Bids are being taken for a portfolio of mortgage servicing rights on Ginnie Mae loans that have a concentration on the East Coast.
The offering includes MSRs on 1,616 Ginnie Mae loans with an aggregate unpaid principal balance of $402 million as of Jan. 31.
Last month’s weighted-average original term was 355.4 months, the remaining term was 320.2 months and the age was 35.2 months.
Incenter Mortgage Advisors, the exclusive agent for the seller, announced the offering.
“The seller is an independent mortgage banker with solid net worth and over 50 years in business,” Denver-based Incenter said.
On a weighted-average basis, the interest rate is 3.863 percent, while the service fee is 0.2903 percent.
Delinquency of at least 30 days
finished last month at 3.22 percent, while another 2.35 percent of loans were either in foreclosure or bankrupt.
New York is the location of properties securing 40 percent of the loans. Another 12 percent were in Massachusetts, and 10 percent were in Virginia. All other states had a less than one-tenth share.
“The seller is requesting the successful purchaser be capable of completing its due diligence and executing a purchase-and-sale agreement to effectuate a sale date on or prior to March 31, 2017, with a mutually agreed upon transfer date to be specified in the purchase-and-sale agreement,” Incenter said.
Bids for the MSRs are due by Feb. 28.
Interested parties can contact
Incenter Managing Director Christopher J. John at 303.302.9237 or [email protected].