Bids are being accepted for an offering of mortgage servicing rights on more than $1 billion in agency home loans.
The MSRs that are being offered are on roughly 4,576 Fannie Mae and Freddie Mac loans with an aggregate unpaid principal balance of $1.222 billion.
All of the residential loans are fixed rate. In addition, 100 percent of the mortgages are first liens.
The deal was announced Wednesday by MountainView Servicing Group, which is serving as an advisor in the sale.
MountainView noted that on a weighted-average basis — the original FICO is 752, the original loan-to-value ratio is 74 percent and the interest rate is 4.24 percent.
None of the mortgages are delinquent.
Forty-four percent of the loans are backed by California properties, while 9 percent are in New York and 6 percent are in Hawaii.
The seller, “an independent mortgage bank with high net worth and significant MSR sales experience,” wants to close on a deal by the end of the year.
“It’s a very desirable deal: you have size, a strong seller, and clean product,” MountainView Servicing Group Managing Director Robert Wellerstein said in a news release. “That’s what you should be looking for as a buyer.”
Portfolio bids are due by Nov. 21.
