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Small Portfolio of Agency MSRs Being Auctioned

Mortgage News

A small portfolio of mortgage servicing rights on loans backed by the housing finance agencies has just hit the market. The loans have a Florida concentration.

MSRs are being offered on 2,316 Fannie Mae, Freddie Mac and Ginnie Mae loans with an aggregate unpaid principal balance of $439 million as of April 30.

FNMA A/A loans make up more than 89 percent of the portfolio, while less than 1 percent are FHLCM ARC loans and over 10 percent are GNMA II loans.

The offering was announced Thursday by
Mortgage Industry Advisory Corp., the exclusive representative for the seller — a mortgage company that primarily originates loans in Florida.

Florida is the location of 45 percent of the properties securing the loans. Another 13 percent are in Illinois, and nearly 10 percent are in South Carolina. No other state has a double-digit concentration.

On a weighted-average basis, the interest rate is 4.030 percent, and the service fee is 0.259 percent, while the original term is 322 months, and the remaining term is 309 months.

The weighted-average FICO score is 738.

Including foreclosures and bankruptcies, delinquency of at least 30 days is 1.94 percent.

Full representations and warranties are being provided by the seller.

The seller prefers a sale date of no later than July 31.

Bids are due by June 8.

Inquiries about the deal can be directed to MIAC Managing Director at
212.233.1250 x240 or [email protected].

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