The Mortgage Industry Advisory Corp. is selling almost $8 billion worth of Government National Mortgage Association servicing rights for an undisclosed client.
The only hint to the seller’s identity is a line in the offering circular that notes: “The portfolio is being offered by a mortgage company that originates loans across a national geographic footprint.”
The $7.88 billion package carries delinquencies of 3.56%. The mortgages are collateralized by properties in Texas, California, Virginia, North Carolina and Florida. All are backed by the Veterans Administration.
The seller will provide what MIAC calls “full representations and warranties for the loans included in this offering.” Most of the loans are ARMs.
A handful of bulk servicing packages are currently in the market, including a
MIAC is based in New York. The bid deadline is Sept. 10.
