Mortgage servicing rights on agency residential loans with a Florida concentration are being auctioned off to the highest bidder.
The offering is for MSRs on 1,113 residential loans that had a collective principal balance of $216 million as of April 30.
Fannie Mae “A/A” loans make up 84 percent of the loans in the portfolio, and the remaining 16 percent are Ginnie Mae II loans.
Mortgage Industry Advisory Corp., the exclusive representative for the seller, announced the deal Wednesday.
Florida properties secure 58 percent of the loans in the portfolio, and another 10 percent are secured by South Carolina properties. No other state has a double-digit concentration.
Using weighted average figures, the interest rate is 4.250 percent, the original term is 334 months and the remaining term is 323 months. The weighted-average FICO score is 725.
Almost all of the loans are fixed rate.
Nearly half of the loans were originated through the retail channel, while 17 percent were third-party originated and 34 percent came from the wholesale channel.
The weighted-average service fee is 0.263 percent.
Delinquency of at least 30 days on the loans, including foreclosures and bankruptcies, stands at 2.07 percent.
The seller, which is providing full representations and warranties, hopes to enter a 12- to 18-month future flow delivery with a minimum six-month commitment.
Bids for the MSRs are due by June 28.
Interested parties should contact
MIAC Managing Director Dan Thomas at [email protected] or 212.233.1250 X240.
