FCI Lender Services, Anaheim, Calif., said that in less than two weeks it took in roughly 2,430 non-performing notes, with an unpaid principal balance of $161 million.
The assignments came from mostly “larger private money LLCs” said company EVP and chief strategy officer Gordon Albrecht.
“The pipeline for NPLs has been accelerating,” he noted, “but this is a surge. Additionally there are hundreds of smaller buyers (1-20 notes) that are sending NPLs” into the firm, he added.
FCI is the nation’s largest specialty servicer of private money loans, much of it backed by real estate. According to figures compiled by National Mortgage News and the
Albrecht said, “Every day I’m also talking to three to four new potential buyers getting into the market. There seems to be plenty of money available, and the sellers are letting go at acceptable prices much more so than a year ago,” he said.
