Bids are being sought for mortgage-servicing rights on more than $2 billion in agency-backed single family loans with a wide geographic dispersion.
A mortgage firm that originates on a national basis is selling MSRs on 12,691 loans that had an aggregate unpaid principal balance of $2.236 billion as of April 30.
A majority of the loans, 56 percent, are GNMA II, while 19 percent are FHLMC 3 ARC, 15 percent are FNMA A/A, 10 percent are FNMA MBS and less than 1 percent are GNMA I.
Mortgage Industry Advisory Corp., the exclusive representative for the seller, announced the offering Monday.
Virginia is where properties securing 12 percent of the loans are located, while another
10 percent are in Florida. No other state has a double-digit concentration.
On a weighted-average basis, the average FICO score is 691,
the interest rate is 4.144 percent, and the service fee is .309 percent, while the the original term is 333 months, and the remaining term is 312 months.
A little over half of the loans are described as “direct corporate,” while just under half are considered “retail corporate.”
Delinquency of at least 30 days, including foreclosures and bankruptcies, stands at 5.68 percent.
“The seller will be providing full representations and warranties,” MIAC said.
Bids are due by May 17. The seller prefers a sale date of June 29, while the transfer date will be determined subject to investor approval and sub-servicer transfer time lines.
Interested parties can contact Dan Thomas at 212.233.1250 x240 or [email protected].
