MIAC Offers $586 Million of Servicing Portfolios
The Mortgage Industry Advisory Corp. (MIAC) offered two bulk mortgage servicing portfolios worth a combined $586m. The smaller portfolio -- a $250m GNMA mortgage servicing portfolio -- consists entirely of fixed-rate, owner-occupied loans at an average size of $161,805. The loans comprising the portfolio are significantly distressed, with 11.04% of the loans 30 days delinquent. Another 3.16% of the loans are 60 days delinquent, 1.29% are 90 days delinquent and 2.32% are in foreclosure, according to MIAC's data. The second -- and larger -- offer is a $336m FHLMC/private mortgage servicing portfolio of more than 1,000 loans. The mortgages involved bear an average size of $330,000 at a weighted average interest rate of 6.45%. The portfolio covers a mortgage base with an up-to-90-day delinquency rate of 1.87%. An additional 1.13% of the mortgages involved are in foreclosure. Today marks the bid date for the Ginnie Mae servicing rights portfolio, while the second portfolio offered by MIAC bears a July 8th bid deadline. Write to Diana Golobay.