MountainView Servicing Group is serving as the exclusive sale advisor for a home builder's $200 million Fannie Mae mortgage servicing rights (MSR) portfolio and an additional $30 million to $40 million of monthly flow servicing from the builder.
As per a company press release, the bulk portfolio, with $200 million of unpaid principal balance, is 100% fixed-rate and first-lien Fannie Mae product with a weighted average original FICO of 755, a weighted average original loan-to-value ratio of 82%, a weighted average interest rate of 3.91% and low delinquencies.
All of the loans were originated by the mortgage financing subsidiary of a home building company. The average loan size is $235,563.
Top states for the portfolio are North Carolina (23.4%), Ohio (22.7%) and Florida (18.4%).
‘Given this unique opportunity to buy $700 million plus of home builder-originated servicing, we expect a significant amount of interest,’ says Robert Wellerstein, managing director at MountainView Servicing Group and the lead advisor on the sale. ‘In addition, the servicing is in attractive states.’
Bids are due April 8.
