Mortgage Industry Advisory Corp. recently closed two bulk servicing deals with $2.36 billion in receivables changing hands, another sign that the secondary market for these contracts is showing some signs of life.
MIAC would not identify the buyer or the seller. Both packages — one involving $1.4 billion in MSRs, and another for $966 million — are tied to loans guaranteed by Freddie Mac.
A handful of other bulk MSR packages are out for auction including offerings from Interactive Mortgage Advisors, MountainView Servicing, and Phoenix Capital, among others.
Earlier in the fall, the Federal Deposit Insurance Corp. sold a $22 billion package of MSRs belonging to the failed AmTrust Bank of Cleveland. To date, the FDIC has not commented on the sale, even though it is widely known about in the industry.
The buyers of the AmTrust package include MetLife Bank, and Nationstar Mortgage.
