$1B Fannie Mae Portfolio Hits Market

As the second quarter comes to a close, a new $1 billion Fannie Mae bulk residential mortgage servicing rights (MSR) portfolio has hit the market.

The announcement of the sale was made by Interactive Mortgage Advisors (IMA), which is acting as exclusive broker. The company describes the offering as "an excellent opportunity to focus and bid on newly originated MSRs with below market interest rates."

According to IMA, the weighted average note rate for the portfolio is 4.11 percent.

Other quality characteristics include a wide geographic dispersion, zero delinquencies, a weighted average loan-to-value ratio of 72 percent, and a weighted average FICO score of 745.

The servicing is a portion of recent originations from the seller, which IMA describes as a "well-known, established mortgage company with strong financials and solid reputation."

All written bids for the offering should be emailed by June 25 at 2 p.m. Eastern, IMA said. Prospective purchasers must be approved Fannie Mae servicers or have a structure in place with an approved servicer who can take ownership and service on their behalf.