A small portfolio of jumbo mortgages is being marketed for sale. Properties backing the loans are located in the states of Arizona and Wisconsin.
The secondary offering is a whole-loan sale transaction, according to a news release Monday. The seller prefers to retain the servicing on the loans.
However, the seller is also willing to consider selling the loans on a servicing-released and servicing-retained basis with a non-solicitation agreement.
The unpaid principal balance on these performing loans is $12,840,010, the announcement from Mortgage Industry Advisory Corp. indicated.
The gross weighted-average coupon on the loans is 4.035 percent.
Arizona is where properties backing $10.1 million of the loans are located, while Wisconsin is the location of homes backing $2.8 million of the loans.
Borrowers on the loans have an average FICO score of 750.
Prospective bidders are being directed to contact MIAC Vice President Whole Loan Sales Trading Brendan Teeley by phone
at his office phone (212,233.1250 x281), on his mobile phone (317.531.5297) or at his email address ([email protected]).
