More than $600 million in loans
are behind an offering of Ginnie Mae mortgage servicing rights. Nearly half of the loans are secured by properties in Texas.
Bids are being accepted for MSRs on 3,033 mortgages that have an aggregate unpaid principal balance of $616 million. The loans are serviced on behalf of Ginnie.
Based on the loan count, 47 percent of the properties securing the loans are located in Texas, 14 percent are in Tennessee, and 13 percent are in Arkansas.
No other state has a double-digit concentration.
The offering was announced Tuesday by Mortgage Industry Advisory Corp., the exclusive representative for the seller — which will be providing full representations and warranties.
On a weighted-average basis, the FICO score is 697, the service fee is 0.358 percent, and the interest rate is 3.901 percent, while the original term was 359 months and the remaining term is 349 months.
The weighted-average
delinquency rate s 3.23 percent.
All of the loans are fixed rate, and each mortgage was originated through the retail channel.
Bids are due by July 27.
More information is available from
MIAC Managing Director Dan Thomas at 212.233.1250, extension 240, or [email protected].
