Servicing on more than $10 billion in government-sponsored enterprise mortgages has become available for bids. There is a modest Beach State concentration.
Mortgage servicing rights are being offered on 39,253 single-family loans with a collective unpaid principal balance of $10.349 billion as of May 31.
The security on 26 percent of the loans is located in California.
Florida has a 9.5 percent share, and all other states have less than a 1/10th share.
The transaction was announced by Incenter Mortgage Advisors, the exclusive agent for the seller, “an independent mortgage banker with strong net worth and experienced senior management team.”
Fannie Mae loans account for 57 percent of the loans being serviced, and Freddie Mac share is 43 percent.
The interest rate is 4.167 percent on a weighted-average basis, while the service fee is 0.2522 percent, and the FICO is 757. The weighted-average original term is 338.8 months with a remaining term of 329.5 months.
None of the loans are 30-days delinquent, in bankruptcy or in foreclosure.
Bids are due by June 28.
“The seller would prefer that the successful purchaser be capable of completing its due diligence and executing a purchase-and-sale agreement on or before Sept. 28, 2018, with a mutually agreed upon transfer date to be specified in the purchase-and-sale agreement.”
Prospective bidders should contact
IMA Managing Director Thomas M. Piercy at 303.302.9234 or [email protected].
