Mortgage servicing rights on close to $3 billion in agency home loans secured by properties in the West are being marketed for sale.
The offering is for roughly 13,213 Fannie Mae and Freddie Mac residential loans with an aggregate $2.739 billion unpaid principal balance.
All of the loans are fixed rate, first-lien mortgages that were originated through the retail production channel.
The transaction was announced by MountainView Servicing Group, which is playing an advisory role in the sale.
Refinances make up just 20 percent of the loans.
“Given the portfolio size and the fact that it’s 100 percent retail and 80 percent purchase servicing, we expect a large amount of interest,” MountainView Managing Director Matt Maurer said in a written statement. “We have marketed a lot of portfolios and rarely come across portfolios with this much purchase concentration.”
On a weighted-average basis, the FICO score is 746, the original loan-to-value is 79 percent and the interest rate is 4.51 percent.
California is the location of properties backing 18 percent of the loans, while 16 percent are in Arizona, another 16 percent are in Utah and 10 percent are in Colorado.
Bids are being accepted until Dec. 18.
