An offering of mortgage servicing rights on agency home loans is top heavy with mortgages that are secured by Texas properties.
The offering includes MSRs on 1,648 Fannie Mae, Freddie Mac and Ginnie Mae loans with a principal balance of $0.300 billion.
Based on the loan count, 93 percent of the residential properties that are securing the mortgages are located in the Lone Star State.
That is according to Mortgage Industry Advisory Corp., which is the exclusive representative for the seller.
No other state has a double-digit concentration.
All of the mortgages were originated through the retail channel.
Just over a thousand of the loans are backed by Fannie, while
631 are Ginnie Mae mortgages and just 12 are backed by Freddie.
On a weighted-average basis, the service fee is 0.293 percent, the original term is 350 months and the remaining term is 339 months.
Delinquency of at least 30 days is 2.79 percent.
Full representations and warranties are being provided by the seller.
Bids for the MSRs are due by June 15, while the seller prefers a sale date of July 29.
Interested parties can contact MIAC Managing Director Dan Thomas at [email protected] or 212.233.1250 x240.
