A mortgage servicing rights portfolio with more than $1 billion in unpaid principal balance is available for purchase, featuring loans that are backed by Fannie Mae and Ginnie Mae.
According to MountainView Servicing Group, which is acting as an advisor for the sale, the total unpaid principal balance of the portfolio is $1,038,840,170.
The portfolio features 97% fixed-rate and 100% first-lien product, a weighted average original FICO score of 716, a weighted average original loan-to-value ratio of 86%, and a weighted average interest rate of 4.53%, MountainView said.
“The Fannie Mae servicing is being offered on a bifurcated basis, meaning that the buyer in no way will be responsible for origination or prior servicer representations and warranties,” said Matt Maurer, managing director at MountainView Servicing Group.
“Given the recent move down in rates, these MSRs offer buyers the opportunity to generate recapture income without taking on counterparty/repurchase risk.”
The underlying loans carry an average loan size of $144,806 and the top states in the portfolio are Wisconsin (15.9%), Georgia (11.9%), Texas (10.5%), and Florida (10.1%).
Bids for the portfolio are due on Oct. 29.