Mortgage Industry Advisory Corp. will auction off a portfolio of mortgage servicing rights tied to $1 billion of loans controlled by Freddie Mac.

The delinquency rate on the underlying group of fixed-rate loans is just 1.28%. Mortgage Industry Advisory did not identify the seller but said the loans have national "distribution." The New York brokerage did not return a call for comment.

Several other bulk servicing packages are in the market, including a $23 billion pool of servicing rights once owned by the failed AmTrust Bank of Cleveland.

The Federal Deposit Insurance Corp. is offering the AmTrust package through Milestone Merchant Partners.

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