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Small GSE MSR Offering

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Bids are being sought for the servicing rights on less than $1 billion in government-sponsored enterprise mortgages. The offering has a California concentration.

Mortgage servicing rights are being offered for sale on 3,249 single-family loans that had an aggregate unpaid principal balance of $0.775 billion as of April 30.

Fannie Mae A/A mortgages account for 9.4 percent of the loans in the pool, while another 90.6 percent are Freddie Mac ARC loans.

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

California properties secure 56 percent of the pooled loans. All other states have less than a 10 percent share.

All of the loans are fixed rate. Retail originations account for 45 percent of the units, and the rest are wholesale.

The interest rate is 4.001 percent on a weighted-average basis, while the original loan-to-value ratio is 71.32 percent, and the FICO score is 745.

None of the loans are delinquent.

Full representations and warranties are being provided by the seller.

The bid date is June 20. Interested parties can reach out to MIAC Managing Director Dan Thomas at Dan.Thomas@miacanalytics.com or 212.233.1250 x240.

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