IMA Expects at Least 60 Investors to Look at Thornburg Portfolio

Interactive Mortgage Advisors expects at least 60 investors to take an initial look at an $11.1 billion package of jumbo servicing rights belonging to the now defunct Thornburg Mortgage of Santa Fe. However, final bids likely will involve just five to 10 firms, said Tom Piercy, managing member of the Denver-based IMA. The Thornburg package of "bulk" receivables is the largest 'portfolio only' deal to hit the servicing market in quite some time. But not just any firm can bid. IMA is requiring that bidders have a minimum net worth of at least $15 million and be certified by Fannie Mae/Freddie Mac to service loans. Even though Thornburg was based in New Mexico, it filed for bankruptcy in Maryland. A judge recently approved the sales procedures for the auction.