Wednesday, March 14, 2018 2:26:24 PM
Tuesday March 14, 2018 ... By Paul Muolo ... pmuolo@imfpubs.com
Incenter Mortgage Advisors, Denver, unveiled a new bulk servicing auction Wednesday morning: A $6.2 billion package of Fannie Mae and Freddie Mac receivables.
The portfolio is top-heavy with California product at 24.6 percent of the total, and is one of the larger bulk auctions to be announced this month. The seller was not identified by name, but in the offering circular is described as “an independent mortgage banker with strong net worth and an experienced senior management team.”
The delinquency rate on the package is 1.42 percent with almost no bankruptcies or foreclosures. The average loan size is $250,503. Bids are due March 22.
Servicing advisors are expecting a strong year for MSR sales thanks to steadily rising interest rates and the need for some lenders to raise cash in a tough origination market.
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