MountainView Servicing Group, a residential mortgage servicing right (MSR) sale and valuation advisor, is advising on the sale of a Fannie Mae and Freddie Mac bulk MSR portfolio with a total unpaid principal balance of about $6.2 billion.
The servicing is on 26,180 fixed-rate and first-lien mortgages. The loans have a weighted average original credit score of 777, a weighted average original loan-to-value ratio of 74% and a weighted average interest rate of 3.69%, says MountainView in a press release. The portfolio also has no delinquencies.
MountainView says the average loan size is $236,605. The top states for the servicing are California (17%), Massachusetts (7.4%), Texas (7.3%) and Washington (6.0%).
“This conventional MSR portfolio consists of lower-coupon, low-California concentration servicing, which will be appealing to both bank and non-bank MSR buyers,” says Matt Maurer, a managing director at MountainView.
Bids for the portfolio are due on March 29.