Servicing rights on more than $3 billion in agency loans are being auctioned off. A majority of the portfolio is government mortgages, and there is a Southeast concentration.
The offering is for mortgage-servicing rights on 17,973 fixed-rate, first-lien mortgages that had a collective unpaid principal balance of $3.173 billion as of
July 31.
Ginnie Mae II mortgages account for 12,194 loans for $2.285 billion, Fannie Mae A/A loans make up 5,694 units for $0.869 billion, and there are just 85 Fannie Mae MRS loans for $0.019 billion.
MountainView Financial Solutions LLC, the exclusive sale advisor, announced the offering Wednesday.
On the conventional mortgages, properties located in Tennessee secure a third of the loans, while Alabama has a 13 percent share. All other states have a less than 10 percent share. No state has a 10 percent share on the government mortgages.
The interest rate is 3.883 percent on a weighted-average basis, while the service fee is 0.306 percent, the original term is 348.9 months, and the remaining term is 303.0 months. The weighted-average original loan-to-value ratio is 91.5 percent,.
On the conventional loans, the weighted-average original FICO score is 758, while it is 700 on the government mortgages.
Although the seller prefers an all-in bid for the entire portfolio, it will consider bids on just the Fannie Mae or Ginnie Mae loans.
A sale date of no later than Oct. 31 is preferred by the seller, but the transfer date is flexible.
Bids are due by Aug. 23.
Information can be obtained from Mountain-view Vice President, Marketing, Troy Rusniak at 303.633.4739 or [email protected].
