Servicing

Interactive Mortgage Advisors, Denver, is selling a $1.5 billion package of Fannie Mae alternative-A bulk servicing rights with a "flow" component.IMA is brokering the receivables for what it calls a "highly reputable" Wall Street client. Under the flow portion, the seller will provide $750 million to $1 billion a month in additional receivables, bringing the total deal size to $10.5 billion to $13.5 billion. The bid deadline is Thursday, Oct. 13. IMA is auctioning off two other Fannie bulk deals -- one with $206 million in receivables, and another with $26 million.

Freddie Mac has joined forces with Mississippi Home Corp. in Jackson, Miss., in providing $900,000 for the acquisition and positioning of more than 35 travel trailer units that will be used to provide temporary housing to Mississippians displaced by hurricanes Katrina and Rita."Freddie Mac's monetary partnership with MHC, the state's housing finance authority, will enhance our efforts of making temporary housing readily accessible for displaced persons affected by the destruction of the recent storms," said Mississippi Gov. Haley Barbour. The temporary units will be placed on a homeowner's property and tied into existing utilities during the reconstruction of the home. Six units have been set in place and the balance should be in place by the end of October. MHC is accepting applications through its website from homeowners needing temporary housing but who are ineligible for Federal Emergency Management Agency housing assistance. Freddie Mac can be found online at http://www.freddiemac.com, and MHC can be found at http://www.mshc.com.

Five classes of certificates issued in CSFB Trust 2002-NP14 have been downgraded by Moody's Investors Service.The downgrades were as follows: class A, from A3 to Ba3; class M1, from Baa2 to B2; class M2, from Ba2 to Caa1; class B1, from B2 to Ca; and class B2, from Caa2 to C. The downgrades were attributed to "high and increasing loss severities on liquidated loans which have led to the rapid deterioration of overcollateralization." This has placed the subordinate bonds at greater risk of default and reduced the enhancement available to the senior tranche, the rating agency said. The transaction is primarily backed by nonperforming mortgage loans, which are typically defined as loans that are delinquent by 90 days or more, subject to bankruptcy or foreclosure proceedings, or held as real estate owned. Moody's can be found online at http://www.moodys.com.

RealtyTrac, an online foreclosure marketplace based in Irvine, Calif., has reported that the number of new properties in some stage of foreclosure declined 4.3% in August after two consecutive months of increases.The company's Monthly U.S. Foreclosure Market Report indicates that 75,599 new foreclosure properties were added to the rolls in August. "After consecutive months of increasing foreclosures, the rates across the country seem to have stabilized in August," said Jim Saccacio, RealtyTrac's chief executive officer. "But it appears that the overall decrease in national foreclosures may be somewhat inflated due to the damage caused by Hurricane Katrina." The company said Texas and Florida "continued to dominate" the foreclosures market, accounting for more than 30% of the nation's total. RealtyTrac can be found online at http://www.realtytrac.com.

Maverick Residential Mortgage Inc., Frisco, Texas, has announced plans to raise $100,000 to benefit victims of Hurricane Katrina.The company, which finances the purchase of homes in Dallas, Collin, Tarrant, and Denton counties as well as throughout Texas and in 23 other states, will contribute a portion of its mortgage proceeds for every loan closed through Dec. 31, 2005. Maverick's more than 350 employees have been invited to make donations to the company's Katrina Fund. All money will be funneled to the American Red Cross and the American Society for the Prevention of Cruelty to Animals Disaster Relief Fund to help people and animals displaced by the deadly storm. The firm said it is waiving its lender closing costs for individuals who have been forced to relocate as a result of the disaster. The website can be found online at http://www.maverickmortgage/katrinafund.

The Mortgage Bankers Association has announced a $500,000 commitment to Habitat for Humanity International to provide a program management office for Habitat's rebuilding efforts in Gulf Coast areas affected by Hurricane Katrina.The MBA said the commitment will enable Habitat's Gulf Coast efforts to begin with the Operation Home Delivery program, which it termed "an unprecedented effort to build more houses in the U.S. than any other previous Habitat project." The association noted that the commitment followed its recent donation of $100,000 to the American Red Cross (plus staff contributions of $8,600) toward its post-Katrina relief efforts. The MBA can be found online at http://www.mortgagebankers.org.

Freddie Mac late last week loosened some of its underwriting guidelines to help lenders better serve homebuyers in disaster areas affected by hurricanes Katrina and Rita.The mortgage investing giant told its seller/servicers that temporary income -- including severance pay and unemployment assistance -- can be used to qualify borrowers as long as their income will "likely" be restored to a level supporting "the long-term obligations" of a mortgage. On a negotiated basis, Freddie also will allow for higher loan-to-value ratios. For Hurricane Katrina victims the changes only apply to mortgages with note rates dated on and after Aug. 30 through Oct. 3. For Rita victims, the eligible note dates are on and after Sept. 25 through Oct. 3. Freddie Mac can be found online at http://www.freddiemac.com.

CUNA Mutual Group, Madison, Wis., has signed a letter of intent to sell most of its mortgage operations to PHH Mortgage, Mt. Laurel, N.J., for an undisclosed amount.News of a possible sale was first reported by National Mortgage News in its Oct. 3 issue. According to a statement released by CUNAMG, PHH will acquire "certain mortgage-related assets, and assume origination, servicing and sub-servicing contracts" for CUNA Mutual Mortgage Corp. Over the past 12 months, CUNA Mutual Mortgage funded $1 billion in residential loans -- mostly through wholesale and correspondent relationships. At deadline time it was unclear who would wind up with CUNAMMC's $11 billion in servicing rights.

Thornburg Mortgage Inc., Santa Fe, N.M., has completed a $140 million issuance of 30-year unsecured junior subordinated notes in a private placement.The notes bear interest at 7.40% for the first 10 years, and thereafter at a variable rate equal to the London interbank offered rate plus 2.65%, Thornburg said. Net proceeds from the transaction will be used mainly to fund mortgage loans originated by the company and to buy additional adjustable-rate mortgage securities, the company said. Thornburg can be found online at http://www.thornburgmortgage.com.

Exposure to properties in Gulf Coast counties affected by Hurricane Katrina totals 0.37% for Bear Stearns private-label prime residential mortgage-backed securities and 1.16% for its subprime RMBS securitizations, according to the company.Bear Stearns said the percentages reflect the outstanding principal balance of deals exposed to properties in counties designated for assistance by the Federal Emergency Management Agency as of Sept. 15. The exposure percentage for private-label prime RMBS is 0.37% for both jumbo and alternative-A deals, Bear Stearns reported. The company can be found online at http://www.bearstearns.com.