Servicing is for sale on nearly $2 billion in residential loans that are included in Ginnie Mae mortgage-backed securities. A majority of the loans are in three states.
The bulk offering is for mortgage servicing rights on
188,284 Ginnie Mae mortgages that had an aggregate unpaid principal balance of $1.821 billion as of Sept. 30.
Properties with a Pennsylvania address secure more than 22 percent of the loans in the pool. Nearly 18 percent are in New Jersey, and almost 12 percent are in California.
All other states had less than a 10 percent concentration.
The deal was announced
by Denver-based Incenter Mortgage Advisors LLC, the exclusive broker for the seller, “an independent mortgage banker with strong net worth and experienced senior management team.”
IMA said the loans are subserviced by LoanCare.
On a weighted-average basis, the GNMA II loans
have an 0.3079 percent service fee, 3.831 percent interest rate and 10.28 percent 30-day delinquency rate including foreclosures and bankruptcies.
The weighted average original term is 359 months, and the remaining term is more than 334 months.
Refinance share is 32.9 percent.
“The seller would prefer that the successful purchaser be capable of completing its due diligence and executing a purchase-and-sale agreement on or before Dec. 31, 2017, to effectuate a sale date no later than Dec. 31, 2017, with a mutually agreed upon transfer date to be specified in the purchase-and-sale agreement.”
The final bid date is Nov. 1.
A non-disclosure agreement is required by the seller.
Parties interested in the portfolio can contact IMA Managing Director Thomas M. Piercy at 303.302.9234 or [email protected].
