Buyers looking to acquire a bulk portfolio of mortgage servicing rights by the end of the year have an opportunity to do just that, as a portfolio of more than $1.2 billion in MSRs is now available for purchase.
A portfolio of servicing rights for mortgages backed by Fannie Mae and Freddie Mac with an unpaid principal balance of $1,221,537,408 is currently available, according to MountainView Servicing Group, which is acting as an advisor for the sale.
MountainView said that the seller of the portfolio is “an independent mortgage bank with high net worth and significant MSR sales experience.”
The portfolio features 100% fixed-rate and first lien product, a weighted average original FICO score of 752, a weighted average original loan-to-value ratio of 74%, a weighted average interest rate of 4.24%, and no delinquencies, MountainView said.
The portfolio’s average loan size is $266,944, and the top states for the portfolio are California (44.2%), New York (9%), Hawaii (5.6%), and Oregon (5.2%).
“It’s a very desirable deal: you have size, a strong seller, and clean product,” said Robert Wellerstein, managing director at MountainView Servicing Group. “That’s what you should be looking for as a buyer.”
MountainView also said that the seller is looking to complete the sale by the end of the year.
Bids for the portfolio are due on Nov. 21.