A financial institution is selling mortgage servicing rights on government-sponsored enterprise loans with a three-state concentration.
Bids are being taken for MSRs on a portfolio of 13,289 loans that had a collective unpaid principal balance of $1.809 billion as of March 31.
Fannie Mae mortgages account for 8,969 of the residential loans, while another 4,320 of the units are Freddie Mac loans.
The non-recourse offering was announced by MorVest Capital, the exclusive agent for the seller — “a well-capitalized bank.”
Properties located in Texas account for 48 percent of the principal balance outstanding, while another 19 percent are in Missouri, and 16 percent are in Louisiana. All other states have less than a 10 percent share.
On a weighted-average basis, the note rate is 4.1737 percent, and the service fee is 0.2522 percent, while the original term is 328.9 months, and the remaining term is 276.3 months.
The weighted-average original loan-to-value ratio is 76.7 percent, and the weighted-average original credit score is 748.
Almost all of the loans were acquired through the correspondent channel or through bulk acquisitions.
Delinquency of at least 30 days, including bankruptcies and foreclosures, stands at 2.10 percent.
Bids are due by April 18. Interested parties can contact
David Fleig at [email protected] or 281.980.0757.
