MSRs on Around $1 Billion in Agency Loans Available

The first deal is a co-issue servicing offering for loans backed by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corp.

The transaction involves between $40 million and $70 million in mortgages per month, and the seller is requesting a minimum 12-month commitment.

Interactive Mortgage Advisors LLC is acting as the exclusive agent for the seller.

The expected average loan size on the loans
is $196,611. The service fee is 0.25 percent, and the expected weighted-average term is 336 months.

FICO scores are expected to be at least 640, and the weighted-average score is around 757.

Weighted-average loan-to-value ratios are projected at 79 percent.

Properties in Tennessee are expected to back around 37 percent of the loans, while 10 percent are projected to be in Colorado.

IMA is also the exclusive agent on the second co-issue offering, which involves MSRs on between $30 million and $50 million
per month in Government National Mortgage Association loans with a minimum 12-month commitment.

The average loan size is expected to be $176,325, and the service fee is between 0.19 percent and 0.69 percent.

On a weighted-average basis, the original term is projected to be 356 months, the FICO score is expected to be 702 and the LTV ratio is forecasted at 94 percent.

Tennessee will be the location of an estimated 40 percent of the properties backing the loans, and another 11 percent will be in Alabama.

“The seller would prefer that the successful purchaser be capable of completing its due diligence and executing a purchase and sale agreement to effectuate the first monthly sale date on or prior to Jan. 31, 2016,” IMA said of the offerings. “The seller requests a twelve month commitment to purchase co-issue with minimum three month pricing commitments that are renewed but subject to approval by seller.”