Servicing rights on almost $3 billion in residential loans backed by the government-sponsored enterprises are being auctioned off to the best bidder.
The non-recourse offering of mortgage servicing rights is being made on a portfolio of 12,713 Fannie Mae and Freddie Mac loans for $2.845 billion.
FNMA A/A mortgages make up 11,277 units with a principal balance of $2.490 billion, while there are 1,436 FHLMC ARC loans for $0.355 billion.
MountainView Servicing Group LLC,
the exclusive sale advisor in the offering, announced the deal Tuesday.
The weighted-average service fee is 0.25 percent.
All of the loans are fixed-rate first liens that were originated exclusively through the retail channel.
Refinance share is 28 percent.
Mortgages refinanced through the Home Affordable Refinance Program account for
only 34 loans for $0.006 billion.
On a weighted-average basis, the original FICO score is 739, the original loan-to-value ratio is 81 percent and the interest rate is 4.26 percent.
The weighted-average original term is 346.1 months, and the weighted-average remaining term is 340.3 months.
Utah is where properties securing a fifth of the loans are located, while another fifth are in Arizona, 14 percent are in California and a tenth are in Colorado. All other states have less than a 10 percent share.
Delinquency of at least 30 days, including foreclosures and bankruptcies, stood at just 0.46 percent as of July 31.
While all bids will be considered, the seller — which is providing full representations and warranties — prefers an all-in bid.
Bids are due by Aug. 30, and the seller is flexible on the sale and transfer dates.
Inquiries can be directed to
Troy Rusniak at 303.870.8235 or [email protected].
