IMA offering bulk servicing rights to $128.9 million of Freddie Mac mortgages
Interactive Mortgage Advisors is selling the bulk servicing rights to 806 Freddie Mac loans worth nearly $128.9 million. The loans bear a weighted average interest rate of 4.55% and a weighted average service fee of 0.25%. All of the loans are owner-occupied, and the average loan size is nearly $160,000. None of the loans are delinquent and, consequently, none are facing foreclosure. Most of the loans are in Louisiana, Tennessee and Texas. More than one third of the loans are no-cash refinancings, while almost 40% are cash-out refinancings. Some 98% of the loans are single-family properties and 2% are townhomes. The current servicer is an unnamed wholesale mortgage company that caters specifically to community banks, according to IMA. The firm also said the seller advises that the majority of the loans are registered with the Mortgage Electronic Registration System. IMA said written bids on the portfolio are due by Tuesday March 15. Write to Jason Philyaw.