Broker Interactive Mortgage Advisors said Wednesday it will offer $558.6 million worth of bulk mortgage servicing rights on Fannie Mae and Ginnie Mae loans.
A bid date was not set, but Denver-based IMA said it'd like to close a deal by the end of February. Potential buyers can also bid separately on the Fannie and Ginnie packages.
The portfolio seller was not identified. IMA managing member Tom Piercy said it's an independent mortgage company with a net worth about $15 million.
"When you're dealing with the non-depository, independent mortgage companies, this is fairly typical," Piercy said of the offering amount. He said IMA brokered about $5 billion in MSR offers for all of January.
The majority of the 4,565 loans in Wednesday's offering come from Ginnie Mae mortgages, valued at $461.7 million. About 8.7% of the loans in the entire portfolio have gone at least 30 days past due on payments, while 3.4% are either foreclosed or bankrupt.
Texas loans make up the largest percentage of the portfolio at 17%.