Bids are being sought for the servicing on nearly $300 million in government-sponsored enterprise residential loans with a Golden State concentration.
The offering is for mortgage servicing rights on 1,096 single-family loans that had an aggregate unpaid principal balance of $299 million as of June 30.
Fannie Mae A/A mortgages account for 1,096 loans in the portfolio, while Freddie Mac ARC loans make up just 27 of the mortgages.
Incenter Mortgage Advisors, the exclusive agent for the seller, announced the offering.
The interest rate is 3.934 percent on a weighted-average basis, while the service fee is 0.25 percent, the original term is 298.4 months and the remaining term is 287.1 months.
California is the location of properties securing 53 percent of the loans. All other states have less than a 10 percent share.
The weighted-average FICO is 757. Just one of the loans is delinquent 30 days, and none of the loans are in bankruptcy or foreclosure.
“The seller would prefer that the successful purchaser be capable of completing its due diligence and executing a purchase-and-sale agreement on or before Sept. 28, 2018, with a mutually agreed upon transfer date to be specified in the purchase-and-sale agreement,” Incenter said.
Interested parties can contact
IMA Managing Director Thomas M. Piercy at 303.302.9234 or [email protected].
