A small portfolio of reperforming residential loans that have a big share of modified loans and a geographic concentration in four large states is being offered for sale.
Approximately 117 reperforming first-lien mortgages that have an aggregate unpaid principal balance of $23 million are included in the offering.
On a weighted-average basis, the coupon rate is 4.353 percent, the loan-to-value ratio is 75 percent, and the FICO score is 586.
Mortgage Industry Advisory Corp., the exclusive agent for the seller, announced the offering Thursday.
MIAC said 76.7 percent of the loans are modified. The pool has been performing for a weighted-average 7.57 months.
A five-state geographic concentration includes New Jersey and the highly populated states of California, Florida, Illinois and New York.
“The seller prefers to sell the loans on an all-or-none basis, but will consider carves and are being offered servicing released,” the announcement said.
Interested investors can contact MIAC Senior Vice President, Whole Loan Sales, Brendan Teeley at 646.315.9221 or [email protected].
