MGIC Investor Services Corp. is brokering the sale of $1.53 billion of mortgage servicing rights for an unnamed mortgage company.
Citing confidentiality agreements, the unit of Mortgage Guaranty Insurance Corp. said it could not disclose its client's identity, saying only that the seller is among the 60 largest servicers.
The deadline for bids is Nov. 23. The offering consists of $1.3 billion of servicing on Fannie Mae and Freddie Mac loans, plus $200 million of Ginnie Mae servicing. The seller will accept separate bids for the two pieces.
The loans have an average balance of $85,000 and an average interest rate of 7.67%. MGIC said the conventional loans in the package have been prepaying at 90% of the national average speed.