Washington – November 04, 2026 -- Fannie Mae has awarded a pool of 1,179 non-performing loans with an aggregate unpaid principal balance (UPB) of $252,413,010 to TRF Loan Acquisition, LP, in its twenty-ninth non-performing loan sale. The transaction, announced on October 8, 2026, is expected to close by December 15, 2026. BofA Securities, Inc. marketed the sale with Fannie Mae.
Pool averages $214,091 per loan at a 50% BPO loan-to-value ratio
The weighted average note rate on the pool is 4.56%. The weighted average loan-to-value ratio, based on broker's price opinions (BPO), is 50%.
Cover bid reaches 97.084% of UPB, or 48.44% of BPO
The cover bid, the second-highest offer for the pool, came in at 97.084% of UPB. Against BPO values, it equaled 48.44%. The source does not disclose the winning bid price.
Buyers must honor loss mitigation and offer modifications before foreclosure
All purchasers must honor any approved or in-process loss mitigation efforts at the time of sale, including loan modifications. Before starting foreclosure, they must offer delinquent borrowers a waterfall of loss mitigation options. These options may include loan modifications with principal forgiveness. The requirement does not apply to loans secured by property that is vacant or condemned at closing.
If a foreclosure cannot be prevented, the loan owner must market the property first to owner-occupants and non-profits. Fannie Mae describes this as similar to its FirstLook program.
Fannie Mae will post information on specific pools available for purchase on its bidder registration page. Registered bidders receive ongoing announcements and training.