According to an offering circular provided to National Mortgage News, the rights are collateralized by loans in Florida and Georgia with three years of "seasoning."
IMA did not identify the institution selling the receivables. But the package has one attraction: the average servicing fee is 34 basis points compared to the low 20s for other deals.
In other servicing news, bids are being evaluated by Milestone Merchant Partners on $23 billion of servicing owned by the Federal Deposit Insurance Corp. The FDIC expects to complete the sale some time this summer.
The package, which has low delinquencies, once belonged to AmTrust Bank of Cleveland, a large thrift that failed in late 2009.
