A new offering has mortgage-servicing rights on nearly $2 billion in Ginnie Mae loans up for sale. The loans have a Texas-Oklahoma concentration.
The offering includes MSRs on 7,895 Ginnie Mae mortgages that had a collective outstanding principal balance of $1.817 billion as of April 30.
Properties located in Texas secure 43 percent of the loans. Another 16 percent are Oklahoma houses, while 14 percent are located in Colorado.
No other state has a double-digit share.
An announcement was issued Wednesday by Incenter Mortgage Advisors, the exclusive agent for the seller, which is “an independent mortgage banker with strong net worth and experienced senior management team who approach every MSR sale with a commitment to be reasonable.”
Using weighted averages, the interest rate is 3.8 percent, and the service fee is 0.3252 percent, while the original term is 357.9 months, and the remaining term is 343.7 months.
Delinquency of at least 30 days, including foreclosures, was 5.91 percent.
“The seller would prefer that the successful purchaser be capable of completing its due diligence and executing a purchase-and-sale agreement by June 30, 2018, but no later than July 31, 2018, with a mutually agreed upon transfer date to be specified in the purchase-and-sale agreement,” IMA said.
A non-disclosure agreement is required in order to receive details about the MSRs..
The final bid date is May 30.
IMA Managing Director Thomas M. Piercy can be contacted about the MSRs at 303.302.9234 or [email protected].