Mortgage servicing rights being offered on a flow basis will deliver MSRs on $600 million in government-sponsored enterprise loans to the purchaser.
MSRs on approximately 250 Fannie Mae and Freddie Mac loans for $50 million per month are being offered for sale on a concurrent flow basis.
Full representations and warranties are reportedly being offered by the seller for the residential loans that are included in the offering.
A news release from Mortgage Industry Advisory Corp., the seller’s exclusive representative, said that the seller is “a well capitalized mortgage company that originates loans with national geographic concentration.”
MIAC
said in a separate written statement that the contract is for a minimum of 12 months.
That would deliver around $600 million in servicing on roughly 3,000 loans to the successful bidder over the next year.
Seventy-one percent of the loans are FNMA A/A, and 29 percent are FHLMC ARC.
All of the loans are fixed rate, and the weighted-average FICO is 749.
Correspondent acquisitions account for 53 percent of the loans to be serviced, while retail share is 28 percent.
The mortgages are described as having “national geographic concentrations.”
Bids are being accepted until Aug. 20.
Interested parties are directed to Dan Thomas,
managing director of MIAC’s client solutions group, at [email protected] or 212.233.1250 x 240.
