An auction is being conducted for the sale of mortgage servicing rights on agency single-family loans that have a West Coast concentration.

Bids are being accepted for MSRs on 1,666 Fannie Mae, Freddie Mac and Ginnie Mae loans with an aggregate unpaid principal balance of $444 million as of Jan. 31.

More than a third of the residential loans in the pool are FNMA A/A, while 21 percent are FHLMC Gold. GNMA II mortgages account for another 45 percent.

Source: Mortgage Daily