An auction is being conducted for the sale of mortgage servicing rights on agency single-family loans that have a West Coast concentration.
Bids are being accepted for MSRs on 1,666
Fannie Mae, Freddie Mac and Ginnie Mae loans with an aggregate unpaid principal balance of $444 million as of Jan. 31.
More than a third of the residential loans in the pool are FNMA A/A, while 21 percent are FHLMC Gold. GNMA II
mortgages account for another 45 percent.
Mortgage Industry Advisory Corp., the exclusive representative for the seller — a mortgage banker with a California concentration — announced the offering Tuesday.
The interest rate on the loans is 4.247 percent
based on a weighted average, while the service fee is 0.335 percent, the original term is 352 months, and the remaining term is 343 months.
Delinquency of at least 30 days, including foreclosures and bankruptcies, is 4.86 percent.
California is the location of properties that secure a majority of loans in the pool, and 16 percent are in Washington. All other states have a share of less than 10 percent.
Full representations and warranties are being provided by the seller for the loans in the offering.
“Seller would prefer a sale date of March 30, 2018, or before,” the notice states. “Portfolio transfer date will be subject to investor approval and sub servicer transfer time lines.”
Bids are due by Feb. 22. Interest parties should contact MIAC Managing Director Dan Thomas at [email protected] or 212.233.1250 x240.
