Freddie Mac has established a multifamily servicing transfer clearinghouse program to help servicers transfer and sell existing multifamily servicing portfolios until Dec. 31.
Officials at Freddie Mae said they expect the clearinghouse to combine various multifamily portfolios, then organize auctions.
The administering agency, Cohane Rafferty Securities, will try to obtain a greater return to the seller than would be offered by small case-by-case offerings.
Most transactions are expected to occur early in the fourth quarter, but interested servicers are encouraged to "take advantage of the program as soon as possible because of its brief availability," said Susan Guthrie, Freddie Mae multifamily director of customer relations.
Under the program, a servicer may either sell an entire portfolio or a regional group, such as all loans within a state.
The program, which begins July 26, will perform these services:
* assist any multifamily servicer that expresses a desire to sell a servicing portfolio through a clearinghouse;
* combine mortgages according to geographic location of the mortgage premises:
* connect prospective seller to prospective buyers who are approved Program Plus and other multifamily servicers; and
* Organize and conduct the auctions of servicing portfolios.