A huge portfolio of mortgage servicing rights on loans backed by the Government National Mortgage Association has hit the market.
The offering is for MSRs on 13,858 Ginnie Mae residential loans that collectively have an unpaid principal balance of $3.046 billion.
All of the mortgages to be serviced in the bulk portfolio offering are fixed rate, and 100 percent of the loans are in first-lien position.
The deal was announced Friday by MountainView Servicing Group, the exclusive sale advisor in the transaction.
On a weighted-average basis, the credit score is 688, the original loan-to-value ratio is 94 percent, and the interest rate is 3.94 percent. The weighted-average age is seven months.
MountainView noted that 20 percent of the properties securing the loans are located in California, while 10 percent are in New York. No other state has a double-digit concentration.
“This $3 billion GNMA servicing portfolio is lower-delinquency, higher-credit servicing that will allow buyers to receive recapture income without taking on a large amount of delinquent servicing,” MountainView Managing Director Matt Maurer said in the statement. “And the lower-than-expected realized prepayment speeds on this GNMA carve illustrate the seller has not been actively soliciting the borrowers for refinance, leaving a significant amount of refinance income for the winning bidder.”
Bids on the deal are due by Aug. 18.
Interested bidders are being directed to contact Troy Rusniak at
303.870.8235 or [email protected].