A bulk Freddie Mac, Fannie Mae and Ginnie Mae mortgage-servicing rights portfolio just hit the market with $4.7 billion of unpaid principal balance. MountainView Servicing Group, the sale advisor, said the Freddie Mac and Fannie Mae segment of the offering is servicing on 96% fixed-rate and 100% first-lien product.
Other features of the portfolio include:
- The loans have a weighted average original credit score of 740, a weighted average original loan-to-value ratio of 72%, and a weighted average interest rate of 4.14%.
- The top states for these mortgages are California (82.9%), Oregon (3.7%) and Arizona (1.8%).
As for the Ginnie Mae segment, the features include:
- The segment is servicing on 99% fixed-rate and 100% first-lien product.
- The loans have a weighted average original credit score of 681, a weighted average original LTV of 93%, and a weighted average interest rate of 3.95%.
- The top states for these mortgages are California (73.0 percent), Oregon (4.0 percent) and Arizona (2.4 percent).
“Considering this portfolio’s size and low percentage of delinquencies, we expect interest from both seasoned investors and the market’s newer entrants,” said Robert Wellerstein, managing director at MountainView.
“Potential bidders should also know that the seller, which is a publicly traded bank, has previous MSR sale experience and originated most of the mortgages through its retail channel,” he added.
Bids for the portfolio are due on May 12.
