First off they need to know how to use MERS. (Mortgage Electronic Registration System) which means a large majority of these loans are NPL's, have no note attached or will be a copy and not be able to provide accurate paperwork to them. To say otherwise , than your a bigger idiot than I gave you credit for, or your a desperate bottom feeder hoping to make a buck, but will lose your ass. ( which you will by the way deserve) .
Than we have this - files come in an image format and the subservicer currently used Lender Processing Services technology. BINGO! There's no paperwork , titles are junk , and they are robo signed ( so check titles)
You invest in this your a fucking idiot who deserves to lose everything you own. Why don't you go down a freeway and open your windows and blow your money to the wind.. you would have better luck than this.
REMEMBER THESE WORDS :::I TOLD YOU SO!!:::
"highly reputable" independent mortgage bank..hmmmm .. lets see we have York, Rushmore, Archbay,Roosevelt, or lets see Penny Mac. Yeah , right, and I am Bill Gates .. hahahahaha
Total delinquencies including foreclosures are slightly more than 4%. The 30-day delinquency rate is less than 3%. The loans' weighted average Fair Isaac & Co. credit score is 690. The weighted average interest rate is a little over 4% and the weighted average loan age is a little over nine months.
Thirty-year fixed rate mortgages dominate the portfolio, but it also includes 25-, 20- and 15-year FRMs. The majority of the properties are owner-occupied, but there are multifamily, condominium, townhouse, prefab, investment and second-home properties in the package as well.
Prospective purchasers must be approved Ginnie Mae servicers or have a structure in place with one who can take ownership and service on their behalf and should be equipped to handle loans registered with the Mortgage Electronic Registration System.
All loan files come in an image format and the subservicer currently used Lender Processing Services technology.
IMA is bids accepting bids through noon Mountain time on Feb. 5.