Interactive Mortgage Advisors (IMA), Denver, has closed on the sale of $502 million of bulk mortgage servicing rights backed by Fannie Mae loans in North Carolina.
The firm declined to name the buyer, and would only say that the seller was a bank. No price was disclosed. The sale was finalized during the closing days of December, said IMA managing member Thomas Piercy.
The receivables have a weighted average coupon of 5.19%, and delinquencies are less than 1%.
Piercy said interest in purchasing servicing rights is beginning to gather steam, though investors are still leery of "legacy product."
The servicing advisor said, "there's still a lot of issues on that stuff."
Besides selling servicing rights, IMA also is a whole loan trader of 'scratch and dent,' nonperforming mortgages, and other product types. In December it completed 36 trades, its best month of the year.
