Buyers looking to get their hands on some Fannie Mae servicing have that opportunity, as Interactive Mortgage Advisors announced that it is acting as the exclusive broker for a $301 million Fannie Mae bulk residential mortgage servicing rights offering.
According to Interactive Mortgage Advisors, the portfolio features servicing on 1,893 loans, with an average loan balance of $159,104.
The weighted average interest rate is 4.15% and the loans are 35.1 months seasoned on average. The loans are also 100% current.
Interactive Mortgage Advisors is presenting the offering on behalf of a well-capitalized, independent mortgage banker from the Midwest.
More than 92% of the loans are located in the Midwest, IMA said in its presale documentation.
According to IMA, more than 53% of the underlying loans are located in Michigan, while nearly 30% are located in Minnesota, making up more than 80% of the total portfolio.
Bids on the portfolio are due on Thursday, Oct. 8.