$85.1m Fannie Servicing Offering Up for Grabs
Interactive Mortgage Advisors (IMA) on behalf of an unnamed client is offering a $85.1m bulk servicing offer of Fannie Mae (FNM) loans. The portfolio bears $85.17m in total principal. The 690 loans involved have an average size of $123,436 and a weighted average interest rate of 5.7%. The portfolio is 12.6% delinquent with 44 loans 30 days delinquent, 22 loans 60 days delinquent and 21 loans 90 days delinquent. Underwater loans with loan-to-value ratios over 100% accounted for $12.4m of the portfolio. Of the total portfolio, 68.6% of the loans are single-family with a balance of $59.4m, while manufactured housing, modular housing, town home and condo mortgages account for the remaining balance of the portfolio. IMA is targeting an August 31 settlement date and due to time constraints will give no official bid date. Write to Diana Golobay. Disclaimer: The author held no relevant investments when this story was published.