A trio of servicing portfolios from different brokers are among the offerings in the market this week, adding to
A $5.42 billion national package from Incenter was one of the largest publicly offered at deadline, but many billions of dollars more were reportedly in the pipeline, according to another broker.
At least three large banks have indicated in recent earnings reports and calls that
While some stakeholders in the servicing market briefly hit pause during the initial volatility stemming from
Multiple deals totaling in excess of $45 billion have been teed up, said Mike Carnes, managing director in Mortgage Industry Advisory Corp.'s MSR Valuation Group.
"Some of them will be public showings, some of them will be private showings," he said.
When asked about the reception on the buy side to the wave of sales, Carnes responded that, "it still seems to be pretty strong."
Meanwhile, the market has deals like the $5.42 billion portfolio that Incenter is offering from an unnamed seller to consider. That portfolio consists of mortgages with 31.6 months of seasoning and no delinquencies or foreclosures. It has a weighted-average interest rate of 4.19%.
The package of MSRs is fairly evenly split between loans that government-sponsored enterprises Fannie Mae and Freddie Mac back. The average loan size is $264,890. The weighted averages for the credit score and loan-to-value ratio are 754.2 and 75.3%, respectively. The largest concentration of loans is based in California (13.1% based on the number of mortgages or 15.9% of the total balance).
The bid deadline for this portfolio is 2 p.m. Mountain time on May 3.
Another offering that the Mortgage Industry Advisory Corp. has put up for bid relates to $1.9 billion loans either backed by the two GSEs, or in government securitizations that Ginnie Mae insured.
The split is Fannie, 49.44%; Freddie, 30.17%; and Ginnie, 20.38%. An unidentified company that lends broadly but generally originates loans most frequently in South Dakota is the seller.
The offering's overall weighted-average delinquency rate is 2.14% with most or 1.17% of the arrears in the 30-day bucket. The other day counts and delinquency rates break down as follows, respectively: 120-plus or in foreclosure, 0.39%; 60, 0.39%; and 90, 0.16%.
Other weighted averages for the portfolio are: interest rate, nearly 4.17%; service fee, 0.32%; and loan age, 14 months. The nonzero weighted averages for credit score and LTV are 728, and 75.12%, respectively.
The bid deadline for this offering is 5 p.m. Eastern on May 4.
Also up for bid next week is a $188 million Fannie Mae portfolio with New England concentration, according to Prestwick Mortgage Group. The company is the exclusive broker for this retail loan-channel offering, but it also is working with Mortgage Capital Trading as a strategic partner.
Around 82.06% of the mortgages are on Massachusetts properties and it comes from an unnamed financial institution in that state. Another 10.83% of the loans are on homes in Rhode Island. New Hampshire properties back 4.91% of the mortgages. The average loan size is $318,217. The portfolio's weighted averages are: note rate, 2.98%; seasoning, 31 months; credit score, 765.75 and original LTV, 60.47%.
The bid deadline for this portfolio is 5 p.m. Eastern on May 2.
