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MSRs on Nearly $1 Billion in Agency Loans For Sale

Mortgage News

Bids are being accepted for mortgage servicing rights on nearly $1 billion in agency home loans. The portfolio has a significant concentration in New York.

The offering includes MSRs on 4,814
Fannie Mae, Freddie Mac and Ginnie Mae loans with an aggregate principal balance of $881 million as of Aug. 31.

On a weighted-average basis, the service fee is 0.284 percent, the interest rate on the mortgages is 3.998 percent, and the original term is 331 months.

The remaining term is 315 months.

The deal was announced Monday by
Mortgage Industry Advisory Corp., the exclusive representative for the seller.

The weighted-average FICO score is 716.

All of the residential loans are fixed rates and were originated through the retail channel.

GNMA II loans account for 48 percent of the loans, while FNMA A/A make up 46 percent, FHLMC 3 ARC mortgages represent 6 percent and GNMA I loans account for less than a percent. Less than 1 percent are warehouse loans.

New York is the location of 84 percent of the properties securing the loans. No other state has a double-digit concentration.

“The seller will be providing full representations and warranties for the loans included in this offering,” MIAC stated in the announcement, adding, “Separate bids may be submitted by investor or in total.”

Delinquency of at least 30 days, including foreclosures and bankruptcies.

MIAC is online at
www.miacanalytics.com.

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