Mortgage

IMA brokers sale of $714 million Fannie Mae bulk MSRs

Company will consider selling up to $1.2 billion

As mortgage servicing rights become an attractive proposition in today's rising interest rate environment, firms like Interactive Mortgage Advisors remain busier than ever while brokering deals.

On Monday, IMA announced it will broker the sale of $714 million Fannie Mae bulk residential mortgage servicing rights. The company said it also will consider selling up to $1.2 billion in MSRs. This sale follows a trend established much earlier in the year by IMA.

Back in May, IMA brokered the sale of $10.7 billion worth of Ginnie Mae build residential-mortgage servicing rights to the public.

The latest IMA deal offers a portfolio filled with loans from the Southeast portion of the country. The portfolio comes from a well-respected and knowledgeable mortgage banking subsidiary of a bank.

Community banks and credit unions are the primary source of the loans, meaning the historical performance of the servicing is always low delinquencies and slower prepayment speeds from national averages.

The portfolio includes 5,049 loans, with the average loan size being $141,437. All loans amortize on a 10- to 30-year basis with interest collected in arrears.

IMA is one of a number of companies brokering the sales of their MSRs.

In July, New Residential closed $43 billion in Nationstar MSRs. Additionally, back in June, valuation advisor MountainView Servicing Group managed the sale of $1.2 billion in mortgage servicing rights ties to Freddie Mac and Ginne Mae loans.

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