Mortgage Industry Advisory Corp., New York, is offering for sale a $79 million package of residential servicing rights tied to Fannie Mae MBS.
The brokerage/advisory firm did not identify the seller except to say the MSRs belong to a Midwestern-based bank. The portfolio has a delinquency rate of 6.12%, and a coupon of 5.3%.
Bulk servicing sales have increased during the past few months and may continue to gather steam now that rates are rising. However, the value of MSRs has slipped during the housing boom and is unlikely to return to its pre-2007 peaks.
Complicating sales is the current focus on restructuring how servicers are compensated. Then again, any change to the MSR contract will be prospective, meaning that existing contracts will be grandfathered in, or so the industry believes.