A $1.4 billion Ginnie Mae bulk mortgage servicing rights pool is available for purchase, according to The Prestwick Mortgage Group, which is acting as the broker for an independent mortgage company.
According to Prestwick, the seller is an experienced residential mortgage lender and mortgage servicer.
All of the loans are fixed rate and the pool carries a weighted average note rate of 4.508%. The average loan balance on the pool is $175,980.
There are 7,786 loans in the pool.
The delinquency percentage is 13.781%, Prestwick said.
According to Prestwick’s presale data, 72 loans with an unpaid principal balance of $13,655,834 are HAMP modifications. Fourteen loans with an unpaid principal balance of $2,086,377 are flagged as modifications not in the HAMP program. Twenty-two loans are flagged as being in forbearance; six loans as being in a short sale; and three loans as being on a repayment plan.
According to Prestwick, the loans are spread throughout the country, with concentrations in Texas, New Jersey and Florida.
The Federal Housing Administration insures approximately 79% of the loans, while 13.8% are insured by the Department of Veterans’ Affairs and 6.8% are guaranteed by the Department of Agriculture.