A small portfolio of mortgage servicing rights on government-sponsored enterprise loans with a Golden State concentration is being marketed for sale.
The bulk offering
is for MSRs on 1,435 residential Fannie Mae loans with a collective unpaid principal balance of $329 million as of March 31.
Properties securing half of the mortgages are located in California, while 17 percent are in Virginia, and 15 percent are in Georgia. No other state has a double-digit concentration.
Incenter Mortgage Advisors LLC, the exclusive broker for the seller, announced the offering Wednesday.
On a weighted-average basis, the note rate is 4.334 percent, the service fee is 0.25 percent, and the
FICO score is 746.
According to Incenter, the seller is a 20-year-old, California-based, independent mortgage banker with “a quality reputation in the market and with Fannie Mae.”
The weighted-average original term is 345.8 months, and the weighted-average remaining term is 316.9 months.
All of the mortgages were originated through the retail channel, and none of the loans are delinquent.
“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 June 30, 2017, with a mutually agreed upon sale and transfer date to be specified in the purchase-and-sale agreement,” Incenter said.
Bids are due by June 6.
Interested bidders can contact Thomas M. Piercy at 303.302.9234 or [email protected].
