Bids are being taken for mortgage servicing rights on billions of dollars in home loans backed by the government-sponsored enterprises.
California properties secure 16 percent of the residential loans, while another 14 percent are in Texas, and 12 percent are located in Florida.
Interactive Mortgage Advisors, the exclusive agent for the seller, reported that the aggregate principal balance on the loans is $5.993 billion.
Using a weighted average, the service fee is 0.2570 percent, the original term is 309 months and the remaining term is seven months.
The weighted-average interest rate is 3.977 percent.
None of the loans are delinquent, in foreclosure or in bankruptcy.
“The seller would prefer that the successful purchaser be capable of completing its due diligence and executing a purchase-and-sale agreement to effectuate a bulk sale date on Jan. 1, 2016, with a mutually agreed upon transfer date to be specified in the purchase-and-sale agreement,”
The final bid date is Dec. 17.