Thursday, June 17, 2010

MIAC has a portfolio for sale

We've been hearing that portfolios are coming back to market. Recently, Mortgage Industry Advisory Corporation (MIAC), a leading provider of pricing, risk management, and accounting solutions for the mortgage and financial services industries, announced that it was the exclusive representative of a seller offering a $1 Billion FHLMC bulk mortgage servicing portfolio.

According to MIAC, the portfolio has several attractive characteristics including: $141,699 Average Loan Size; 100% Fixed Rate loans; Weighted average interest rate of 5.09%; Weighted average delinquency rate of 1.28%; Weighted average loan Age of 54 months; National Geographical Distribution.

The Bid Date is Friday, June 25, 2010. A copy of the Offering Memorandum is available online. Loan level portfolio data can be supplied in electronic format upon request. Interested parties should contact their MIAC representatives with any questions about the portfolio sale.

We've worked with MIAC in the past but have no connection to the company at this time.

MIAC isn't the only company that says it is seeing increased activity in loan trading. Our client Franklin Credit Management recently reported a burst of activity in the market. We're watching this development with high hopes, but I'm not yet convinced it means that new investors are ready to move back into the market.

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