Cyprexx: Discrimination charges “frivolous”

Cyprexx: Discrimination charges “frivolous”

Fannie Mae contractor responds to charges from National Fair Housing Alliance

Hey CNBC, shut up about millennials already

Your advice is patronizing, contradictory and just plain wrong

Morgan Stanley finally pays $275 million for subprime RMBS fraud

SEC charged company with misrepresenting loans
W S
Servicing

MountainView markets $1.2 billion Fannie, Ginnie Mae MSRs

The massive offloading of mortgage servicing rights continues.

Valuation advisor MountainView Servicing Group is managing the sale of $1.2 billion in mortgage servicing rights tied to Freddie Mac and Ginnie Mae loans.

The first offering, up for bid on July 1, includes $730 million Freddie Mac MSRs, while the second is made up of $485 million in Ginnie Mae MSRs.

The $730 million Freddie MSR offering comes with an average FICO score of 753. Roughly 94% of the loans in the deal are classified as fixed-rate, first-lien products, with a weighted average original loan-to-value ratio of 77.6%.

The $485 Ginnie Mae offering, up for bidding on July 3, includes 98% fixed-rate, first-lien products with an average FICO score of 720 and a weighted average original LTV ratio of 98%.

"The recent rise in rates has pushed expected lifetime speeds on 2012 and 2013 servicing into the single digits and closer to structural prepayment speeds," said Matt Maurer, a managing director at MountainView Servicing Group.

"With limited upside price potential and demand for MSRs still the highest we have seen in the last seven years, a lot of sellers feel it is a good time to bring a portfolio to market."

The MSR offering is linked to 2,806 newly originated loans with an average interest rate of 3.81%, a 0.39% delinquency rate and an average unpaid principal balance of $259,996.

The second offering is tied to 2,062 newly originated loans backing the MSRs and contains a weighted average interest rate of 3.57%, a 1.45% delinquency rate and an unpaid principal balance of $235,165.

"The recent rise in rates has pushed expected lifetime speeds on 2012 and 2013 servicing into the single digits and closer to structural prepayment speeds," said Matt Maurer, a managing director at MountainView Servicing Group.

"With limited upside price potential and demand for MSRs still the highest we have seen in the last seven years, a lot of sellers feel it is a good time to bring a portfolio to market."

kpanchuk@housingwire.com

Recent Articles by Kerri Panchuk

Comments powered by Disqus