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Agency MSRs Being Auctioned

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Bids are being sought for mortgage servicing rights on a pool of agency loans. The offering has a heavy concentration of Golden State loans.

MSRs on 1,176 Fannie Mae, Freddie Mac and Ginnie Mae loans with a collective unpaid principal balance of $361 billion are being offered for sale.

The portfolio is made up of 484 GNMA loans for $142 million, 431 FHLMC loans for $138 million and 261 FNMA loans for $82 million.

Incenter Mortgage Advisors LLC, the exclusive broker for the seller, announced the offering Tuesday.

Properties located in California
secure 70 percent of the loans, while another 17 percent are in Colorado. All other states have less than a 10 percent share.

On a weighted-average basis, the interest rate is 4.063 percent, and the service fee is 0.2092 percent, while the original term is 348.6 months, and the remaining term is 339.7 months.

Delinquency of at least 30 days, is 3.75 percent.
None of the loans are in foreclosure or bankruptcy.

According to IMA, the seller is an independent mortgage banker with a strong net worth and an experienced senior management team.

While the seller desires one combined transaction, it will consider separate bids for the conventional and government loans..

“The seller would prefer that the successful purchaser be capable of completing its due diligence and executing a purchase-and-sale agreement to effectuate a bulk sale date on Feb. 28, 2018, with a mutually agreed upon transfer date to be specified in the purchase-and-sale agreement,” IMA said.

The final bid date is Feb. 8.
Interested parties can contact IMA Managing Director Thomas M. Piercy at 303.302.9234 or [email protected].

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