$760 million Fannie Mae MSR portfolio hits market
Follows string of MSR sales
MountainView Servicing Group is overseeing the sale of a Fannie Mae mortgage-servicing right portfolio with a total unpaid principal balance of $759,526,511.
The portfolio features 100% fixed-rate and first-lien product $464 million of HARP servicing and a weighted average original FICO of 725.
Additionally, it includes a weighted average original LTV of 103%, weighted average interest rate of 4.18% and low delinquencies.
“The portfolio contains 61% HARP servicing,” says Derek Katz, a managing director at MountainView. “Upon review of our large client database, HARP servicing is prepaying slowly and defaulting infrequently, so this is the ideal situation for a buyer of mortgage servicing rights.”
Furthermore, the MSR portfolio has an average loan size of $210,162 and geographic concentration in Florida (19.8%), New Jersey (15.9%), Massachusetts (12.5%) and Rhode Island (11.7%).
Bids for the portfolio are due Feb. 20.
This follows a string of Fannie Mae offloading in recent months.