IMA offering $251 million of Fannie Mae mortgages for servicing
Interactive Mortgage Advisors is offering servicers $251.2 million of Fannie Mae residential loans, the majority of which are in California. The Denver-based firm said it will accept bids through Thursday and the offering has a few attractive characteristics for servicers looking to expand their platform. Thomas Piercy, managing member of IMA, said only five of the 1,128 loans are delinquent with just one in foreclosure. About 72% of the mortgages, accounting for nearly 80% of balance outstanding, are in California, with 13% of the loans in Arizona and 6.5% in Washington. Less than 100 loans are spread across 14 other states. The weighted average interest rate for the mortgages is 4.875% with a weighted average term of 350 months. The loans have an average age of nearly eight months. Write to Jason Philyaw.