Servicers of Government National Mortgage Association loans have an opportunity to make a substantial addition to their servicing portfolio.
Mortgage servicing rights on nearly 3,500 Ginnie Mae home loans for
$724 million are currently being marketed for sale.
There is no significant geographic concentration for properties securing the mortgages, with the biggest share — 7.2 percent — located in Texas.
The details were provided by MountainView Servicing Group LLC, which is the exclusive advisor in the sale.
All of the loans are first liens.
On a weighted-average basis, the original
FICO score is 690, the original loan-to-value ratio is 98 percent and the interest rate is 3.99 percent.
MountainView noted that around 27 percent of the loans are the
VA IRRRL product with maximum LTV ratios up to 100 percent based on automated valuation models or the original value.
The deadline for written bids is June 3.
A sale date of Sept. 1 is desired by the seller with a simultaneous transfer except on the Ginnie loans — which will transfer one month later.
While all bids are being considered, the seller
prefers an all-in bid.
