Mortgage servicing rights on $6 billion in agency residential loans are trading hands in two separate portfolio sale transactions.
The first transaction, which involves MSRs on $3 billion in Fannie Mae single-family mortgages, closed on June 30.
SunTrust Mortgage Inc. was the buyer in the deal. The Richmond, Va.-based company is expected to complete the physical transfer of servicing on Oct. 1.
The seller, HomeStreet Inc., said in a statement that the sale is being made in preparation for the Jan. 1, 2015, effective data of the new Basel III-based regulatory capital standards.
HomeStreet noted that the sale represents around a quarter of its third-party servicing portfolio as of March 1.
Seattle-based HomeStreet expects a $5.4 million increase in second-quarter servicing income as a result of the sale.
The second deal, also for MSRs on $3 billion in loans, is being offered by Mortgage Industry Advisory Corp. on behalf of a national mortgage lender.
Full representations and warranties for the roughly 17,600 loans included in this offering are being provided by the seller.
Nearly half of the loans are Fannie Mae mortgages, while just over half are Ginnie Mae loans.
More than 95 percent of the loans are fixed-rate, and the rest are hybrid adjustable-rate mortgages.
More than 79 percent of the loans were originated through the wholesale channel, and the remainder were retail-originated.
Refinance share of the portfolio is 78 percent.
On a weighted-average portfolio basis, the interest rate is 4.254 percent, the delinquency rate is 11.61 percent and the loan age is 35 months.
Interested bidders can contact Dan Thomas at [email protected] or 212.233.1250 at extension 240.
