Texas-Heavy, Delinquency-Free Servicing Portfolio on Block

Incenter Mortgage Advisors is brokering the sale of a $1.4 billion Fannie Mae and Freddie Mac bulk residential mortgage servicing rights portfolio.

An unnamed independent mortgage banker is selling the portfolio. Bids for the portfolio are due by June 7.

The portfolio has no delinquencies. Sixty percent of the loans are located in Texas.

Nearly two-thirds of the portfolio's loans were originated through retail channels, and the loans are 24 months old, on average.

The weighted average coupon for the package is 3.709%, slightly above prevailing market rates (30-year fixed rates averaged 3.64% in Freddie's most recent primary market survey).

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