Interactive Mortgage Advisors this week completed the sale of a $1 billion package of bulk servicing rights and has a handful of other deals in the works, a sign that there are signs of life in the MSR market.
The sale closed on Nov. 30. The Denver-based IMA declined to identify the buyer or seller.
IMA managing member Tom Piercy said bidders are starting to recognize that any servicing rights created in 4Q 2008 and after are of a higher asset quality than earlier product. "There's a new paradigm out there," he said.
IMA, however, said it could not disclose pricing on its deals.
Among its other offerings, the servicing brokerage firm is selling a $502 million package of MSRs backed by Fannie Mae loans in North Carolina. (All but 1% of the portfolio is N.C. product.)
The package has a weighted average coupon of 5.2% and delinquencies of 1.25. The bid deadline is December 9.
