Mortgage servicing rights on nearly $8 billion in mortgages backing securities guaranteed by the Government National Mortgage Association are on the market. The mostly adjustable-rate government loans are concentrated in five states. While the average loan in the portfolio is less than a year old, delinquency already exceeds 3.5 percent.
The $7.88 billion Ginnie Mae servicing portfolio is being offered by a mortgage firm that originates loans on a national basis.
Full representations and warranties are being provided on the loans included in the offering.
The exclusive representative for the seller, Mortgage Industry Advisory Corp., is accepting bids until Sept. 10 by e-mail at [email protected].
Loan-level data and the offering memorandum will be provided after a confidentiality agreement is executed.
All of the loans are guaranteed by the Department of Veterans Affairs, and almost 100 percent are adjustable-rate mortgages.
The average loan size is $173,771, and the weighted-average interest rate is 2.858 percent. The weighted-average loan age is seven months, and the weighted-average FICO score is 682.
The retail-originated loans are backed by a concentration of properties in California, Florida, North Carolina, Texas and Virginia.
Weighted-average delinquency on the portfolio is 3.56 percent.
