Denver-based MountainView Servicing Group announced the sale of a $736 million bulk portfolio of mortgage servicing rights featuring loans backed by Freddie Mac, Fannie Mae and Ginnie Mae. MountainView is acting as the advisor on the sale.
According to MountainView, the bulk portfolio included 99% fixed-rate and 100% first-lien product. The loans also carry a weighted average original FICO score of 762, a weighted average original loan-to-value ratio of 66%, a weighted average interest rate of 3.94%, and low delinquencies.
The loans are highly concentrated in California, with 89% of the loans based in the Golden State. The average loan size of the underlying loans is $332,159.
MountainView also said that the seller is offering full representations and warranties on the loans and is seeking a sale date no later than March 31.
Bids for the portfolio are due Feb. 12, MountainView said.