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$3.2 billion Fannie Mae, Freddie Mac MSR portfolio hits the market

Loans are "very high quality"

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.

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