A $4.8 billion bulk portfolio of mortgage servicing rights is now on the market and available for purchase.
The portfolio is actually split into two separate pools of mortgages. The first checks in at $3.2 billion in unpaid principal balance and the other checking in at $1.6 billion in UPB.
Both pools are built on mortgages backed by Fannie Mae and Freddie Mac, according to Interactive Mortgage Advisors, which is acting as the exclusive broker for the seller.
According to IMA, the seller of both pools is a Midwest, independent mortgage banking entity with strong financials and highly experienced senior management team.
The larger of the two pools contains 15,202 loans that carry an average loan size of $211,140. The loans carry a weighted average interest rate of 3.984% and the borrowers carry a weighted average FICO score of 750.
Of note in the $3.2 billion pool is that there is not a single delinquency, and the loans carry an average seasoning of 16.7 months.
The smaller of the two pools contains 6,214 loans with an average loan size of $260,626. The loans in this pool carry a weighted average interest rate of 4.374% and also carry an average weighted FICO score of 750.
There are 51 delinquent loans in this pool and loans carry an average seasoning of 7.4 months.
Also of note in the smaller pool is the geographic concentration, with nearly 60% of the loans in the smaller pool located in California.
“Prospective purchasers are invited to submit bids for either offering or both,” IMA said. “Bids are to be submitted separately should you bid both offerings. These offerings provide an excellent opportunity to finish off your year with the purchase of a substantial amount of extremely low interest rate, high quality MSRs from a highly reputable mortgage banking company. “
Bids for the MSR pools are due on Dec. 4.