A $1.2 billion pool of bulk residential mortgage servicing rights is for sale, according to Interactive Mortgage Advisors, which is acting as the exclusive broker for the deal.
The pool of mortgages carries a weighted average note rate of 3.75% and a delinquency rate of less than 2%. The loans come from a “wide geographic dispersion” and have a weighted average FICO score of 744.
Fannie Mae and Ginnie Mae each back a separate pool of the underlying loans. IMA is requesting separate bids to be submitted for the Fannie pool and the Ginnie pool to allow consideration by the seller to sell the pools separately.
“Any prospective bidders who may not be interested in either the Fannie or Ginnie are encouraged to bid for that one investor type you do prefer,” IMA said. “All representations and warranties will be provided by a national bank with strong financials.”
IMA also said that any prospective purchased must be an approved Fannie or Ginnie servicer or have a structure in place with an approved Fannie or Ginner servicer who is able to take ownership and service on the buyer’s behalf.
The loans are currently sub-serviced by Dovenmuehle.