Interactive Mortgage Advisors is offering special servicers $2.2 billion of Fannie Mae, Freddie Mac, and private investor Alt-A residential loans, more than half of which are in California. The Denver-based firm said it will accept bids through Nov.3 and this type of private-investor Alt-A servicing isn’t readily available in the secondary servicing market. “The portfolio characteristics are such that this is an excellent opportunity for special servicers in obtaining over 8,000 units to be added to your platform,” according to Interactive Mortgage Advisors. Thomas Piercy of IMA said these loans require “some hand holding” and are good for special servicers that have “platforms geared for the special needs of the borrower.” There are 8,145 loans with an average balance of $278,008 and average interest rate of 6.03% included in the offering. Nearly 14% of the loans are delinquent and about 17.2% are for properties that have been foreclosed. Write to Jason Philyaw.
Interactive Mortgage Advisors offers $2.2 billion Alt-A loans
October 21, 2010, 3:29pm
Jason Philyaw was a reporter with HousingWire through mid-2012.see full bio
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Jason Philyaw was a reporter with HousingWire through mid-2012.see full bio