A new $835 million Ginnie Mae mortgage servicing rights (MSRs) portfolio has hit the market, with Colorado-based MountainView Servicing Group [1] acting as the advisor.
According to an announcement from MountainView, the bulk servicing offering includes 99.7 percent fixed-rate and 100 percent first-lien product with a weighted average original FICO score of 691.
Other quality features include a weighted average original loan-to-value ratio of 94 percent and a weighted average interest rate of 4.00 percent. The average loan size is $205,309.
Nearly a quarter—23.9 percent—of the portfolio is concentrated in California, MountainView said. Other top states include New York (9.6 percent), Florida (4.7 percent), and Pennsylvania (4.5 percent).
"This portfolio is being offered by one of the premier mortgage bankers in the country," said Robert Wellerstein, managing director at MountainView. "It's an exceptionally clean GNMA portfolio, with a very low coupon and low delinquencies. Given the high-quality product, portfolio size and experienced seller, we expect this package to garner a lot of interest among MSR buyers."
Bids for the offering are due September 16.