An auction is being held for the servicing on a very small portfolio of government-sponsored enterprise mortgages. The portfolio is concentrated in the eastern half of the country.
Bids are being sought for mortgage-servicing rights on 504 residential loans that had an aggregate unpaid principal balance of $0.105 billion as of the end of last month.
Most of the loans, 86 percent, are Fannie Mae A/A mortgages. Another 10 percent are Fannie Mae ARC transactions, while just 5 percent are Freddie Mac MBS loans.
The offering was announced Thursday by Mortgage Industry Advisory Corp., the exclusive representative for the seller.
New York is the location of properties securing a quarter of the loans. Another 23 percent are in Florida, and 13 percent are in the U.S. Virgin Islands.
The interest rate is 4.591 percent on a weighted-average basis, while the service fee is 0.268 percent, the original term is 346 months, and the remaining term is 336 months.
The weighted-average original loan-to-value is 74 percent, higher than the original LTV ratio of 72 percent.
Delinquency of at least 30 days is 1.98 percent. None of the loans are in foreclosure or bankruptcy.
The seller is providing full representations and warranties.
Bids are due by Aug. 29.
More information can be obtained from MIAC Capital Markets Managing Director Steve Harris at 212.233.1250 x212 or Steve.Harris@miacanalytics.com.
