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Thank you for your interest in Fannie Mae’s third non-performing loan sale of 2024, FNMA 2024-NPL3. The attached Offering Memorandum (“OM”) will provide you with additional information regarding the loan sale.
*** If you are interested in qualifying as a bidder or financier for FNMA 2024-NPL3, please submit Pre-Access Qualifications and any related questions to: FNMANPLPAQ@SMARTROOM.COM ***
PLEASE NOTE THE FOLLOWING:
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Fannie Mae is requesting bids on any pool separately. Bids on an ALL OR NONE or COMBINATION basis will NOT be accepted.
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Certain Mortgage Loans in the National Pool are subject to mortgage insurance coverage which will be removed prior to the closing of the sale of such Mortgage Loans and the Purchaser will have no rights under any mortgage insurance policy. Certain other Mortgage Loans in the National Pool are subject to mortgage insurance coverage which will not be removed prior to the closing of the sale of such Mortgage Loans as indicated in the data tape.
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Borrowers of the Mortgage Loans may have requested certain relief under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) or which is otherwise offered by Fannie Mae or may in the future request relief under the CARES Act or which is otherwise offered by Fannie Mae. As detailed in the attached OM, the Bidder, its Initial Servicer and any Subsequent Servicers must service each loan in a manner that is consistent with any requirements that would apply under the CARES Act and must adhere to any foreclosure or eviction moratorium related to the COVID-19 pandemic that has been imposed by the FHFA or by federal legislation applicable to single-family loans that are owned or securitized by Fannie Mae.
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Fannie Mae will not accept removal of or pricing concession requests or requests to perform additional research or additional due diligence reviews related to any Mortgage Loan for which a borrower has requested or may request relief under the CARES Act or which is or may be offered by Fannie Mae.
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Bid stipulations and the Bid Form will be due on October 3, 2024 at 12:00 PM (Eastern Time) for the National Pool and October 17, 2024 at 12:00 PM (Eastern Time) for the Community Impact Pool (“CIP”) with the required loan-level pricing to be provided by no later than 3:00 PM (Eastern Time). As detailed in the OM, Fannie Mae will not accept any bid package on the Bid Due Date which does not include loan-level pricing for each mortgage loan in any pool or pools for which a bidder is submitting a bid.
- Key Dates (subject to change):
Data Room Opens: September 12, 2024
Pre-Access Qualification Period Deadline (5:00 pm ET):
September 19, 2024 for the National Pool;
October 3, 2024 for CIP
Bids due by 12:00 pm Eastern Time (“Bid Due Date”):
October 3, 2024 for the National Pool;
October 17, 2024 for CIP
Closing Date:
November 22, 2024 for the National Pool;
December 20, 2024 for CIP
FFN Contacts:
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