The servicing on more than $3.6 billion in government mortgages are being auctioned to the highest bidder. A significant share of the portfolio is secured by Golden State properties.
Mortgage-servicing rights are being offered on 14,102Â Ginnie Mae loans that had an aggregate unpaid principal balance of $3.607 billion as of June 29. Most of the mortgages are GNMA II.
More than a third of the loans are secured by properties that are located in California. But all other states have less than a 10 percent concentration.
The offering was announced Wednesday by Mortgage Industry Advisory Corp., the exclusive representative for the seller.
On a weighted-average basis, the FICO is 661, the original term is 357 months and the remaining term is 344 months. The interest rate is 4.057 percent, and the service fee is 0.337 percent.
Delinquency of at least 30 days, including foreclosures, is 7.50 percent.
Full representations and warranties are being provided by the seller. A sale date of Sept. 28 is preferred.
Bids are due by Aug. 7.
Interested parties can reach out to MIAC Capital Markets Managing Director Steve Harris at 212.233.1250 x212 or Steve.Harris@miacanalytics.com.
