WHITE PLAINS, N.Y. - Cohane Rafferty Securities LLC is representing an unidentified northeastern bank in the auction of a portfolio of servicing rights on $240 million of Freddie Mac loans.
The portfolio pays an average servicing fee of 30 basis points. The average coupon on the loans is 7.834%. About 93% of the loans are secured by homes in Connecticut, with 5% in Massachusetts and 1.2% in New York.
The average loan size in the portfolio is $58,000. There are 4,134 loans in the pool. Total delinquencies - including loans in foreclosure - come to 2.95% of the portfolio.
Bids must be sent to Cohane Rafferty by 5 p.m. eastern daylight time on Wednesday, Aug. 16.