Some of the first jumbo mortgages that were rejected by the housing finance agencies over TRID violations have been put up for auction.
The residential agency loans
with jumbo loan amounts were closed late last year shortly after the implementation of integrated disclosures.
But the mortgages were rejected by Fannie Mae, Freddie Mac or Ginnie Mae because they didn’t meet Know Before You Owe requirements.
The portfolio consists of six loans for $4.3 million. Nearly half of the loan balances on are on mortgages secured by Washington properties.
The
loans are being offered by Mortgage Industry Advisory Corp. on behalf of a long-term client.
“We are early in the implementation of TRID, so this is one of the first pools of size to come to market,” Brendan Teeley, MIAC vice president whole loan sales, trading, said in a written statement. “It will be interesting to see how it develops in the near future.”
Loan-level bids are due by Feb. 17.
Prospective buyers will need to execute a non-disclosure agreement before receiving a loan tape.
Parties interested in bidding can contact Teeley at 212.233.1250 x281 or [email protected].
