IMA to Sell $196.4m Fannie, Freddie Servicing Portfolio

Interactive Mortgage Advisors (IMA) is facilitating the sale of a $196.4m Fannie Mae (FNM), Freddie Mac (FRE) and private investor bulk servicing portfolio on behalf of an undisclosed seller, according to an offering obtained by HousingWire. IMA called it a “seasoned portfolio with low delinquencies” and with “low historical prepay speeds since 2007.” The portfolio includes servicing rights on 2,793 loans with a combined principal balance of almost $196.44m. The average loan size is $70,331 and the weighted average interest rate is 6.02%. The loans bear a weighted average servicing fee of 0.29%. The portfolio bears an overall delinquency rate of 3.22%. Within the portfolio, 2.15% of loans are 30 days delinquent, while another 0.72% are 60 days delinquent, 0.36% are 90 days delinquent. Another 2.15% of the portfolio is in foreclosure or bankruptcy proceedings. Forty of the loans — or 1.43% of the portfolio — are in foreclosure. Eleven loans are current but in bankruptcy, and another nine loans are delinquent and in foreclosure. While 37.2% of the loans in the portfolio have “no description,” 60.4% are secured by owner-occupied homes. Another 58 loans — or 2.1% of the portfolio — are secured by second homes, and 10 loans are secured by investment homes. IMA said written bids on the portfolio are due by 12 p.m. mountain time on May 11, 2010. The seller prefers the buyer to be able to complete due diligence and the purchase agreement in time for a June 10, 2010 sale date. IMA in March facilitated the sale of a $196.1m Fannie bulk servicing portfolio and in February facilitated the sale of a $196m Fannie and Freddie bulk servicing portfolio. Write to Diana Golobay.

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