Aegis Mortgage gets court OK of sale procedures for loan servicing rights sale

By Rebecca Melvin

New York, Jan. 31 - Aegis Mortgage Corp. received court approval of procedures for the sale of loan servicing rights covering eight mortgage loan pools, according to a filing Thursday with the U.S. Bankruptcy Court for the District of Delaware.

Currently servicing agreements are in place for the servicing function with Ocwen Federal Banks FSB and Ocwen Loan Servicing LLC.

Wells Fargo Bank NA is the master servicer.

Under the sale procedures, the seller and purchaser will mutually determine the manner in which the servicing agreements will be terminated and servicing functions transferred to the buyer.

All the bids must be for at least $3 million plus the amount necessary to pay services advances paid on the loans.

Bidders who submit an offer for all the servicing rights must include at $500,000 deposit, while bidders submitting an offer for part of the assets must include a deposit of 20% of the purchase price.

The minimum starting bid at auction will be the highest bid received by the bid deadline of Feb. 11.

An auction is scheduled to take place Feb. 14; a hearing on approval of the sale will be held Feb. 20; and closing is expected to take place no later than Feb. 29, according to the filing.

Aegis Mortgage, a Houston-based mortgage production franchise, filed for bankruptcy on Aug. 13. Its Chapter 11 case number is 07-11119.

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