Mortgage Industry Advisory Corp. (MIAC) is facilitating the sale of $1.27 billion Ginnie Mae, Fannie Mae, and Freddie Mac mortgage servicing portfolio that is being offered by a mortgage company that originates loans with a West Coast concentration.
The seller will be providing full representations and warranties for the loans included in the offering.
About 69% of the loans in the portfolio are Fannie Mae while about 28% are Ginnie Mae and about 3% are Freddie Mac. All are fixed rate loans with an average loan size of $223,590.
All were originated via retail channels. The weighted average interest rate is 4.192%. Only about 1.78% of the loans are delinquent.
The average FICO score is 720 and the average loan age is 29 months.
Bids are due by June 18. For more information, click here.
