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Bids Sought for Agency MSRs

Mortgage News

Bids are being solicited for servicing on single-family loans backed by the housing finance agencies. The mortgages have a two-state concentration.

The total offering is for mortgage-servicing rights on 5,640 agency residential loans that collectively had an unpaid principal balance of $1.002 billion as of May 31.

More than a third of the loans are secured by properties located in Colorado, and another fifth are in California. All other states’ shares were less than a 10th.

Mortgage Industry Advisory Corp., as the exclusive representative for the seller, announced the offering Monday.

Fannie Mae A/A loans make up 34.8 percent of the pool, 31.6 percent are Ginnie Mae mortgages, 30.5 percent are GNMA II,  3.1 percent are Freddie Mac loans, and 0.1 percent are FNMA MBS.

All of the loans are fixed-rate. Forty-four percent were originated through the retail channel, and 56 percent came from third-party originations.

On a weighted average basis, the FICO is 708, the interest rate is 4.006 percent, and the service fee is 0.301 percent, while the original term is 348 months, and the remaining term is 307 months.

Including foreclosures and bankruptcies, 30-day delinquency was 5.30 percent.

Full representations and warranties are being provided by the seller.

The bid date is June 28.

Interested bidders can contact MIAC Managing Director Dan Thomas at Dan.Thomas@miacanalytics.com or 212.233.1250 x240.

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