A tiny portfolio of servicing rights on single-family loans that are backed by the government-sponsored enterprises is being sold through the auction process. There is an East Coast concentration.
Bids are being sought for mortgage-servicing rights on 588 single-family loans that had an aggregate unpaid principal balance of $149 billion as of June 30.
Massachusetts is the location of houses securing 69 percent of the loans, while another 12 percent are located in South Carolina. No other state has a double-digit concentration.
The deal was announced by
the exclusive agent for the seller, Incenter Mortgage Advisors.
On a weighted-average basis, the interest rate is 4.106 percent, and the service fee is 0.25 percent, while the original term is 335.9 months, and the remaining term is 318.3 months.
Delinquency of at least 30 days stood at 2.72 percent, though None of the loans are in bankruptcy or foreclosure.
Fannie Mae A/A mortgages number 495, while the count for Freddie Mac ARC loans is just 93.
Bids are due by Aug. 16. Execution of a purchase-and-sale agreement is desired no later than Sept. 28.
Inquiries about the offering can be directed to
IMA Managing Director Thomas M. Piercy at 303.302.9234 or [email protected].
