MIAC Offers $1bn in Ginnie Mae Portfolio
MIAC Asset Sales Group is offering a $1.04bn Ginnie Mae mortgage servicing portfolio. The average loan size in the portfolio is $198,845 with 100% fixed rate loans. The portfolio holds a weighted average interest rate of 5.728% and an average loan age of four months. Most of the loans are distributed in the northeast with the top states being New York with 29% of the total principal, New Jersey with 12% and Connecticut with 6%. The seller requests that all written bids be submitted by Sept. 25, 2009, and a sale and transfer date on or before Nov. 30, 2009. According to the seller’s database, 5,221 loans representing 99.5% of the portfolio are Federal Housing Administration (FHA) loans, and that the remaining 25 loans are VA. Also, the seller reported that 73 loans were originated under the HOPE for Homeowners program, which refinances mortgages for borrowers facing difficulty making their payments but can afford a new loan insured by FHA. Write to Jon Prior.