Agency mortgages that were kicked back by aggregators have come on the market for investors looking to purchase them at a discount.
The offering includes four conventional, insured and uninsured government loans with an aggregate unpaid principal balance of $2.3 million.
Although the mortgages have been underwritten to agency guidelines,
they have all been kicked back by loan aggregators.
Mortgage Industry Advisory Corp, announced the offering on Wednesday. The seller is a large non-bank originator.
The weighted-average coupon is 4.188 percent.
Three of the loans are secured by Florida properties, while the fourth is secured by an Indiana property.
“The seller is seeking to sell as a loan level, or all-or-none bid,” the statement said.
The offering is priced in the nineties.
Although the potential sale was only announced today, MIAC noted that the bid date is April 12. A request for clarification about another similar such discrepancy in another MIAC offering was ignored by Brendan Teeley, who is the contact on this offering.
