Interactive Mortgage Advisors, Denver, is auctioning off a $510 million bulk package of mortgage servicing rights tied to Fannie Mae loans in 20 states.
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The portfolio has delinquencies of just over 1% with the foreclosure rate in the same range. Although the mortgages were originated in 20 different states, Illinois product dominates, accounting for 87% of the collateral.
The Denver-based IMA did not identify the seller. The average note rate on the package is 4.26%, but the servicing fee is 30 basis points. The bid deadline is next week.
Over the past two weeks a handful of bulk MSR packages have come to market, including offerings from not only IMA, but MIAC, and The Prestwick Group.
