Bids are being solicited for mortgage servicing rights on more than $700 million in agency home loans with a three-state concentration.
MSRs on 3,970 residential loans that had an aggregate unpaid principal balance of $713 billion as of year-end 2017 are being auctioned.
Ginnie Mae II loans account 2,426 of the units, while Fannie Mae A/A mortgages make up 1,504 units, and Freddie Mac ARC loans number just 36.
The offering was announced by Incenter Mortgage Advisors LLC,
the exclusive agent for the seller, “an independent mortgage banker with an experienced senior management team.”
Tennessee properties secure 28 percent of the mortgages, 22 percent are located in Georgia and 11 percent are in Kentucky. All other states have a less than 10 percent concentration.
The interest rate is 4.028 percent on a weighted-average basis, while the service fee is 0.3184 percent, the original term is 347.0 months, and the remaining term is 326.8 months.
Delinquency of at least 30 days, including foreclosures and bankruptcies, was
7.22 percent as of Dec. 31.
While the seller prefers to sell the entire deal as one combined transaction, it will consider separate bids for the conventional and government portfolios.
Completion of due diligence and an execution of a purchase-and-sale agreement to enable a March 31 bulk sale date is preferred by the seller. Transfer dates will be specified in the agreements.
Bids are due by March 8.
Interested bidders can contact
IMA Managing Director Thomas M. Piercy at 303.302.9234 or [email protected].
