Interactive Mortgage Advisors
(IMA) is facilitating the sale of a $196.1m Fannie Mae (FNM)
bulk servicing portfolio, based primarily in California, on behalf of an undisclosed seller, as HousingWire reported today
The offering includes 593 loans with a combined principal balance of nearly $196.13m and an average loan size of $330,740. The loans bear a weighted average interest rate of 4.66% and a weighted average service fee of 0.26%, according to IMA.
None of the loans are delinquent or in foreclosure, and the collateral is located across 10 states with 87% of the loans secured by properties in California. Another 4.7% are in Texas, while 3.5% are in Ohio. Illinois and Indiana claim another 1.9% and 1%, respectively, and the rest of the collateral is in Arizona, Kentucky, Minnesota, Oregon and Tennessee, IMA said.
The loans are 89.4% owner-occupied by loan count. Another 7.4% are classified as "non-owner" occupied and the remaining 3.2% are second homes. IMA said 47% of the loans were refinance, while 30% were purchase mortgages and 23% were cash-out refinance loans.
All loans amortize on a 10- to 30-year basis with interest collected in arrears. The loans were originated by third-party correspondent lenders.
IMA said all written bids are due by 2 p.m. EST on March 17, 2010. The seller prefers the buyer to be able to complete due diligence and execute a purchase agreement in time for an April 30, 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 February said it would sell a $196m
Fannie Mae and Freddie Mac (FRE)
servicing portfolio. Then, in January IMA 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.