The servicing on more than $3.5 billion in Government National Mortgage Association loans are being auctioned off to the highest bidder. There is a modest concentration in the Lone Star State.
The offering is for mortgage servicing rights on 21,356 Ginnie Mae residential loans that had an aggregate unpaid principal balance of $3.589 billion as of June 30.
Texas is the location of properties securing 24 percent of the mortgages, while another 12 percent are secured by Ohio properties.
Source: Mortgage Daily