Ginnie Mae servicers have an opportunity to pick up mortgage servicing rights on nearly $4 billion in residential loans.
As of Aug. 31,
the 20,619 mortgages involved in the offering have a collective unpaid principal balance of $3.958 billion.
On a weighted-average basis, the interest rate is 2.989 percent, the original term is 358 months and the remaining term is 335 months.
US Trading LLC is acting as the exclusive representative for the seller, a national “experienced seller/servicer” that has been originating for 28 years, according to an announcement.
All of the GNMA I and II loans are first mortgages that are fully amortized over 15 or 30 years. A quarter of the loans are adjustable-rate mortgages.
Eighty-nine percent of the mortgages are guaranteed by the Department of Veterans Affairs.
Based on the number of loans, nearly 92 percent are current.
Texas is where properties backing 15 percent of the loans are located, while there is a 10 percent California concentration, based on loan balance. No other state has a double-digit concentration.
Rate-term refinances make up 94 percent of the portfolio, while four percent are cashout refinances and just two percent are purchase financing.
Full representations and warranties are being provided by the seller.
While the seller prefers a quick sale date and a Nov. 30 transfer date, the sale and transfer dates are negotiable.
Bids, which are due by Sept. 18, should be directed to Bob Doyle at 609.714.1616.
