An offering of servicing rights on a portfolio of nearly $800 million in agency home loans has a concentration of properties that are located in the Empire State.
Mortgage servicing rights are being offered on 4,263 Fannie Mae, Freddie Mac and Ginnie Mae loans with a collective unpaid principal balance of $773 million as of Dec. 29, 2017.
FHLMC 3 ARC loans account for $61 million of the loans, while $223 million are FNMA A/A, $0.7 million are GNMA I and $488 million are GNMA II.
The exclusive representative for the seller, Mortgage Industry Advisory Corp.,
announced the offering Monday.
The seller is a mortgage company with a New York concentration, and properties located in the state accounted for 80 percent of all loans being serviced — the only state with a double-digit concentration.
All of the loans were originated through the retail channel, and almost all of the loans are fixed rate.
Using a weighted-average, the interest rate is 3.87 percent, the service fee is 0.299 percent, the original term is 327 months, and the remaining term is 307 months.
The weighted-averaged FICO is 712. At 87.015 percent, the weighted-averaged combined loan-to-value ratio was lower than the 90.84 percent original LTV ratio.
Delinquency, including foreclosures and bankruptcies, is 9.29 percent.
Bids are due by Feb. 21 and can be directed to MIAC Managing Director Dan Thomas at [email protected] or 212.233.1250 x240.
