[Update 1: adds details on other transactions that IMA is advising] The Federal Deposit Insurance Corp. (FDIC) in its capacity as receiver for Franklin Bank will sell servicing rights on more than $1bn of residential mortgages. Interactive Mortgage Advisors (IMA) said this week it will serve as the FDIC's financial advisor on the transaction and will assist it in the marketing and sale the Mortgage Servicing Rights (MSRs) related to $1.06bn of residential mortgage loans. It marks a busy week for IMA, which said it is also accepting bids on behalf of Fannie Mae and Freddie Mac for a bulk servicing offering of 3,416 loans valued at $509.4m. Houston-based Franklin and its designees currently provide mortgage servicing on the related loans, but after the expected bid date of Aug.14, 2009, the winning bidder will claim the weighted average net servicing fee of 0.27% on pools of loans, which bear a current average principal balance of $128,008 and a weighted average interest rate of 6.16%. IMA said the definitive bidding structure will be announced on or about July 17. In November, the Texas Department of Savings and Mortgage Lending shut down Franklin Bank -- which as of Sept. 30, 2008 boasted $5.1bn of total assets and $3.7bn of deposits -- and named FDIC receiver. The failure was estimated at a $1.4-$1.6bn cost to the FDIC's insurance fund. Write to Diana Golobay.