Bids are being taken for mortgage-servicing rights on more than a half-billion dollars in government-sponsored enterprise residential loans.
On the market are MSRs on 5,215 Freddie Mac mortgages that have an aggregate unpaid principal balance of $570 million.
Ohio is where properties securing 36 percent of the loans are located. Kentucky is the location of 28 percent, and another 22 percent are in West Virginia.
The offering was announced by
Mortgage Industry Advisory Corp. as exclusive representative for the seller — a mortgage company with a concentration in Kentucky, Ohio and West Virginia.
All of the loans are FHLMC ARC. Almost all are fixed rate, and 38 percent were originated through the retail channel.
On a weighted-averaged basis, the FICO is 747, the interest rate is 3.979 percent and the
service fee is 0.25 percent. The original term is 306 months, and the remaining term is 258 months.
Delinquency of at least 30 days, including foreclosures and bankruptcies, is 0.65 percent.
The seller will be providing full representations and warranties. The seller prefers a sale date of Nov. 30 or sooner.
“Portfolio transfer date will be subject to investor approval and sub-servicer transfer timelines,” MIAC said.
The bid date is Oct. 19.
Interested parties can reach out to MIAC Managing Director Dan Thomas at 212.233.1250 x240 or [email protected].
