MountainView Servicing Group announced the offering of another Fannie Mae mortgage servicing rights (MSR) portfolio, this one with an unpaid principal balance of $2.4 billion.
"Given that this low-rate Fannie Mae servicing portfolio is being offered by a 100 percent retail mortgage bank with a high net worth, we expect the portfolio to trade at the top of the market," said Matt Maurer, managing director at MountainView Servicing Group and the lead advisor on the sale.
According to MountainView, the portfolio features 100 percent first-lien and 99.7 percent fixed-rate products (with 86 percent 30-year fixed-rate loans) and a weighted average interest rate of 3.69 percent. The offering's weighted average FICO score is 765, the average original loan-to-value ratio is 76 percent, and there are no delinquencies.
The portfolio has an average loan size of $265,833 and is mostly concentrated in Washington (75.1 percent), Oregon (7.6 percent), and Arizona (6.9 percent).
Bids for the portfolio are due February 6 at 3 p.m. Eastern.