Mortgage servicing rights on less than $200 million in government-sponsored enterprise loans with a three-state concentration are being marketed for sale to the highest bidder.
Bids are currently being accepted for MSRs on 990 single-family loans that had an aggregate unpaid principal balance of $0.182 billion as of May 31.
A fifth of the properties securing the loans are located New Jersey, 19 percent are in Indiana, and 11 percent are in Pennsylvania. No other state has a double-digit concentration.
The deal was announced Thursday by Mortgage Industry Advisory Corp., the exclusive representative for the seller.
Fannie Mae mortgages account for 714 of the units, while the remaining 276 residential loans in the portfolio are backed by Freddie Mac.
On a weighted average basis, the interest rate is 4.301 percent, and the service fee is 0.252 percent, while the original term is 320 months, and the remaining term is 311 months.
The weighted-average original loan-to-value ratio is 77.6 percent, while the weighted-average FICO score is 731.
Delinquency of at least 30 days, including foreclosures and bankruptcies, stands at 0.65 percent.
Full representations and warranties are being provided by the seller.
Parties interested in bidding can contact MIAC Capital Markets Managing Director Steve Harris at 212.233.1250 x212 or Steve.Harris@miacanalytics.com.
