A new offering could provide the successful bidder with mortgage servicing rights on as much as $1 billion in government-sponsored enterprise loans.
The concurrent flow servicing offering
is for MSRs on $60 million per month in Fannie Mae first-lien mortgages. All of the loans are retail originations.
Nearly 90 percent of the loans have 30-year terms, while more than 10 percent are 15-year mortgages.
The owner-occupancy ratio is almost 92 percent.
Mortgage Industry Advisory Corp., the exclusive representative for the seller, announced the offering Tuesday.
A hundred percent of the loans are fully documented. Pennsylvania is the location of properties securing 72 percent of the loans, while another 23 percent are in New Jersey. No other state has a double-digit concentration.
On a weighted-average basis, the service fee is 0.25 percent,
the FICO score is 756 and the loan-to-value ratio is 80 percent.
Full representations and warranties will be provided by the seller, a
full-service mortgage banker and one of the largest Realtor-affiliated mortgage companies in the country.
The seller desires a 12-month to 18-month future flow delivery with a six-month commitment.
Bids are due by Jan. 12.
More information is online at www.miacanalytics.com.
