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MSRs on Over $2 Bil in GSE Loans Being Auctioned

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Mortgage Daily

                                                 May 22, 2017

Bids are being taken for mortgage servicing rights on more than $2 billion in loans with a Golden State concentration that are backed or owned by the government-sponsored enterprises.

MSRs on 7,821 Fannie Mae and Freddie Mac residential loans with an aggregate unpaid principal balance of $2.146 billion are available for acquisition.

Loans secured by properties that are located in California account for 35 percent of the total offering. All other states have less than a 10 percent concentration.

The seller is an “independent mortgage banker with strong net worth and experienced senior management team,”
according to an announcement Monday from the seller’s exclusive agent, Incenter Mortgage Advisors LLC.

On a weighted-average basis, the interest rate is 3.837 percent, and the service fee is 0.2517 percent, while the original term is 325.6 months, and the remaining term is 310.5 months.

Delinquency of at least 30 days, including foreclosures and bankruptcies, is 0.28 percent.

Fannie Mae loans account for $1.260 billion of the offering, and Freddie Mac loans make up the other $0.897 billion.

“The seller would prefer that the successful purchaser be capable of completing its due diligence and executing a purchase-and-sale agreement on or before July 31, 2017, with a mutually agreed upon transfer date to be specified in the purchase-and-sale agreement,” Incenter said.

The final bid date is June 6.

Interested parties can contact Incenter Managing Director Thomas M. Piercy at 303.302.9234 or [email protected].

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