A portfolio of mortgage servicing rights on nearly $1 billion in Ginnie Mae loans is being marketed for sale.
The offering is for MSRs on approximately 3,224 GNMA II loans with an aggregate principal balance of $896 million.
The seller, a mortgage banker than does much of its residential loan originations in California, is providing full representations and warranties.
Mortgage Industry Advisory Corp., which represents the seller, said more than two-thirds of the loans were originated through the retail channel, while wholesale originations account for nearly a quarter of the portfolio.
Less than 1 percent of the loans are adjustable-rate mortgages.
On a weighted-average basis, the interest rate on the loans is 3.934 percent, the average loan age is five months and the delinquency rate is 0.56 percent.
The bid date is May 4.
Inquiries should be directed to
[email protected].
