Servicing rights on a small portfolio of residential agency loans with a heavy concentration on the West Coast are being marketed through the auction process.
The offering is for mortgage servicing rights on 1,181 single-family loans that had a collective unpaid principal balance of $0.327 billion as of June 29.
Freddie Mac Gold loans account for 43 percent of the mortgages, while Fannie Mae A/A transactions make up 42 percent, and Ginnie Mae loans represent the remaining 14 percent.
Mortgage Industry Advisory Corp., the exclusive representative for the seller, announced the offering Thursday.
California properties secure 49 percent of the loans in the pool, while 17 percent are in Washington. No other state has a double-digit concentration.
The original term is 352 months on a weighted average basis, while the remaining term is 350 months, and the service fee is 0.279 percent. The original loan-to-value ratio is 82.4 percent, and the FICO is 725.
All of the loans were originated through the retail channel.
Full representations and warranties are being provided by the seller.
Inquiries about the offering should be directed to MIAC Capital Markets Managing Director Steve Harris at 212.233.1250 x212 or Steve.Harris@miacanalytics.com.
