For the second time in as many months, an offering of mortgage-servicing rights on close to $4 billion in government-sponsored enterprise loans with a Texas concentration has hit the market.
The latest offering is for servicing rights on
15,843 residential loans which had an aggregate unpaid principal balance of $3.680 billion as of Sept. 30.
Mortgages backed by Fannie Mae account for 12,283 of the units in the offering, while another 3,560 are residential loans that are backed by Freddie Mac.
Half of the loans are secured by properties located in Texas, and 14 percent are in Colorado.
All other states have less than a 10 percent concentration.
Incenter Mortgage Advisors LLC,
the exclusive agent for the seller in the current offering, also marketed an MSR portfolio on $3.854 billion in GSE loans with a Texas concentration last month.
The interest rate on the latest offering is 4.190 percent on a weighted-average basis, while the service fee is 2.519 percent, the original term is 343.1 months, and the remaining term is 326.0 months.
IMA reported a 30-day delinquency rate of 0.80 percent.
A non-disclosure agreement is required to view information on the offering.
Bids are due by Oct. 30. The winning bidder needs to complete due diligence in time for a Dec. 31 execution of the purchase-and-sale agreement. The sale date needs to be on Jan. 1, 2019, though the transfer date can be negotiated.
Interested parties can reach out to
IMA Managing Director Thomas M. Piercy at 303.302.9234 or [email protected].
