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Agency MSRs On the Market

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Buyers looking to pick up mortgage servicing rights on more than $300 million in agency loans with a Michigan concentration can make bids on a new offering.

MSRs are being offered on 1,879 Fannie Mae, Freddie Mac and Ginnie Mae loans with an aggregate unpaid principal balance of $326 billion as of March 31.

Single-family properties that are located in Michigan secure 37 percent of the
mortgages included in the transaction. No other state has a double-digit share.

The offering was announced Tuesday by Incenter Mortgage Advisors LLC, the exclusive agent for the seller.

On a weighted-average basis, the interest rate is 4.033 percent, and the service fee is 0.2986 percent, while the original term is 331.5 months, and the remaining term is 327.4 months.

Just four of the loans are delinquent at least 30 days, and two more are in bankruptcy but current.

“The seller prefers to sell both the conventional and government as one combined transaction but will review bids on each separately and sell as separate portfolios,” Incenter stated.

May 31 is the preferred bulk sale date for the seller. The transfer date is open to negotiation.

The final bid date is April 27. Interested parties can contact
Incenter Managing Director Thomas M. Piercy at 303.302.9234 or [email protected].

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