Mortgage Industry Advisory Corporation (MIAC) is handling the sale of a $773.13 million mortgage servicing portfolio composed of 63.19% Ginnie Mae loans, 28.88% Fannie Mae loans and 7.93% Freddie Mac loans.
The assets backing the loans are concentrated in New York.
The seller will be providing full representations and warranties for the loans included in this offering.
The portfolio is almost entirely fixed-rate loans – only about 0.09% are adjustable-rate mortgages, according to a release from MIAC.
The average loan size is $181,357; the averaged weighted interest rate is 3.87%; and the delinquency rate (60 days or more post due) is 5.01%. The average loan age is 20 months.
The average FICO is 712, and the average combined loan-to-value ratio is 87.15%.
Bids are due by Feb. 21. For more info, click here.