submitted on or before the Pre-Access Qualification Due Date below in order to be eligible to bid on this transaction.
On or after August 30, 2023, so long as a prospective bidder’s NDA and BQS have been completed and approved, the bidder will be granted access to the DealVDR site with transaction information and form legal documents. Contact information for each individual that will require secure access to the DealVDR site is required. A separate e-mail will be sent to each individual’s e-mail address with access instructions.
Each winning Bidder (thereafter, a “Purchaser”) will be required to make an earnest money deposit in an amount (the “Deposit Amount”) equal to 10% of the Aggregate Trade Price of the pool(s) it has won. The Deposit Amount must be made to Freddie Mac by 2:00 PM (Eastern Time) on the applicable Deposit Due Date.
• Pool 1 – $244 MM: Average LTV = 56, Effective WAC = 4.35, National, including Active BK
• Pool 2 – $362 MM: Average LTV = 55, Effective WAC = 4.43, National, No active BK
• Pool 1 – $16 MM: Average LTV = 40, Effective WAC = 4.91, New York Concentration
• Pool 2 – $6 MM: Average LTV = 43, Effective WAC = 4.08, Florida Concentration