IMA to Sell $130m Ginnie Mae Servicing Portfolio
Interactive Mortgage Advisors (IMA) is facilitating the sale of a $130m Ginnie Mae bulk servicing portfolio on behalf of an undisclosed seller, an independent mortgage banker, according to an offering obtained by HousingWire. The offering covers 937 loans with a combined principal balance of more than $130m. The loans bear a weighted average interest rate of 6.17% and a weighted average service fee of 0.53%. The IMA offering marks the latest in a round of asset sales that are kicking off the new year. Carlton Advisory Services recently said it would sell a $370m portfolio of non-performing loans and real estate-owned (REO) assets. Clark Street Capital's Bank Asset Network is also selling a $200m portfolio of both performing and non-performing loans. The IMA offering is 16.4% delinquent by loan count - 11.6% are 30 days delinquent, 2.4% are 60 days delinquent and 2.5% are 90 days delinquent. Another 2.8% of loans are in bankruptcy or foreclosure. The collateral for most of the loans (60.7%) is located in Texas, while another chunk (25.5%) is in Arizona. New Mexico houses 6.9% of the loans and Oregon has another 3.1%. The remainder of the loans are spread between California, Washington, Colorado and Illinois. All the mortgagees are owner-occupants and most of the mortgages (76%) are purchase loans. Another 21% are streamlined refinances and the remaining 3% are refinance loans. A single loan in the offering was bought from a third party, but the rest are from retail originators. Bids on the offering must be submitted by Ginnie-approved servicers before noon, mountain time, January 21st. Write to Diana Golobay.