The sale of $50 million in new single-family loans that have adjustable rates has been executed as a whole-loan transaction.
Included in the sale were $50 million in adjustable-rate mortgages. The newly originated loans are classified as 1/1 ARMs.
According to a brief statement issued about the transaction, the entire portfolio of mortgages was sold with servicing retained.
The deal was announced Thursday by Mortgage Industry Advisory Corp.
New York-based MIAC noted that
its whole-loan desk placed the $50 million pool of mortgages.
In addition to handling whole-loan sales, MIAC also markets mortgage servicing rights.
