Mortgage servicing rights on a portfolio of mostly Alt-A loans are on the market. A big share of the mortgages are secured by California properties.
The bulk offering is for MSRs on
3,699 residential loans that had an aggregate unpaid principal balance of $898.630 billion as of Feb. 28.
Private investor loans included in the offering number 3,272, while there are 234 Fannie Mae mortgages and 193 Freddie Mac loans.
Incenter Mortgage Advisors LLC, the exclusive agent for the seller, announced the offering Friday.
On a weighted-average basis, the service fee is 0.3139 percent, and the interest rate is 4.449 percent, while the original term is 340.7 months, and the remaining term is 255.6 months.
California properties secure 40 percent of the loans, while another 11 percent are secured by Georgia properties. No other state has a double-digit share.
Total delinquency, including foreclosures and bankruptcies, is 19.22 percent.
“The seller is flexible on a sale date and transfer date but would prefer that the successful purchaser be capable of completing its due diligence on or before May 31, 2017, with a mutually agreed upon transfer date to be specified in the purchase-and-sale agreement,” Incenter stated.
The final bid date is May 4.
Interest parties can contact IMA Managing Director Thomas M. Piercy at 303.302.9234 or [email protected].
