Investors have only a couple days to bid on a dozen or so residential loans that were underwritten to agency standards but kicked back.
A large non-bank originator is looking to sell approximately 13 mortgages that have an aggregate unpaid principal balance of $3.1 million.
The offering includes conventional mortgages, loans
insured by the Federal Housing Administration and loans guaranteed by the Department of Veterans Affairs.
Mortgage Industry Advisory Corp. announced the offering on Wednesday.
Jumbo loans
are among the mortgages.
The 30-year mortgages have a weighted-average age of 52 months and a weighted-average coupon of 4.124 percent.
While the loans were underwritten to agency standards, the aggregators kicked them back.
The seller will consider selling as a loan-level offering or an all-or-none bid. Pricing is at a discount.
Bids are due by May 19.
