Agency Loans Could Exceed $1 Bil in MSR Offerings

The first offering is for MSRs on between $60 million and $90 million per month
in government-sponsored enterprise home loans.

The co-issue flow servicing offering
is expected to include mortgages with an average loan size of approximately $229,641.

The service fee is 0.25 percent.

On a weighted-average basis, the original term is expected to be 321 months, while the FICO score is expected to be 745 and the loan-to-value ratio is projected at 75.7 percent.

More than two-thirds of the loans are expected to be backed by Texas properties.
Wisconsin is the anticipated location of 16 percent of the properties backing the loans, and no other state has a double-digit concentration.

The second co-issue flow offering involves MSRs on between $10 million and $30 million
in Ginnie Mae loans per month.

The expected average loan size is $194,565, and the weighted-average service fee is predicted to be 0.3418 percent.

Weighted-average terms are projected at 360 months, the weighted-average FICO score is predicted to be 694 and the weighted-average LTV ratio is forecasted at 96 percent.

Around
35 percent of the loans are expected to be GNMA I, and the other 65 percent are projected to be GNMA II loans.

The anticipated Texas concentration is 47 percent, while Florida is expected to be the location of a fifth of the loans and 19 percent are projected to be in Wisconsin.

Both deals are being offered by Interactive Mortgage Advisors LLC, the exclusive agent for the sellers.

“The seller would prefer that the successful purchaser be capable of completing its due diligence and executing a purchase-and-sale agreement to effectuate the first monthly sale date on or prior to Feb. 29, 2016, with a ramp up going forward,” Interactive said of both offerings. “The seller requests a 12-month commitment to purchase co-issue with minimum three month pricing commitments that are renewed but subject to approval by seller.”

The deadline for bids on both transactions is Jan. 20.