The seller is one of the first originators to secure financing for its servicing rights and it originally wanted to buy, MountainView managing director Jeff Drott said in a press release. After watching several packages trade in the past two months, they decided to sell.
Top states for the portfolio are Maryland (8.5%), Virginia (7.7%), Pennsylvania (7%) and Georgia (6.1%), according to MountainView. The weighted average loan-to-value ratio is 84.3% and the weighted average interest rate is 4.16%.
Ninety-seven percent of the loans are fixed rate. All are first liens originated through a retail loan channel.