Buyers of mortgage servicing rights have an opportunity to make a bid for MSRs on more than $4 billion in Ginnie Mae loans.
The offering is for MSRs on 23,761 Ginnie Mae residential loans with an aggregate principal balance of $4,007,380,093.
On a weighted-average basis, the interest rate is 3.661 percent, and the service fee is 0.3203 percent. The escrow balance as of Aug. 31 is $37.0 million.
The offering was announced Monday by Interactive Mortgage Advisors LLC.
Based on the loan balance, 99.6 percent of the mortgages are owner-occupied.
Purchase transactions make up 63.6 percent of the portfolio, while cashout-refinances account for 32.6 percent and rate-term refinances represent 3.8 percent
The original term is 355.5 months, while the remaining term is 333.7 months.
Interactive reported that delinquency of at least 30 days was 3.00 percent as of the end of August. Another 0.80 percent of the loans were either in bankruptcy or foreclosure.
The biggest concentration of loans — 8.1 percent — is in Ohio.
The final bid date is Oct. 15.
“The seller would prefer that the successful purchaser be capable of completing its due diligence and executing a purchase-and-sale agreement no later than Nov. 30, 2015, with a mutually agreed upon sale-and-transfer date to be specified in the purchase-and-sale agreement,” the announcement stated.
Interested bidders should call Interactive at 303.830.0377.
