Bids are being taken for mortgage servicing rights on more than $1 billion in Government National Mortgage Association loans.

MSRs on 6,244 Ginnie Mae loans that had an aggregate unpaid principal balance of $1.411 billion as of April 30 are up for auction.

Arizona is the location of the properties that secure more than 11 percent of the loans. All other states have less than a 10 percent share.

Source: Mortgage Daily