The servicing on more than $3.5 billion in Government National Mortgage Association loans are being auctioned off to the highest bidder. There is a modest concentration in the Lone Star State.
The offering is for mortgage servicing rights on 21,356 Ginnie Mae residential loans that had an aggregate unpaid principal balance of $3.589 billion as of June 30.
Texas is the location of properties securing 24 percent of the mortgages, while another 12 percent are secured by Ohio properties.
Incenter Mortgage Advisors, the exclusive agent for the seller, announced the offering on Thursday.
The weighted-average
service fee is 29 basis points, and the note rate is 3.69 percent. The weighted-average original term is 356.3 months, and 316.8 months months are remaining .
Delinquency of at least 30 days, including bankruptcies and foreclosures, is 9.20 percent.
“The seller would prefer that the successful purchaser be capable of completing its due diligence and executing a purchase-and-sale agreement in order to effectuate a sale date no later than Sept. 28, 2018, with a mutually agreed upon transfer date to be specified in the purchase-and-sale agreement,” Incenter said.
Bids are due by Aug. 2.
Interested parties, who will have to sign a non-disclosure agreement, can inquire about the offering with IMA Managing Director Thomas M. Piercy at 303.302.9234 or [email protected].
