Loan servicing rights on more than $2 billion in agency home loans are being marketed for sale. The loans are geographically distributed, and nearly two-thirds of loans were third-party originations.
The offering includes mortgage-servicing rights on 14,112 single-family loans that collectively had an unpaid principal balance of $2.106 billion as of May 31.
Fannie Mae A/A loans account for 17 percent of the loans in the offering, Freddie Mac Gold mortgages represent 35 percent, 3 percent are Ginnie Mae mortgages and 45 percent are GNMA II loans.
Announcing the offering Wednesday was Mortgage Industry Advisory Corp., as the exclusive representative for the seller.
All of the loans are fixed rate. Retail originations account for 36 percent of the loans, 42 percent were generated through the wholesale lending channel, and 22 percent were from the correspondent channel.
No state has a double-digit concentration.
On a weighted-average basis, the interest rate is 3.590 percent, and the service fee is 0.290 percent, while the original term is 323 month, and the renaming term is 287 months.
The weighted-average FICO score is 712, and the weighted-average CLTV is 82.9 percent.
MIAC said delinquency of at least 30 days, including foreclosures and bankruptcies, stands at 6.16 percent.
The seller is providing full representations and warranties.
MIAC Capital Markets Managing Director Steve Harris is the contact for interested parties and can be reached at 212.233.1250 x212 or Steve.Harris@miacanalytics.com..
