An offering of mortgage-servicing rights on over $1 billion in agency loans that has just become available has a heavy concentration of loans in the Golden State.
MSRs are being offered on 5,671 single-family loans that had an aggregate unpaid principal balance of $1.268 billion as of April 30.
Fannie Mae A/A loans account for 3 percent of the units, while 67 percent are Freddie Mac ARC mortgages, less than 1 percent are Ginnie Mae I loans and 29 percent are Ginnie Mae II mortgages.
The offering was announced Wednesday by Mortgage Industry Advisory Corp., the exclusive representative for the seller.
On a weighted-average basis, the interest rate is 4.192 percent and the service fee is 0.288 percent, while the original term is 352 months, and the remaining term is 323 months.
The weighted-average FICO score is 752, and the weighted-average original loan-to-value ratio is 82.5 percent.
Delinquency of at least 30 days, including bankruptcies and foreclosures, stands at 1.78 percent.
Full representations and warranties are being provided by the seller.
The final bid date is June 18.
Interested bidders can contact MIAC Managing Director Dan Thomas at Dan.Thomas@miacanalytics.com or 212.233.1250 x240.
