Bids are being taken for mortgage servicing rights on a portfolio of well-performing conventional agency home loans with a concentration in California.
MSRs on 2,753 residential loans backed by the government-sponsored housing enterprises for $712 million are up for grabs.
Nearly a third of the mortgages are backed by properties located in California. The only other state with a double-digit concentration is Tennessee, where 11 percent of the properties are located.
The deal was announced by Interactive Mortgage Advisors LLC, the exclusive agent for the seller.
The transactions includes 1,649 Fannie Mae loans for $401 million and 1,104 Freddie Mac loans for $311 million.
Forty-three percent of the loans were used to finance a home purchase, 41 percent were rate-term refinances and 16 percent were cashout refinances.
Single-family properties back 57 percent of the loans, while another 26 percent are secured by planned-unit developments, and 17 percent financed condominiums.
On a weighted-average basis, the interest rate is 3.860 percent, the original term was 328.1 months, and the remaining term is 324.5 months.
The weighted-average service fee is 0.2522 percent, and the current escrow balance is $4.1 million.
None of the loans are delinquent.
Ideally, the seller would prefer a Sept. 30 sale date and a mutually agreeable transfer date.
Sub-servicing on the loans is being transferred to Cenlar in September.
The final bid date is Aug. 4.
