Mortgage Industry Advisory Corp. (MIAC) is selling a $1.04 billion package of Ginnie Mae servicing rights backed by mortgages that are mostly located in the Northeast.
The offering is yet another sign of life in the secondary market for housing receivables. The average loan size in the pool is $198,845. All of the notes are fixed rate.
The seller is a mortgage banker based in the Northeast, but MIAC did not identify the firm. The broker had not return a telephone call about the offering at press time.
Currently, the two largest players in the GNMA servicing market (in terms of market share) are Wells Fargo & Co., and Bank of America, according to the National Mortgage News' data affiliate the Quarterly Data Report.