$315M Fannie Mae servicing portfolio up for grabs
All loans are fully documentated, considered high quality
A West Coast mortgage company is selling a $315 million Fannie Mae servicing portfolio, according to the seller’s representative Mortgage Industry Advisory Corp.
The unidentified seller is apparently offering high-quality loans, with full representations and warranties.
The bidding date is scheduled for Aug. 21, 2013.
As for what’s in the offering, the pool’s average loan maintains a $254,172 balance and comes with full documentation. Furthermore, all of the loans are fixed-rate mortgages with a weighted average interest rate of 3.793% and a weighted average loan age of seven months.
Most of the mortgages are concentrated in California, cutting back on geographic diversity.