Loan Sale Involves Mostly Conventional Mortgages

Mortgage News

Mortgage Daily Staff

                                                 January 6, 2016

A small portfolio of performing first mortgages is being marketed for sale. Conventional loans make up much of the portfolio.

The prospective sale involves 161 performing
first lien mortgages with a collective principal balance of $28.779 million.

More than 130 of the loans are conventional mortgages — including 105 that don’t have any private mortgage insurance.

Another 24 of the conventional loans do have private M.I. coverage, and two have subordinate financing.

The offering was announced by
Mortgage Industry Advisory Corp.

Mortgages insured by the Federal Housing Administration account for another 16 units, eight are guaranteed by the Department of Veterans Affairs and six are classified as farm loans.

The gross weighted-average coupon on the pool is 3.7 percent.

“Opportunity to purchase, insured, performing loan with a proven track record,” MIAC stated in the news release. “Possible CRA credit included in portfolio.”

More details are available about the offering after a non-disclosure agreement is executed.

Interested parties should contact Brendan Teeley, vice president whole loan sales, MIAC, at 212.233.1250 x281, 317.531.5297 (mobile) or [email protected].

Mortgage Daily Staff

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