A pair of co-issue flow offerings for servicing rights on agency mortgages could ultimately give the successful bidder servicing on more than $1 billion in loans.
The first offering is for mortgage-servicing rights on between $25 million and $60 million per month in residential loans. The minimum commitment term is 12 months.
Fannie Mae A/A mortgages are expected to account for around 89 percent based on the number of loans, while Freddie Mac Gold share is projected at just 11 percent.
Incenter Mortgage Advisors, the agent for the seller, announced the deal Tuesday.
The average loan size is expected to be $226,000. On a weighted-average basis, the projected term is at 349 months, the FICO scores are expected to be 742, and the loan-to-value ratio is predicted at 83.1 percent.
It is anticipated that properties securing 27 percent of the loans will be located in New Jersey, while another 17 percent will be in Pennsylvania, and 14 percent will be secured by Florida properties. No other state has a double-digit share.
IMA’s second offering is for MSRs on between $20 million and $40 million in Ginnie Mae loans per month.
Loan sizes are expected to average $208,000. It is anticipated that the weighted-average service fee will be 33 basis points, the FICO scores will be 680, and LTV ratios will be 95.8 percent.
The offering has a similar concentration as the first offering — with 31 percent in New Jersey, a fifth in Pennsylvania and 12 percent in Florida.
Bids for both offerings are due by July 31. The seller prefers that purchase-and-sale agreements be executed for a September 2018 first monthly sale.
Information about both offerings is available from IMA Managing Director Thomas M. Piercy at 303.302.9234 or tpiercy@incenterms.com.
