MountainView Servicing Group is handling the sale of a Ginnie Mae bulk mortgage servicing rights (MSR) portfolio with a little more than $3 billion of unpaid principal balance.
The portfolio consists of 13,858 first-lien, fixed-rate mortgages with a weighted average original credit score of 688, a weighted average original loan-to-value ratio of 94%, a weighted average interest rate of 3.94% and a weighted average age of seven months. The delinquency rate for the portfolio is low; however, a release from the company does not state how low.
The top states for these mortgages are California (19.9%), New York (10.3%), Florida (7.4%) and Texas (4.9%).
“This $3 billion [Ginnie Mae] 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,” says Matt Maurer, managing director at MountainView, in the release. “And the lower-than-expected realized prepayment speeds on this [Ginnie Mae] 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 are due by Aug. 18.