Mortgage servicing rights on almost $1 billion in agency home loans with a heavy concentration on the West Coast are up for bid.
MSRs are being offered on 3,296 retail-originated loans with an aggregate unpaid principal balance of $890 million as of Aug. 31.
On a weighted-basis, the
interest rate is 4.168 percent, the original loan term is 345 months and the remaining term is 338 months.
The offering was announced Wednesday by Mortgage Industry Advisory Corp., the exclusive representative for the seller.
Fannie Mae loans account for 1,264 units for $397 million, while 1,628 loans for $380 million are Freddie Mac mortgages, and Ginnie Mae loans make up 404 units for $113 million.
MIAC reports that the weighted-average service fee is 0.271 percent, the weighted-average original loan-to-value ratio is 74.67 percent and the
and the weighted-average FICO is 728.
California is the location of 70 percent of the properties securing the loans, and Washington is where another 12 percent are located.
Delinquency of at least 30 days stands at 0.88 percent.
“The portfolio is being offered by a mortgage company that originates loans with a west coast concentration,” MIAC stated. “The seller will be providing full representations and warranties for the loans included in this offering.”
Bids are due by Oct. 18.
Interested buyers can contact MIAC Managing Director Dan Thomas at [email protected] or 212.233.1250 x240.
