A large regional bank in the Southeast is selling a pool of first mortgages that are seasoned, performing and secured by homes in the region.
The offering for the pool of first-lien residential mortgages includes 161 loans with an aggregate principal balance of $28.779 million.
The successful bidder in the auction will acquire performing residential loans with a gross weighted-average coupon of 3.7 percent.
Mortgage Industry Advisory Corp., which has an exclusive engagement to sell the loans, announced the offering on Tuesday.
Loans for sale were originated through internal production or acquired through correspondent relationships in 2012 and 2013.
Conventional loans without private mortgage insurance make up 69 percent of the offering. Another 16 percent are conventional loans with mortgage insurance.
Mortgages insured by the Federal Housing Administration represent seven percent of the loans, and an additional five percent are guaranteed by the Department of Veterans affairs. The rest are farm loans and commercial second mortgages.
Based on the loan balances, more than a third of the properties securing the mortgages are located in South Carolina.
More than a quarter are backed by homes in Georgia, and nearly a quarter of the residences are in North Carolina.
The final bid date is the second week in February.
Interested parties should contact
Brendan Teeley at 212.233.1250 x281 or at [email protected].
