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MSRs on Fannie Mae Loans Up for Bid

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Mortgage Daily

                                                 March 21, 2018

Mortgage servicing rights on nearly $2 billion in home loans backed by the Federal National Mortgage Association have been put up for auction.

The offering includes MSRs on 7,488 single-family Fannie Mae A/A loans that had a collective unpaid principal balance of $1.847 billion as of Feb. 28.

Loans secured by California properties make up 23 percent of the mortgages, and another 12 percent are in Texas. No other states have a double-digit share.

Incenter Mortgage Advisors LLC, the exclusive agent for the seller, announced the offering Wednesday.

On a weighted-average basis, the interest rate is 3.615 percent, and the service fee is 0.25 percent, while the original term is 283.4 months, and the remaining term is 266.4 months.

The weighted-average original FICO score is 754.

Dovenmuehle Mortgage Inc. is sub-servicing the loans.

Delinquency of at least 30 days is 1.87 percent, and the foreclosure-bankruptcy rate is 0.05 percent.

According to IMA, the seller — a well-capitalized, independent mortgage banker with an impeccable reputation and a long history in the mortgage business — “would prefer that the successful purchaser be capable of completing its due diligence and executing a purchase-and-sale agreement on or before April 30, 2018, with a mutually agreed upon transfer date to be specified in the purchase-and-sale agreement.”

Information about the offering is available from IMA Managing Director Thomas M. Piercy at 303.302.9234 or [email protected].

Bids are due by March 28.

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