The massive off-loading of agency mortgage servicing rights continues, with a new offering of $5 million to $10 million in Fannie Mae MSRs.
Interactive Mortgage Advisors (IMA) is the exclusive broker on the deal and is representing a Northeast mortgage banking entity. The company is now asking prospective purchasers to submit bids.
Bids will be accepted “in the form of a pricing matrix to allow the seller to sell loans direct to Fannie” while also selling the servicing under a monthly co-issue structure, IMA said in its sales advisory.
The portfolio up for sale is made up of 100% retail originations, with the loans concentrated in areas such as New York, New Jersey and Pennsylvania.
It also comes with an average weighted FICO of greater than 730.
IMA has been busy with these types of deals lately.
In November, it announced it's advising the sale of $5.4 billion in mortgage servicing rights tied to Fannie Mae loans, following a recent string of companies selling their MSRs.
That portfolio was comprised of a substantial amount of extremely low-interest rate, high-quality MSRs from a highly reputable mortgage banking company.