In Colorado, ""MountainView Servicing Group"":www.mvch.com/ has announced the upcoming sale of an estimated $129 million in ""Ginnie Mae"":www.ginniemae.gov/ mortgage servicing rights.[IMAGE]
The servicing portfolio will go on the block on Tuesday, January 31, at noon (EST).
MountainView's servicing portfolio auction encompasses 566 loans, and most of the loans - around 99 percent - are ""Federal Housing Administration"":www.fha.gov/ fixed-rate mortgages. The Ginnie Mae[COLUMN_BREAK]
mortgage servicing rights being put up for sale are comprised of retail originations, which account for 50 percent of the portfolio, and the remaining half of the loans being offered are associated with third-party brokers.
The company said in a public statement that most of the servicing rights being sold are related to loans that are approximately 14 months seasoned. MountainView went on to add that the included loans are spread throughout the United States.
During the third-quarter of 2011, MountainView was responsible for helping Fannie Mae liquidate a $485 servicing portfolio in Illinois, and during the same time frame, the company was also responsible for a selling a smaller allotment of Ginnie Mae servicing rights. The more diminutive sale included an estimated $45 million in servicing rights, most of which were related to loans in California.
Based in Denver, the servicing arm of MountainView is a wholly-owned subsidiary of ""MountainView Capital Holdings"":www.mvch.com/. MountainView's servicing division serves to advise independent mortgage companies, mortgage banks, thrifts, credit unions, and special servicers in the areas of trading, valuation, and overall management of residential mortgage servicing rights.