In a home foreclosure sale, the seller is actually a bank or mortgage lender. In this scenario, the lender has seized a property from the previous owners who were unable to pay their mortgage. Now,
301 Million Dollar Fannie Mae Bulk Servicing Portfolio Hits Market
Dated: 10/02/2015
Views: 545
Buyers looking to get their hands on some Fannie Maeservicing have that opportunity, as Interactive Mortgage Advisors announced that it is acting as the exclusive broker for a $301 million Fannie Mae bulk residential mortgage servicing rights offering.
According to Interactive Mortgage Advisors, the portfolio features servicing on 1,893 loans, with an average loan balance of $159,104.
The weighted average interest rate is 4.15% and the loans are 35.1 months seasoned on average. The loans are also 100% current.
Interactive Mortgage Advisors is presenting the offering on behalf of a well-capitalized, independent mortgage banker from the Midwest.
More than 92% of the loans are located in the Midwest, IMA said in its presale documentation.
According to IMA, more than 53% of the underlying loans are located in Michigan, while nearly 30% are located in Minnesota, making up more than 80% of the total portfolio.
Bids on the portfolio are due on Thursday, Oct. 8.
Mark Ross
For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....
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