A pair of offerings have hit the market for mortgage servicing rights on more than $10 billion in government-sponsored enterprise home loans.
The first offering is for
MSRs on 18,224 Fannie Mae loans that have an aggregate unpaid principal balance of $5.077 billion as of Nov. 30.
Nearly 41 percent of the properties that secure the residential loans are located in California. No other state has a double-digit concentration.
Data from InCenter Mortgage Advisors, which is acting as the exclusive agent for the seller in both offerings, indicate that on a weighted-average basis, the
interest rate is 3.638 percent, the service fee is 0.2517 percent, the original term is 315.6 months and the remaining term is 309.8 months.
Delinquency of at least 30 days is 0.16 percent, and none of the loans are in foreclosure or bankruptcy.
The second offering is for MSRs on 19,119 Freddie Mac loans for $4.933 billion. While 37 percent of the loans are secured by California properties, the concentration for each other state is less than 10 percent.
The weighted-average interest rate
is 3.894 percent, the weighted-average service fee is 0.2529 percent, the weighted-average original term is 338.5 months and the weighted-average remaining term is 330.3 months.
The 30-day delinquency rate is 0.16 percent, the foreclosure rate is 0.00 percent, and the bankruptcy rate is 0.01 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 Jan. 31, 2017, with a mutually agreed upon transfer date to be specified in the purchase-and-sale agreement,” IMA said of both offerings.
IMA
said that based on MSRs currently available, these two offerings present the best investment opportunity before the end of year.
Final bids on both offerings are due by Dec. 21.
Interested parties can contact IMA Managing Director Thomas M. Piercy at 303.302.9234 or [email protected].
