IMA Offering $370 Million MSR Package

Interactive Mortgage Advisors, Denver, is sending out for auction a $370 million package of servicing rights backed by Government National Mortgage Association loans.

The identity of the seller was not revealed. “The bulk of the loans are on properties in the Northeast,” the company said.

The average loan balance is $252,531 with average escrows at 0.99% of outstanding unpaid principal balances.

The official bid deadline is November 13.

The market for MSR packages is beginning to pick up steam though concerns remain on prepayments, delinquencies and representations and warranties.

Bank of America recently sold $14 billion in bulk MSRs and the deal is in due diligence, said one investor familiar with the auction. B of A, as a policy, does not comment on its MSR sales.