A portfolio of mortgages are being auctioned off. Some of the loans are nonperforming. There is a four-state concentration.
A total of 793 residential loans that have an aggregate unpaid principal balance of $80 million are being marketed for sale.
Three-quarters of the mortgages included in the portfolio are performing, while the remaining loans are classified as nonperforming.
The offering was announced by First Financial Network Inc., which is acting on behalf of the National Credit Union Administration.
First Financial said that there is a concentration of loans secured by properties in California, Florida, Nevada and Ohio.
The weighted-average coupon is 4.82 percent.
“The loans are being offered in pools for bidding based on servicing, performance, collateral type and location,” the statement said.
Preliminary due diligence information will be available on March 13. The NCUA is simultaneously providing on-site file review for qualified bidders in Austin, Texas.
Bids are due by April 11.
Interested parties can call 405.748.4100.