Almost a month ago Mortgage Industry Advisory Corp. (MIAC) held an auction on $8 billion of Ginnie Mae servicing rights, but the firm has yet to declare a winning bidder on the deal.
Sources close to the bid process said the portfolio has yet to trade but eventually will. One advisor, requesting anonymity, said declining rates and concerns about prepayments may have slowed the process.
At press time, an executive at MIAC had not returned a telephone call and email about the matter.
Several bulk MSR deals are currently out in the market, including a $14 billion package of housing receivables from Bank of America, which has been dubbed “Project Hollywood.” Phoenix Capital of Denver is the advisor on that transaction.
