$3 billion bulk Ginnie Mae mortgage servicing rights portfolio hits market

Boasts 'significant refinance opportunity'

Buyers hoping to get their hands on some Ginnie Mae mortgage servicing rights have that opportunity, according to Interactive Mortgage Advisors, which announced Friday that it is acting as the exclusive broker for the sale of a $3 billion bulk Ginnie Mae mortgage servicing rights portfolio.

According to Interactive Mortgage Advisors, the seller is a “well-capitalized, independent mortgage banker with strong, experienced senior management” and is  “well-versed in servicing transfers.”

Interactive Mortgage Advisors also said that the portfolio features a “significant refinance opportunity” as approximately $1.4 billion of the portfolio is 3/1 adjustable rate mortgages.

According to Interactive Mortgage Advisors, the portfolio also features a weighted average coupon of 4% on the 30-year fixed rate loans. The loans also feature an estimated 12-month average escrows at 0.98% of unpaid principal balance.

The underlying loans carry an average of 50 months seasoning with total delinquencies, including foreclosures of less than 10% of the entire portfolio.

More than 90% of the loans also have updated valuations, IMA said.

Any prospective purchaser must be an approved Ginnie Mae servicer or have a structure in place with an approved servicer who can take ownership and service on its behalf, IMA said.

Bids are due by Tuesday, Dec. 15.

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