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Servicing

Nearly $1 billion in Fannie MSRs hit the sales block

Sales of mortgage servicing rights pick up in 4Q

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Valuation advisor MountainView Servicing Group is overseeing the sale of $901 million in mortgage servicing rights tied to Fannie Mae loans.

This deal comes on the heels of more companies offloading mortgage servicing rights.

The portfolio is comprised of low risk and high quality loans.

Furthermore, features of the portfolio include 99.9% fixed-rate, 100% first-lien product and an average FICO score of 762.

The average loan-to-value of the portfolio is 69%, with an average interest rate of 3.74%, 3.85% on the 30-year, fixed-rate product, and low delinquencies.

"This is an outstanding opportunity to pick up low-coupon servicing predominantly concentrated in western states," said Robert Wellerstein, managing director at MountainView Servicing Group and the lead advisor on the sale.

"In addition, the origination was 99% retail and from a top-tier independent mortgage banker," Wellerstein added.

The loans included in the portfolio average $263,492 in size, with California, Colorado, Washington, and Arizona making up most of the portfolio at 55.2%, 11.6%, 7.7% and 5.7%, respectively.

Despite a rumored slowing in the sales of Fannie and Freddie MSRs in the fourth quarter, a spokesperson with MountainView said they actually started to see a real uptick in sales in mid-September and the pace hasn’t slowed in October and November.

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