Mortgage servicing rights on nearly $9 billion in Ginnie Mae residential loans are being offered for sale to the highest bidder.
The MSR offering involves $8.877 billion in mortgages. Two portfolios include one for $4.88 billion and a second for $3.98 billion.
The seller is “a well-capitalized mortgage banking entity with an experienced senior management team and strong net worth.”
That is according to Incenter Mortgage Advisors LLC, the exclusive broker for the seller.
The weighted-average coupon of 4.227 percent “provides significant refi opportunity,” according to Saint Paul, Minnesota-based Incenter.
Seasoning sits at 60 months, while the weighted-average FICO is 716.
Delinquency of at least 30 days stands at 5.90 percent.
The estimated average escrow is 1.07 percent of principal.
Bids will considered both on an individual basis for each portfolio and for the offering as a whole.
Bids are due by Aug. 22.
Incenter is online at www.incenterms.com.
