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Loans in Agency MSR Sale Could Reach $900 Million

Mortgage News

A new flow offering of mortgage servicing rights on agency loans could end up generating MSRs on as much as $900 million in mortgages for the buyer.

A well-capitalized independent mortgage firm is offering MSRs on between $25 million and $50 million in Fannie Mae and Ginnie Mae loans per month.

The seller is hoping to enter into a future flow delivery of between 12 and 18 months. At a minimum, however, the seller is requiring a six-month commitment.

The offering was announced Tuesday by
Mortgage Industry Advisory Corp., which is the seller’s exclusive representative.

Almost all of the loans, which are expected to average $185,000 in size,
are secured by properties that are located in Texas. Less than 3 percent are backed by Arizona properties.

Nearly half of the loans are expected to be Fannie Mae mortgages, while just over half are expected to be Ginnie Mae loans.

The weighted-average servicing fee is between 0.19 percent and 0.44 percent.

MIAC noted that the
non-zero weighted-average agency FICO is 743, while the non-zero weighted-average government FICO is 682.

Full representations and warranties are being provided by the seller, which reportedly has a total net worth in excess of $10 million.

The final bid date is Feb. 11, and the seller prefers
an initial delivery no later than March.

Interested parties should reach out to Dan Thomas at
[email protected] or 212.233.1250 x240.

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