Mortgage servicing rights on more than $2 billion in Government National Mortgage Association home loans are on the market.
The bulk offering involves MSRs on 11,801 Ginnie Mae mortgages with a collective principal balance of $2.044 billion as of April 30.
The winning bidder will pick up a servicing portfolio with a weighted-average servicing fee of 0.2849 percent.
Interactive Mortgage Advisors, the exclusive agent for the seller, announced the offering Friday.
On a weighted-average basis, the interest rate on the portfolio is 3.748 percent, the original term is 354.4 months and the remaining term is 27.3 months.
Including foreclosures and bankruptcies, delinquency of at least 30 days is 12.06 percent.
The biggest concentration of properties backing the loans, 10.2 percent, are located in Texas. All other states have less than a 10 percent concentration.
GNMA II loans account for 11,545 of the units, while just 256 are GNMA I loans.
“The seller would prefer that the successful purchaser be capable of completing its due diligence and executing a purchase-and-sale agreement to effectuate a July 31, 2015, sale date with a mutually agreeable transfer date to be specified in the purchase-and-sale agreement but no sooner than Oct. 1, 2015,” the announcement stated.
The final bid date is June 16.
