First Financial Network is handling the sale on behalf of the NCUA, according to a news release.
The portfolio for sale contains about 793 loans, nearly 75% of which are classified as performing. The mortgaged properties are located throughout the country, with the heaviest concentrations in California, Nevada, Ohio and Florida. The loans are being offered in pools for bidding based on servicing, performance, collateral type and location, according to First Financial.
“Given both the rising market demand and size of the portfolio, we expect strong investor interest and active bidding for this residential loan portfolio,” said First Financial Network CEO Bliss Morris. “We look forward to a favorable resolution to the portfolio on behalf of the NCUA.”
Preliminary due diligence information will be made available at www.ffncorp.com beginning March 13, 2017. The NCUA is simultaneously providing on-site file review for qualified bidders in Austin, TX. Bids are due on April 11, 2017 at 12:00 pm CT.
According to Bliss Morris, CEO of First Financial Network, “Given both the rising market demand and size of the portfolio, we expect strong investor interest and active bidding for this residential loan portfolio. We look forward to a favorable resolution of the portfolio on behalf of the NCUA.”
This marks the second time in recent weeks First Financial has assisted on a major mortgage sale. Last month, the firm advised Freddie Mac on the sale of $759 million in nonperforming loans.
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The National Credit Union Administration (NCUA) is selling $80 million worth of performing and nonperforming residential mortgages.