A new offering has hit the market for mortgage servicing rights on more than $2 billion in Government National Mortgage Association loans.
Bids are being taken for MSRs on 16,965 Ginnie Mae residential loans with a collective unpaid principal balance of $2.092 billion as of March 31.
GNMA I mortgages account for 23 percent of the loans, while the remaining 77 percent are GNMA II loans.
No state has a concentration above 9 percent.
The deal was announced on Thursday by Mortgage Industry Advisory Corp., the exclusive representative for the seller.
On a weighted-average basis, the service fee is 0.317 percent, the interest rate is 3.806 percent,
and the 30-day delinquency rate is 9.54 percent, while the original term is 316 months and the remaining term is 264 months.
Nearly all the mortgages are fixed rate.
“Direct corporate” originations make up 74 percent, and “retail corporate” make up 26 percent.
The weighted average FICO score is 672.
Full representations and warranties are being provided by the seller.
“Seller would prefer a sale date of June 30, 2017, or before,” MIAC stated. “Portfolio transfer date will be subject to investor approval and sub-servicer transfer timelines.”
Bids are due by May 9.
MIAC is online at
www.miacanalytics.com.
