Interactive Mortgage Advisors (IMA) is selling a $481 million Fannie Mae bulk residential servicing portfolio that has just five months of seasoning and no delinquencies or foreclosures.
The offering is one of the largest bulk deals to hit the market in the past two months. The bid deadline is June 8.
The weighted average coupon on the MSRs is 4.56% (3,034 loans). A majority of the underlying collateral is backed by homes in the Southeast and Southwestern U.S.
The seller’s identity was not disclosed. The servicing fee on this package is 26 basis points.
The bulk MSR market began showing signs of life last year. Servicing advisors such as IMA, Milestone Merchant Partners, MountainView, and The Prestwick Mortgage Group believe now is a great time to buy servicing rights but enticing a large number of bidders to auctions has been tricky, given the unsettled issues of the Attorney General settlements and the possibility of a change in the minimum GSE servicing fee.
IMA is based in Denver.