Mortgage servicing rights on upcoming originations are being offered on a flow basis in a deal that will provide MSRs on at least $300 million in agency loans.
“A well-capitalized mortgage company” is offering a concurrent flow mortgage servicing offering for MSRs on $50 million in agency loans per month.
Properties backing nearly 86 percent of the loans have a geographic concentration in New York. All of the loans are fixed rate.
Mortgage Industry Advisory Corp., the exclusive representative for the seller, said that there is a minimum six-month commitment — though the seller is looking for a 12-to-16-month future flow delivery.
FNMA A/A loans account for around 59 percent of the business, while GNMA loans make up around 41 percent.
The average loan size if $177,753, and the average escrow balance is $2,311.
FICO scores average 729.
Full representations and warranties for the loans are being provided by the seller.
“Bidders may present their flow bid pricing matrices for the GNMA or conventional MSRs separately,” MIAC said.
An initial delivery data of no later than May is preferred by the seller.
The bid date is April 10.
Inquiries can be directed to Dan Thomas at
212.233.1250×240 or [email protected].
