DebtX is pleased to announce the sale of a $37.2 million reverse mortgage portfolio. The portfolio consists of 203 loans, secured by single-family residences in 33 states and Puerto Rico with concentrations in New York (31%), New Jersey (10%), and Florida (7%). The portfolio carries a WAC of 5% and average LTV of 96%. Most loans are in some stage of default, with only 22% deemed active.
The selling institution was a warehouse lender to a large reverse mortgage lender that recently ceased operations, and the loans represented the collateral pledged to the bank. The loans are guaranteed by HUD and serviced by one of the nation’s largest sub-servicer of reverse mortgages.
Bids are due before March 3rd, at 2pm ET. For more information please contact Mike Roth at firstname.lastname@example.org or (617) 531-3424.
You must be registered with DebtX to receive detailed information about these loans and to participate in the sale. To register, please visit our registration page.