Incenter Mortgage Advisors is brokering an $898 million alt-A bulk servicing rights portfolio for an undisclosed bank.
This portfolio consists of 3,699 loans, of which 3,272 are being serviced for private investors. Another 234 loans are being serviced for Fannie Mae and 193 loans for Freddie Mac.
There are 1,170 30-year balloon mortgages and 1,023 30-year adjustable-rate mortgages in the offering.
These loans were originated from 2005 through this year. The largest vintages came from 2006, with a principal balance of $240.2 million, and 2010, with a principal balance of $169.5 million.
This offering has a weighted average interest rate of 4.449%, weighted average service fee of 31.3 basis points and a weighted average remaining term of 255.5 months.
Over 12% or 448 of the loans being serviced are delinquent, with 191 loans being 90 days late or more. There are 263 loans in the offering that are in foreclosure or bankruptcy.
California accounted for 40% of the loans, followed by Georgia at 11%.
The bid deadline is May 4.