Mortgage servicing rights on more than $3 billion in Ginnie Mae loans are being auctioned off to the highest bidder.
As of Nov. 30, the bulk offering included MSRs on 17,898 loans with an aggregate principal balance of $3.023 billion.
On a weighted average basis, the original term is 354 months, while the remaining term on the mortgages is 325 months.
The weighted-average interest rate is 4.069 percent, and the weighted-average service fee is 0.2917 percent.
Interactive Mortgage Advisors LLC, the exclusive agent for the seller, announced the offering on Tuesday.
Delinquency of at least 30 days is 8.92 percent, while the foreclosure-bankruptcy rate is 3.07 percent.
California is the location of 11 percent of the properties backing the loans. No other state has a double-digit concentration.
“The seller would prefer that the successful purchaser be capable of completing its due diligence and executing a purchase-and-sale agreement to effectuate a Feb. 29, 2016, sale date with a mutually agreeable transfer date to be specified in the purchase-and-sale agreement,” the statement said.
Bids are due by Jan. 21.
Interactive can be reached at 303.830.0377.
