Bids are being accepted for mortgage servicing rights on Fannie Mae residential loans that have a concentration in Texas.
The portfolio includes MSRs on around 563 FNMA A/A loans for $120 million. Almost every one of the mortgages are secured by properties in the Lone Star State.
Each of the loans are fixed-rate mortgages generated through the retail origination channel. The weighted-average loan age is 23 months.
The seller is a mortgage company that is providing full representations and warranties, according to Mortgage Industry Advisory Corp. — the exclusive representative for the seller.
On a weighted-average basis, the interest rate is 4.19 percent, delinquency is at 1.78 percent and purchase financing accounted for 62 percent of the portfolio.
The bid date is Oct. 15.
Inquiries are being directed to MIAC Managing Director Dan Thomas at 212.233.1250 X240 or [email protected].
