MIAC Puts Fannie, Ginnie MSRs Up For Sale

Posted by Patrick Barnard on January 20, 2014 No Comments
Categories : Mortgage Servicing

Mortgage Industry Advisory Corp. (MIAC) is overseeing the sale of $669.22 million in Fannie Mae and Ginnie Mae mortgage servicing rights (MSRs), the company announced Friday.

Most of the properties in the portfolio are located in the Northeast.

The portfolio consists of all fixed-rate loans, with an average loan size of $185,071.

About 47% of the loans in the portfolio are Fannie Mae, while about 51% are Ginnie Mae. The remainder is warehouse loans waiting for delivery.

The portfolio also boasts a weighted average delinquency rate of 2.27% and a weighted average interest rate of 3.93%. Most of the properties are concentrated in New York. Bids for the portfolio are due on Jan. 30.

Also on Friday, MIAC announced that it was overseeing the sale of $24.96 million in Fannie and Ginnie MSRs in a separate portfolio being offered by a mortgage company that originates loans across a national geographic footprint. MIAC noted that this portfolio is being sold without full representations and warranties for the loans included.

This portfolio also consists of all fixed-rate loans with an average loan size of $190,504.

About 80% of the loans are Ginnie Mae while the remainder are Fannie Mae.

The portfolio has a weighted average interest rate of 4.52% and a weighted average delinquency rate of 0.76%.

Again, most of the properties are concentrated in New York. Bids for this portfolio are due by Feb. 7.

On Jan. 13, MIAC announced that it was putting a $509 million Fannie Mae/Freddie Mac mortgage servicing portfolio up for sale.

Earlier this month, MIAC announced the acquisition of Mortgage Delivery Specialists (MDS), a provider of mortgage loan analysis and agency securitization delivery services.

Terms of the deal were not disclosed. MIAC reports that it plans to keep the existing MDS team intact – however, it will now operate under the name ‘Mortgage Delivery Specialists, a MIAC company.’ MDS will continue to operate in its SSAE16-audited facility in Pewaukee, Wis.

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