Bids are being taken for mortgage-servicing rights on more than $400 million in agency home loans with a concentration in California.

The offering involves MSRs on 1,888 Ginnie Mae single-family loans that have a collective unpaid principal balance of $424 million.

Nearly half of the loans in the pool of loans are secured by California properties. Oregon is the location of 22 percent, and another 15 percent are in Nevada.

Source: Mortgage Daily