An offering of mortgage-servicing rights on more than $6 billion in government-sponsored enterprise loans with a California concentration has just hit the market.
Bids are being sought for a portfolio of MSRs on 24,739 single-family loans that had an aggregate unpaid principal balance of $6.197 billion as of Feb. 28.
FHLMC ARC loans make up $2.886 billion of the offering, FNMA MBS account for $2.324 billion, and FNMA A/A represent another $0.988 billion.
The offering was announced Tuesday by Incenter Mortgage Advisors, the exclusive agent for the seller — an independent mortgage banker with a strong net worth and experienced senior management team.
California is the location of 25 percent of the loans, and another 10 percent are in Florida. No other state has a 10 percent or more share.
On a weighted-average basis, the interest rate is 4.255 percent, and the service fee is 0.2513 percent, while the original term is 334.8 months, and the remaining term is 322.9 months.
Delinquency of at least 30 days, including bankruptcies and foreclosures, is 1.44 percent.
“The seller would prefer that the successful purchaser be capable of completing its due diligence and executing a purchase-and-sale agreement on or before April 30, 2018, with a mutually agreed upon transfer date to be specified in the purchase-and-sale agreement,” IMA said.
Bids are due by March 22.
More information is available from IMA Managing Director Thomas M. Piercy at 303.302.9234 or [email protected].
