First Financial Network is marketing $80 million in performing and nonperforming residential mortgage loans on behalf of the National Credit Union Administration.
Roughly 75% of the portfolio's loans are classified as performing, and the average weighted coupon is 4.82%. The sale covers 793 loans located nationwide with concentrations in California, Nevada, Ohio and Florida.
"Given both the rising market demand and size of the portfolio, we expect strong investor interest and active bidding for this residential loan portfolio," First Financial CEO Bliss Morris said in a news release Thursday.
The loans will be sold in pools based on servicing, performance, collateral type and location, First Financial said. Bids on the pools are due April 11.
