Mortgage servicing rights being offered on a flow basis will work out to at least $150 million in home loans serviced. A concentration of Texas properties back the loans.
Prospective buyers are sought for a concurrent flow mortgage servicing offering on $25 million in agency loans on a monthly basis.
Based on the average loan size of $175,660, that works out to MSRs on around 142 new loans per month.
The seller is looking for a 12- to 18-month future flow deliver but will take a minimum six-month commitment, which would put the low end of the deal at
around 850 loans for $150 million.
Mortgage Industry Advisory Corp. said in a news release that it is the exclusive representative for the seller.
“A well capitalized mortgage company” is the seller of the MSRs, according to the announcement. The loans have a geographic concentration in Texas.
Almost all of the loans are fixed rate, and 97 percent are secured by Lone Star State properties.
Ginnie Mae loans account for 54 percent, and Fannie Mae mortgages make up 46 percent.
Refinance share is only around 13 percent.
On a non-zero weighted-average basis, agency FICOs were 744 and government FICOs were 675.
MIAC noted that the seller is providing full representations and warranties on the loans.
The bid date is May 15.
Inquiries are being directed to
[email protected].
