An offering of mortgage servicing rights on more than $300 million in government-sponsored enterprise loans has a concentration in the Golden State.
MSRs on 1,415 Fannie Mae and Freddie Mac home loans with an aggregate unpaid principal balance of $339 million have been put up for auction.
California properties secure 52 percent of the loans in the offering, while another 11 percent are located in Nevada. No other state has a double-digit concentration.
Mortgage Industry Advisory Corp., the exclusive representative for the seller, announced the offering Wednesday.
The seller is a mortgage originator with a California concentration.
Included in the offering are 724 FHLMC Gold mortgages, three FHLMC S/S loans and 688 FNMA A/A mortgages. All of the loans were originated through the retail channel.
On a weighted-average basis, the interest rate is 4.501 percent and the service fee is 0.250 percent, while the original term is 353 months and the remaining term is 346 months.
The weighted-average FICO is 730.
Delinquency of at least 30 days,
including foreclosures and bankruptcies, is 0.42 percent.
The bid date is Oct. 17.
Interested parties can contact MIAC Managing Director Dan Thomas at 212.233.1250 x240 or [email protected].
