Fannie-Freddie Bulk Servicing Book for Sale

[Update 1: Clarifies status of unknown LTV] [Update 2: Clarifies ownership of loans and servicing rights] Denver-based Interactive Mortgage Advisors (IMA) is accepting bids for a bulk servicing offering of 3,416 loans valued at $509.4m. IMA is selling the portfolio on behalf of the undisclosed mortgage bank that currently services it. The mortgages in the book are owned by Fannie Mae and Freddie Mac. Many of those loans, however, carry unknown loan to value (LTV) ratios. About 41% of the mortgages are listed with a LTV ratio in the 55 to 80% range, but more than one-third of the loans – representing nearly 38% of the portfolio’s value – are listed ‘unknown.’ The weighted average age of loans in the portfolio is 33 months, with a weighted average of 307.8 months remaining on the loans. A source at IMA told HousingWire the LTV’s are unknown because they were missing from the database the firm received on the portfolio. “We rely 100% upon our client’s database,” the source said. “Normally the servicer isn’t interested in the LTV, nor are we interested in it when it comes to selling the servicing of the asset itself.” The source added the listed LTVs are at origination, and the current values could vary dramatically. While none of the loans are foreclosures, 73 (2.14%) are 30 days delinquent, 16 are 60 days late, and an additional 17 are 90 days past due. There are a total of 13 bankrupt borrowers in the portfolio, but eight are current on their loans. The remaining five loans are delinquent. The portfolio’s loans are backed by homes in six states. Texas has the largest group of loans (29.8%) followed by Colorado (22.8%), Kansas (19.2%), New Mexico (11.9%) Oklahoma (9%) and Nebraska (7.3%). IMA is accepting written bids for the portfolio, which are due July 22. The firm said it’s goal is to complete the sale by August 28, 2009. Write to Austin Kilgore.