Mortgage servicing rights are being offered for sale on $1.5 billion in home loans backed by the government-sponsored enterprises.
Servicing on
8,577 residential loans with a combined principal balance of $1.488 billion is available to the servicer with the best bid.
Fannie Mae “A/A” mortgages account for 79 percent of the loans to be serviced, while another 21 percent are Freddie Mac “3 ARC loans.”
Mortgage Industry Advisory Corp., the exclusive representative for the seller, announced the deal.
Ninety-nine percent of the loans to be serviced were originated through retail or direct.
Using weighted-average numbers, the service fee is 0.25 percent, the original term is 326 months and the remaining term is 311 months.
The weighted-average interest rate is 4.227 percent.
Delinquency of at least 30 days, including foreclosures and bankruptcies, is 3.29 percent.
Fourteen percent of the properties securing the loans are located in Maryland, while more than 13 percent are located in Virginia and nearly 13 percent are located in Florida.
No other states have double-digit concentrations.
The bid date is June 22.
Inquiries should be directed to
Dan Thomas, MIAC managing director, at [email protected] or 212.233.1250 X240.
