Servicing rights are being marketed on a nearly $2 billion Ginnie Mae portfolio with an elevated delinquency rate and a moderate coastal concentration.
Mortgage servicing rights are for sale on approximately 9,611 single-family loans that had a collective unpaid principal balance of $1.76 billion as of July 31.
Fifty-nine percent of the mortgages included in the offering are insured by the Federal Housing Administration, and the remaining 41 percent are guaranteed by the Department of Veterans Affairs.
The offering was announced Friday by MorVest Capital LLC.
California is the location of properties securing 14 percent of the loans, and 12 percent are located in Florida. No other state has a double-digit share.
Using a weighted average, the note rate is 3.45 percent, and the servicing fee is 20.2 basis points, while the original term is 356 months, and the remaining term is 331 months.
Delinquency, excluding bankruptcies and foreclosures, is 8.4 percent.
Bids are due by Sept. 18.
Interested parties can reach out to David Fleig at 281.980.0757 or dfleig@morvestcap.com.
