Mortgage servicing rights on more than $400 million in agency home loans have been put up for bid. Some streamlined transactions are in the portfolio.
A mortgage banker that originates primarily in the Mountain and Pacific regions is offering the MSRs for sale.
Full representations and warranties on the residential loans included in the portfolio are being provided by the seller.
The exclusive representative for the seller, Mortgage Industry Advisory Corp., said that all of the loans are fixed-rate mortgages, and the portfolio has a concentration of loans in Colorado.
According to details provided by MIAC, approximately 2,335 loans for $404 million are included in the offering.
Retail originations account for 61 percent of the loans, while the wholesale share is 39 percent.
Although 86 percent of the pool is full documentation loans, 14 percent is streamlined transactions.
Nearly 53 percent of the mortgages are GNMA II loans, almost 47 are FNMA A/A loans, and less than 1 percent are GNMA I loans.
MIAC said the weighted average interest rate is 4.145 percent, while the weighted-average delinquency rate is 0.21 percent and the weighted average loan age is 16 months.
Interested bidders can request a copy of the offering memorandum at [email protected].