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MSR Forward Commitment Up for Bid

A monthly forward commitment offering could work out to mortgage servicing rights on as much as $700 million in agency loans a year.

Bids are being accepted on a flow servicing offering for MSRs on $30 million to $60 million in loans per month.

The loans are being originated for Fannie Mae and Freddie Mac. The average loan size is approximately $304,096.

The service fee is 25 basis points.

The seller is Standard Pacific Mortgage Inc., according to Interactive Mortgage Advisors LLC — the exclusive agent on the offering.

Loans are expected to have terms of between 10 years and 30 years, based on closings between April 17 and Aug. 29. FICO scores are expected to average 757, and the weighted-average loan-to-value ratio is projected at 78 percent.

Standard Pacific prefers that the successful purchaser be capable of completing due diligence and executing a purchase-and-sale agreement that has the first sale date prior to Dec. 31.

The delivery method is co-issue.

The desired commitment term is 12 months. The seller seeks minimum three month pricing commitments that are renewed but subject to its approval.

Written bids should be faxed to 303.302.9240 by Oct. 9 at 12 p.m. mountain time.

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