A pool of non-owner occupied home loans with a three-state concentration are being auctioned off to the highest bidder.
Bids are being taken on a pool of roughly 780 performing residential loans that have an aggregate unpaid principal balance of $39 million.
The non-recourse mortgages are investor transactions. No losses have been recorded for the portfolio since the program began.
Mortgage Industry Advisory Corp., the exclusive agent for the seller, announced the whole-loan offering on Friday.
There is a geographic concentration in Georgia, Tennessee and Texas.
On a weighted-average basis, the coupon is 9.60 percent, the loan-to-value ratio is 50 percent, and the term is 15 years. The weighted-average vintage is 2015.
The successful bidder will have
an additional opportunity to purchase future flow originations from the seller, a non-bank originator.
MIAC noted that servicing retained is at a 6.0 percent net interest rate.
The loans are being offered on an all-or-none basis.
No bid date was listed.
Interested parties can contact MIAC
Senior Vice President Brendan Teeley at 212.233.1250 x281 or [email protected].
