An offering of mortgage servicing rights on more than $1 billion in government-sponsored enterprise home loans has hit the market.
The MSRs are being offered on 3,976 residential loans with an aggregate unpaid principal balance of $1.084 billion as of Nov. 30.
Fannie Mae A/A loans account for 80.2 percent of the mortgages, while Freddie Mac Reg S/A make up the other 19.8 percent.
The offering was announced Wednesday by MorVest, which is the exclusive agent for the seller, “a well-established independent mortgage company with previous experience selling MSR.”
On a weighted-average basis, the original FICO is 765, and the loan-to-value ratio is 55 percent, while the note rate is 3.8297 percent, and the net service fee is 0.2517 percent.
The weighted-average original term is 329 months, and the weighted-average remaining term is 302 months.
Owner-occupied properties account for 82 percent of the portfolio.
California is the location of 79 percent of the properties securing the loans.
Delinquency of at least 30 days, including bankruptcies and foreclosures, stands at 0.33 percent.
The seller prefers a sale date of Jan. 1, 2017, and a mutually agreeable transfer date.
Full representations and warranties are being provided by the seller.
Bids are due by Dec. 20.
Interested parties can contact David Fleig at [email protected] or 281.980.0757.
