IMA to sell GSE servicing rights in Texas, buy REO in Miami
Interactive Mortgage Advisors put Fannie Mae and Freddie Mac mortgage servicing rights deal up for sale, and will purchase bulk real-estate owned properties in Southeast Florida. The servicing deal includes $107 million in total principal, and 94% of the loans are located in Texas and New Mexico. There are 627 loans total in the deal. Only two of the loans are 30 or more days delinquent, representing about 0.32% of the portfolio. IMA is taking bids on the loans until June 1. The firm will also be buying REO in bulk throughout Southeast Florida, mainly Miami, West Palm Beach and Port St. Lucie. "This has been a hard to move area for many current owners of REO yet we can move quickly with good execution," said Thomas Piercy, managing member at IMA. The firm will buy the REO through its affiliate Spurs Capital. Write to Jon Prior. Follow him on Twitter @JonAPrior.