Buyers looking to get their hands on the mortgage servicing rights on some “high quality” mortgages backed by Fannie Mae and Freddie Mac are in luck, as a bulk portfolio is out for sale.
According to MountainView Servicing Group, which is acting as the exclusive sale advisor, the portfolio features the mortgage servicing rights to loans with $3.26 billion in unpaid principal balance.
The offering includes the mortgage servicing rights for 14,987 first-lien loans, of which 99.9% are fixed-rate mortgages.
According to MountainView, the loans carry a weighted average original credit score of 759, a weighted average original loan-to-value ratio of 74%, a weighted average interest rate of 3.62% and a weighted average age of nine months.
Per details provided by MountainView, the top states for the underlying mortgages are South Carolina (12%), Georgia (7.4%), Alabama (6.3%), Florida (5.7%) and North Carolina (5.1%).
“This newly originated servicing is very high quality, with high credit scores and almost zero delinquencies, which will be particularly appealing to buyers seeking a concentration in southeastern states,” said Jeff Drott, managing director at MountainView. “The seller would also like to engage the winning bidder in a flow transaction relationship of approximately $100–200 million of UPB per month.”
According to MountainView, bids for the portfolio are due Sept. 23.