Several recent sales of mortgage servicing rights involved agency mortgages. But non-agency servicing portfolios are also seeing plenty of action.
A 65 percent interest in the excess mortgage servicing rights of a $9.9 billion residential portfolio was acquired by Newcastle Investment Corp. for $44 million, the New York-based company announced in December. The other 35 percent came from affiliate Nationstar Mortgage LLC, which will service the loans. It was the first such deal for Newcastle, and the company projects a 20 percent return.
“Under the terms of this investment, to the extent that any loans in this portfolio are refinanced by Nationstar, the resulting mortgage servicing right will be included in the portfolio, subject to certain limitations,” the statement said. “This should serve to significantly reduce the impact of prepayments on our investment. Newcastle will not have any servicing duties, advance obligations or liabilities associated with the portfolio.”
MountainView Servicing Group boasted in February its status as the sale advisor for $305 million in bulk mortgage servicing rights on Fannie Mae loans. The national portfolio was almost all fixed-rate. Wholesale originations accounted for 40 percent of the portfolio, while the rest were originated on a retail basis.
The previous month, MountainView announced its offering of a $129 million portfolio of mortgage servicing rights. The Ginnie Mae portfolio was comprised of 566 loans seasoned 14 months. Almost all of the loans were FHA fixed-rate mortgages, and half was originated through third-party mortgage brokers.
A $313 million servicing portfolio was being marketed by MountainView in November. That portfolio of 1,288 primarily fixed-rate loans had a 45 percent California concentration, while 21 percent of the loans were secured by Oregon properties and 16 percent were in Washington. The seller, a “large and well-capitalized” West Coast mortgage banker, expected to close on the sale by the end of last year and transfer the loans by Jan. 31.
A month before that, MountainView said it completed the sale of $472 million in servicing rights on Fannie loans. The seller was an independent mortgage company, and the buyer was a bank-owned mortgage lender.
Citigroup Inc. unloaded a $2.6 billion residential servicing portfolio late last year, Bloomberg reported. The acquirer of the 2,200-loan Fannie Mae portfolio was CWCaptial LLC.
