Mortgage servicing rights are being offered on nearly 1 billion in Government National Mortgage Association loans. Most of the properties are located in the Golden State.
The offering is for mortgage-servicing rights on 4,332 Ginnie Mae loans that had a collective unpaid principal balance of $0.903 billion as of Aug. 31.
On a weighted-average basis, the interest rate is 3.880 percent, and the service fee is 0.3233 percent, while the original term is 360.4 months, and the remaining term is 317.9 months.
Incenter Mortgage Advisors LLC, the exclusive agent for the seller, announced the offering Thursday.
California is the location of properties securing 94 percent of the loans. No other state has a double-digit concentration.
Delinquency of at last 30 days, including foreclosures and bankruptcies, was 8.30 percent.
Bidders are required to complete due diligence in time to execute a purchase-and-sale agreement by Nov. 30. The transfer date is open for negotiation.
Bids are due by Oct. 24. A non-disclosure agreement is required to view portfolio details.
Parties that are interested in placing bids can contact IMA Managing Director Thomas M. Piercy at 303.302.9234 or [email protected].
