Details have emerged regarding the upcoming auction of bankrupt lender Thornburg Mortgage Inc.'s servicing portfolio.
Denver-based Interactive Mortgage Advisors LLC (IMA), which is brokering the mortgage servicing rights sale, says in its bid procedures that the hybrid/adjustable-rate mortgage portfolio consists of 16,998 loans for an unpaid principal balance of $11.06 billion. The weighted average note rate is 5.87% with seasoning of 43 months and a weighted average service of 24.03 basis points. The portfolio is 3.76% delinquent, and foreclosures and bankruptcies total another 2.83%.
IMA managing member Tom Piercy calls the portfolio one of the more attractive offerings to hit the market in recent memory.
"Thornburg maintained quality underwriting standards throughout their history, as evidenced by the performance of this portfolio and its corresponding vintage," Piercy says. "In an industry sector overwhelmed by agency repurchase demands, the risk of servicing this asset is far less than any other portfolio offered."
The portfolio will be offered on an "as is" basis. Prospective bidders must submit certain documents no later than Jan. 4, 2010, and the final bid date is set for Jan. 28, 2010.
SOURCE: Interactive Mortgage Advisors