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The Ticker

$3B Fannie Mae bulk MSR portfolio hits market

West Coast portfolio boasts 770 FICO average

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MountainView Servicing Group announced the offering of a $3 billion Fannie Mae bulk MSR portfolio Thursday.

MountainView is the exclusive sale advisor to the seller, who is seeking to retain servicing operations on the loans.

“There have been only a handful of MSR transactions in which the seller remained as a subservicer,” said Robert Wellerstein, managing director at MountainView Servicing Group and the lead advisor on the sale. “However, we expect an above-average number of bidders on this offering, because there are many new entrants to the market – prospective investors – who are drawn to the potential yields on the MSR asset but don’t have their own servicing operations.”

The portfolio is comprised of 100% fixed-rate and first lien product, a weighted average original FICO of 770, a weighted average original loan-to-value ratio of 78%, a weighted average interest rate of 3.73%, no delinquencies, and an average loan size of $259,995.

The portfolio properties are mostly in Washington (86.3%), with the balance in Hawaii (6.9%), Oregon (3.4%), and Idaho (2.2%).

The seller prefers to retain servicing operations on the loans through a subservicing agreement with the buyer but will also consider a traditional servicing-released transaction.

Bids for the portfolio are due May 22.

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