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Ginnie MSRs Being Offered on Behalf of Failed Bank

Mortgage News

An auction is being held for mortgage servicing rights on Government National Mortgage Association loans from a financial institution that failed last month.

An offering is being made on behalf of the Federal Deposit Insurance Corp. that includes MSRs on 540 Ginnie Mae loans with a collective unpaid principal balance of $73 million.

The FDIC is selling the MSRs as receiver for Guaranty Bank,
which last month was closed down by the Office of the Comptroller of the Currency.

Mortgage Industry Advisory Corp., the exclusive representative for the FDIC, released details about the offering on Friday.

While Glendale, Wisconsin, was the base for Guaranty Bank, Florida is the location of
properties securing 24 percent of the loans in the offering. Another 13 percent are in Georgia, and a tenth are in Texas, Illinois and South Carolina.

“The bidders that submit the most favorable indicative bids will be provided a diligence period and will be expected to submit final bids on or before July 12, 2017,” MIAC said. “The winning bidder will be required to execute the form ‘servicing-sale agreement’ provided by the FDIC without negotiation.”

No representations or warranties are being provided on the MSRs.

The bid date is June 28. Qualified bidders can contact MIAC at 212.233.1250 or [email protected].

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