Interactive Mortgage Advisors LLC, Denver, is exclusively brokering more than $1 billion low-coupon Ginnie Mae bulk residential mortgage servicing rights on retail-originated, subserviced loans.
An unnamed "highly reputable" independent mortgage bank is selling the loans, according to IMA. The loans have a wide geographic dispersion outside of a less than 19% concentration in Texas and less than 10% concentration in California.
Total delinquencies including foreclosures are slightly more than 4%. The 30-day delinquency rate is less than 3%. The loans' weighted average Fair Isaac & Co. credit score is 690. The weighted average interest rate is a little over 4% and the weighted average loan age is a little over nine months.
Thirty-year fixed rate mortgages dominate the portfolio, but it also includes 25-, 20- and 15-year FRMs. The majority of the properties are owner-occupied, but there are multifamily, condominium, townhouse, prefab, investment and second-home properties in the package as well.
Prospective purchasers must be approved Ginnie Mae servicers or have a structure in place with one who can take ownership and service on their behalf and should be equipped to handle loans registered with the Mortgage Electronic Registration System.
All loan files come in an image format and the subservicer currently used Lender Processing Services technology.
IMA is bids accepting bids through noon Mountain time on Feb. 5.