Potential buyers are being sought for the servicing on over a half-billion dollars in government-sponsored enterprise single-family loans with a Golden State concentration.
Bids are being accepted for mortgage-servicing rights on 2,203 residential loans that had a collective unpaid principal balance of $0.510 billion as of July 31.
Fannie Mae A/A mortgages account for 1,353 units, Freddie Mac Gold loans number 847, and three additional mortgages are described as “Private A/A.”
The exclusive representative for the seller, Mortgage Industry Advisory Corp., announced the offering Monday.
California is the location of properties securing 48 percent of the loans, while another 11 percent are in Nevada. All other states have less than a 10 percent concentration.
All of the loans are fixed rate and were originated through the retail channel.
On a weighted-average basis, the interest rate is 4.659 percent, and the service fee is 0.251 percent, while the original term is 353 months, and the remaining term is 341 months.
The weighted-average FICO is 725.
Thirty-day delinquency, including bankruptcies and foreclosures, was 2.09 percent at the end of July.
Full representations and warranties are being provided by the seller.
An Oct. 31 sale date is preferred by the seller, and the transfer date will be subject to investor approval and sub-servicer transfer time lines.
Bids are due by Sept. 20.
Inquiries can be directed to MIAC Capital Markets Managing Director Steve Harris at 212.233.1250 x212 or Steve.Harris@miacanalytics.com.
