An investor is looking to acquire agency adjustable-rate mortgages that are secured by residential properties in the Midwest.
More than $50 million in whole-loan ARMs secured by first liens are sought.
The loans can be purchased serviced-retained or service-released.
The buyer wants loans which are secured by homes in Ohio and other midwest states. The mortgages must be underwritten to agency guidelines.
Mortgage Industry Advisory Corp., which announced the inquiry, said the buyer will consider a flow relationship for the rest of this year in order to meet larger acquisition goals.
Loans purchased can be new originations or seasoned. One-, three-, five- and seven-year ARMs will be considered — including
more seasoned loans with a shorter life expectancy.
Loan-to-value ratios need to be less than 80 percent, and the properties must be owner-occupied. No 30-day lates are allowed.
The acquisition will be priced to market.
Potential sellers are being directed to MIAC Senior Vice President Whole Loan Sales, Trading, Brendan Teeley at
212.233.1250×281 or [email protected].