IMA to Sell $196M Fannie, Freddie Servicing Portfolio
Interactive Mortgage Advisors (IMA) is facilitating the sale of a $196m Fannie Mae (FNM) and Freddie Mac (FRE) bulk servicing portfolio on behalf of an undisclosed seller, a wholesale mortgage company, according to an offering obtained by HousingWire. The offering covers 1,152 loans with a combined principal balance of more than $195.85m. The loans bear a weighted average interest rate of 4.98% and a weighted average service fee of 0.26%. The loans are 94% owner-occupied by loan count, 3% second homes and 3% investment homes. Two of the loans (0.17% of the portfolio by loan count) are delinquent - by only 30 days - and single other loan (0.09% of the portfolio) is in foreclosure. Nearly half - 46% - of the loans were cash-out refinances, while 35% were no-cash refis. Another 18% of the loans were purchases and the remainder were property improvement refis. Most were third-party originations by community banks. IMA said written bids on the portfolio are due by 2 p.m. EST on March 2, 2010. The seller prefers the buyer to be able to complete due diligence and complete the purchase agreement in time for a March 31, 2010 sale date. The IMA offering marks the latest in a round of asset sales that are kicking off the new year. The firm in January said it was selling a $130m Ginnie Mae bulk servicing portfolio of 937 loans that were at the time 16.4% delinquent by count. 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. Write to Diana Golobay. Disclosure: The author holds no relevant investment positions.