A successful bidder will pick up mortgage servicing rights on over $1.3 billion in Ginnie Mae loans with a 10 percent concentration in Florida.
Up for auction are MSRs on 6,328 Ginnie Mae mortgages. As of Jan. 31, 2017, the loans had an aggregate principal balance of $1.352 billion.
The weighted-average original term as of the end of last month was 352 months, while the remaining term worked out to 347 months.
The deal was announced Friday by Incenter Mortgage Advisors LLC,
the exclusive broker for the seller.
On a weighted-average basis, the service fee for the GNMA II loans is 0.2237 percent, and the interest rate is 3.865 percent.
Delinquency of at least 30 days finished January at 1.36 percent, while another 0.35 percent of the loans were in foreclosure or bankruptcy.
Based on the number of loans being serviced, Florida was the location of properties securing 10 percent of the loans. No other state had a double-digit share.
The final bid date is Feb. 23.
Interested parties can contact Incenter Mortgage Advisors Managing Director Thomas M. Piercy at 303.302.9234 or [email protected].
