IMA Offers Purchase 'Options' on $10B Bulk Deal

Interactive Mortgage Advisors is telling investors they can bid on all, or part, of a $10 billion package of bulk servicing rights that it is selling on behalf of an undisclosed firm. The receivables are tied to mortgages controlled by Fannie Mae. The Denver-based IMA would not comment on the identity of the seller. (On Tuesday National Mortgage News reported that Flagstar Bancorp, Troy, Mich., is selling a $10 billion package of residential bulk servicing rights but the thrift would not comment.) IMA has set a Feb. 4 bid deadline on the package. In a statement the brokerage said, "Prospective purchasers will actually have the option of bidding smaller portions of $2 billion and $8 billion or the entire $10 billion." IMA is also selling an $11 billion package of jumbo servicing rights on behalf of Thornburg Mortgage of Santa Fe. That sale must first be approved by a bankruptcy trustee. Meanwhile, Milestone Merchant Partners is marketing a $20 billion package of rights that once belonged to the now-defunct AmTrust Bancorp, Cleveland.