Mortgage servicing rights on approximately $4 billion in agency residential loans are being marketed through three separate offerings.
The first offering is for MSRs on 2,798 Fannie Mae and Freddie Mac loans with an aggregate principal balance of $548 million.
On a weighted-average basis, the service fee is 0.25 percent, the original term is 290.7 months and the remaining term is 275.3 months.
Interactive Mortgage Advisors LLC, which is the exclusive agent on the trio of offerings, announced the deals this week.
None of the loans are delinquent.
Texas is the location of 83 percent of the properties securing the loans.
Bids are due by Dec. 16, and the seller prefers that the purchaser is capable of completing its due diligence and executing a purchase-and-sale agreement by Jan. 31, 2016.
The second offering a a flow co-issue servicing offering for between $15 million and $40 million per month
in Fannie and Freddie loans.
Based on seller data as of Oct. 31, loan amounts are expected to average $202,261, and the service fee is expected to be 0.25 percent.
Loan terms will range from 120 months to 360 months. On a weighted-average basis, FICO scores are expected to average 743, and loan-to-value ratios are expect to average 76 percent.
Texas concentration is expected to work out to 85 percent.
Bids are due by Dec. 16, and the first monthly sale is desired on Jan. 31, 2015.
The seller is requesting a 12-month commitment to purchase co-issue with minimum three-month pricing commitments that are renewed subject to seller approval.
The final offering is for 19,999 Ginnie Mae loans with an aggregate principal balance of $2.992 billion.
Using a weighted average, the interest rate is 3.1555 percent, the service fee is 0.3769 percent and the remaining term is 289.3 months.
Thirty-nine percent of the mortgages are insured by the Federal Housing Administration, while 60 percent are guaranteed by the Department of Veterans Affairs.
The rate of total delinquency of at least 30 days is 5.10 percent.
Nearly 16 percent of the loans are secured by Texas properties, while no other state has a double-digit concentration.
Bids are being accepted until Dec. 15.
“The seller would prefer that the successful purchaser be capable of completing its due diligence and executing a purchase-and-sale agreement on or prior to Jan. 31, 2016, with a mutually agreed upon sale-and-transfer date to be specified in the purchase-and-sale agreement,” the announcement stated.
Interactive is online at www.interactivemortgageadvisors.com and can be reached at 303.830.0377 or [email protected].
