MountainView Servicing Group in Denver said Friday that it is the exclusive advisor for the sale of a bulk mortgage servicing rights portfolio with Fannie Mae, Freddie Mac and Ginnie Mae loans.
The bulk portfolio carries $4.7 billion of unpaid principal balance. Bids for the sale are due May 12, MountainView said in a news release.
The Fannie Mae and Freddie Mac segment of the portfolio has 96% fixed-rate and 100% first-lien product. The weighted average original loan-to-value ratio is 72%, while the weighted average interest rate is 4.14%. The loans, which have a weighted average original credit score of 740, are predominately located in California.
Similarly, the Ginnie Mae segment mainly includes loans in California. The product in this segment is 99% fixed-rate and 100% first-lien product. The loans carry a weighted average original credit score of 681, a weighted average origin LTV ratio of 93% and a weighted average interest rate of 3.95%.
The seller, which MountainView did not identify but described as a publicly traded bank, has previously sold MSRs and originated the majority of the loans through its retail channel, according to Robert Wellerstein, managing director at MountainView Servicing Group.
"Considering this portfolio's size and low percentage of delinquencies, we expect interest from both seasoned investors and the market's newer entrants," Wellerstein said.
