Interactive Mortgage Advisors as an exclusive broker for an unnamed seller is offering
IMA said the seller is offering a $714 million portfolio for bid and is considering increasing the amount offered to $1.2 billion.
The seller is described as the wholesale mortgage banking subsidiary of a bank. The subsidiary works with regulated financial institutions and primarily buys loans from community banks and credit unions.
More than 70% of the loans in the offered $714 million portfolio come from the Southeast and Texas. The portfolio has a 3.93% weighted average note rate, a weighted average Fair Isaac & Co. credit score of 752, and its 30-plus-day delinquency rate is less than 3% with 13 months of seasoning.
According to the IMA, the seller’s servicing has historically had a delinquency rate and prepayments below national averages, and the additional servicing also has been selected and is available for review.
Written bids are due by 2 p.m. Eastern/noon Mountain on Aug. 20.
