A flow offering of mortgage servicing rights on as much as $840 in agency conventional mortgages has a Minnesota concentration.
The deal is a co-issue servicing offering on Fannie Mae loans. The seller prefers to complete the first sale in January of next year.
MSRs on between $50 million and $70 million in residential loans per month are expected to be generated from the transaction.
Interactive Mortgage Advisors LLC, which is
acting as the exclusive agent on the deal, said in an announcement Tuesday that the seller is requesting a 12-month commitment with minimum three-month pricing commitments that are renewed subject to seller approval.
The average loan size is expected to be $219,380, and the service fee is 0.25 percent.
On a weighted-average basis, IMA expects the original term to be 340 months, FICO scores to be 755 and loan-to-value ratios to be 81 percent.
Nearly 84 percent of the loans are expected to be secured by Minnesota properties.
Bids need to be submitted by Dec. 8 via email or fax to 303.302.9240.
IMA is online at www.interactivemortgageadvisors.com and can be reached at 303.830.0377 or [email protected].
