An offering of mortgage servicing rights on Ginnie Mae loans has hit the market. The portfolio has a wide geographic disbursement.
The offering includes MSRs on 6,636 residential loans with an aggregate unpaid principal balance of $781 million as of Dec. 31, 2016.
GNMA I loans account for 16.7 percent of the total loan portfolio, while GNMA II mortgages make up the remaining 83.3 percent.
The offering was announced Tuesday by Mortgage Industry Advisory Corp., the exclusive representative for the seller.
A tenth of the loans are secured by properties located in Florida. No other state has a double-digit share.
All of the loans are fixed rate. Most of the loans, 91.4 percent, were retail-originated, while 8.6 percent were from the wholesale channel.
On a weighted-average basis, the interest rate is 5.103 percent, the original term is 360 months, and the remaining term is 340 months.
The weighted-average FICO score is 631, and the weighted-average delinquency rate is 8.34 percent.
The service fee is 0.533 percent.
The
seller will provide full representations and warranties for the loans included in the offering.
Bids are due by Feb. 7.
MIAC is online at www.miacanalytics.com.
