Mortgage servicing rights on nearly $3 billion in agency residential loans that were originated by a non-bank are on the market.
The offering includes MSRs on $2.826 billion in mortgages that are backed by Fannie Mae, Freddie Mac and Ginnie Mae.
Prospective buyers can either make a bid on the entire MSR portfolio, or bids can be made on the servicing rights based on the agency.
MountainView Servicing Group announced the offering Thursday.
The seller is an independent mortgage banking firm.
Based on an average loan size of $287,798, the number of loans in the offering works out to around 9,821.
MountainView noted that 99 percent of the loans are fixed rate, while all of the loans are first liens.
On a weighted-average basis, the original credit score is 733, the original loan-to-value ratio is 70 percent and the interest rate is 3.94 percent.
Delinquencies on the mortgages are characterized as “low.”
Nearly 80 percent of the loans are secured by properties located in California.
Bids are due by Feb. 17.
MountainView is online at www.mvch.com. Interested parties can call 303.633.4700.