Mid America Mortgage Inc. in Addison, Texas, has purchased a $2.7 billion portfolio of Ginnie Mae mortgage servicing rights that its subservicer, LoanCare, took possession of Tuesday.
The loans involved are partially distressed. Mid America declined to specify the price or the seller, citing a nondisclosure agreement it entered into at the seller's request.
There was concern last fall about
The company is active in the market for "scratch and dent" loans and more rarely will buy servicing rights.
With the addition of this transaction, Mid America holds $6.2 billion in total originated and purchased MSRs, Bode said.
