A pair of offerings have mortgage servicing rights up for auction on nearly $1 billion in agency loans with a concentration in New York and California.
The first offering is for
MSRs on 2,440 Government National Mortgage Association loans with an aggregate principal balance of $432 million as of Jan. 31.
On a weighted-average basis, the FICO score is 690, the original loan-to-value ratio is 98 percent, and the combined LTV ratio is 95 percent.
Mortgage Industry Advisory Corp., the exclusive representative for the seller, announced both offerings Thursday.
The weighted-average interest rate is 3.928 percent, and the weighted-average service fee is 0.317 percent. The weighted-average original term is 354 months, and the weighted-average remaining term is 334 months.
All of the loans were originated through the retail channel and are fixed rate. Delinquency of at least 30 days, including
foreclosures and bankruptcies, is 11.31 percent.
New York is the location of the properties securing 87 percent of loans based on count. All other states have less than a 4 percent concentration.
The seller will be providing full representations and warranties.
No final bid date has yet been set.
MIAC is also the seller’s exclusive representative on the second transaction, which includes MSRs on
1,967 Fannie Mae, Freddie Mac and Ginnie Mae mortgages with a collective unpaid principal balance of $520 million as of March 31.
On a weighted-average basis, the FICO is 710, the
original term is 353 months, and the remaining term is 342 months, while the original LTV ratio is 78 percent, the interest rate is 4.217 percent and the service fee is 0.297 percent.
Although all of the loans are retail-originated, just 90 percent are fixed rate and the other 10 percent are adjustable-rate mortgages.
Delinquency is 2.29 percent.
FNMA A/A loans account for 30.8 percent of the loans, FHLMC Gold mortgages represent 39.4 percent, and GNMA II loans make up 29.8 percent.
California is where properties securing 63 percent of the loans are located, and 10 percent are in Washington. No other state has a double-digit concentration.
The bid date is April 25.
MIAC is online at www.miacanalytics.com.
