First Financial Network selling $80 million mortgage portfolio for NCUA

Servicing

The National Credit Union Administration is selling an $80 million portfolio of performing and nonperforming loans, First Financial Network announced on Thursday.

First Financial Network is handling the sale on the NCUA’s behalf.

According to First Financial Network, the portfolio contains approximately 793 loans. Of those 793 loans, approximately 75% of the loans are classified as performing, and the remainder of the portfolio is non-performing.

The underlying properties are located nationwide with concentrations in California, Nevada, Ohio and Florida.

According to First Financial Network, the weighted average coupon of the portfolio is 4.82%.

The loans are being offered in pools based on servicing, performance, collateral type, and location.

“Given both the rising market demand and size of the portfolio, we expect strong investor interest and active bidding for this residential loan portfolio,” Bliss Morris, CEO of First Financial Network, said. “We look forward to a favorable resolution of the portfolio on behalf of the NCUA.”

Bids for the portfolio are due on April 11, 2017.

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