A new offering of mortgage servicing rights on as much as $600 million in government-sponsored enterprise loans has an East Coast concentration.
MSRs on between $35 million and $50 million per month of Fannie Mae and Freddie Mac loans are available through a co-issue servicing offering.
It is estimated that one-quarter of the loans will be secured by Florida properties, 18 percent by New Jersey residences and 14 percent by Maryland homes.
Incenter Mortgage Advisors, the agent for the seller, announced the deal on Wednesday.
No other state has a double-digit concentration.
The weighted-average service fee is 25 basis points. Weighted-average credit scores are estimated at around 741, and weighted-average loan-to-value ratios are estimated at 76.8 percent.
“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 in June 2017 with a ramp up going forward,” IMA said. “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 final bid date is May 9.
Interested bidders should contact IMA Managing Director Thomas M. Piercy at 303.302.9234 or [email protected].
