Bids are being accepted for an offering of mortgage servicing rights on nearly $2 billion in agency residential loans. The deal has a three-state concentration.
In all, MSRs
on 10,350 agency residential loans that had an aggregate unpaid principal balance of $1.925 billion as of Jan. 31 are being auctioned.
Fannie Mae loans account for $0.131 billion of the total, Freddie Mac mortgages make up less than $0.001 billion and Ginnie Mae loans represent the bulk of the offering: $1.794 billion.
Incenter
Mortgage Advisors LLC, the exclusive broker for the seller, announced the deal Tuesday.
The seller is
“an independent mortgage banker with strong net worth and experienced senior management team.”
Properties located in Pennsylvania secure 22.5 percent of the loans, while 17.2 percent are located in New Jersey and 11.3 percent are in California.
On a weighted-average basis, the interest rate is 3.881 percent, and the service fee is 0.3012 percent, while the original term is 358.9 months, and the remaining term is 329.2 months.
Delinquency of at least 30 days is 8.18 percent, and loans in foreclosure or bankruptcy account for 2.62 percent of the 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 sale date on March 31, 2018, with a mutually agreed upon transfer date to be specified in the purchase-and-sale agreement,” the announcement said.
Bidders will be required to sign a non-disclosure agreement.
Bids are due by March 1. Interested parties can contact IMA Managing Director Thomas M. Piercy at 303.302.9234 or [email protected].
