IMA said the portfolio has a 3.423% weighted average note rate (3.563% on the 30-year fixed-rate portion), a weighted average age of less than two months, an average loan balance of $247,637 and almost 8,500 loans.
Most (6,268) of the loans are 30-year fixed, the remainder are 10-, 15-, 20- or 25-year fixed. The largest loan concentration is in California, representing 26.8% of the portfolio. The dominant loan purpose (for 4,404 loans) is cash-out refinance, followed by purchase (2,069) and refinances with no cash out (1,315). The portfolio also contains some home improvement loans, with one streamline refinance. They are primarily owner-occupied single-family properties.
The company is asking that written bids be emailed by Tuesday, July 2 at 2 p.m. Eastern time.
Prospective purchasers must be an approved Fannie Mae and Freddie Mac servicer or have a structure in place with one who can take ownership and service on their behalf.
