Bids are being taken for an offering of mortgage servicing rights on more than $1.5 billion in government-sponsored enterprise home loans.
MSRs on 8,820 GSE loans with an aggregate principal balance of $1.525 billion have been put on the market for sale to the highest bidder.
Fannie Mae loans account for $1.216 billion of the loans in the portfolio, while another $0.309 billion are loans backed by rival Freddie Mac.
The deal was announced Thursday by Mortgage Industry Advisory Corp., the exclusive representative for the seller — a mortgage company that originates loans with a national geographic concentration.
On a weighted-average basis, the service fee is 0.25 percent, the interest rate is 4.22 percent, and the FICO score is 728.
The original weighted-average term is 327 months, and the weighted-average remaining term is 310 months.
Delinquency of at least 30 days is 2.02 percent.
Based on the loan count, 14 percent of the loans are secured by Maryland properties, 13 percent financed Florida properties,
and 13 percent are secured by Virginia properties.
No other state has a double-digit concentration.
The offering includes an optional co-issue opportunity that works out to between $50 million and $100 million per month.
Full
representations and warranties are being provided by the seller.
Bids are due by Aug. 24.
Interested parties should contact Dan Thomas at
[email protected] or 212.233.1250 x240.
