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.
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.