Prestwick Marketing $252M Fannie Mae Servicing Offering

The Prestwick Mortgage Group is now offering a $252 million Fannie Mae A/A and FHLMC Gold Arc servicing portfolio on behalf of a federal savings bank.

There are 1,078 loans in the portfolio, with 932 being single-family detached properties, 119 condominiums, 16 planned unit developments and 11 family housing units with two to four bedrooms.

Prestwick, based in Alexandria, Va., said 958 of the loans are owner-occupied, while 66 are occupied by investors and 54 are second home loan occupants.

The 30-year fixed-rate loans are on properties located in 12 states. Approximately 71% of the loans are on properties located in Massachusetts and 16% in New Hampshire. All loans are first liens, due on the first of the month with interest collected in arrears.

As of Aug. 31, Prestwick said the average unpaid principal balance is $233,482. The 30-day delinquency ratio within the portfolio is 0.186%, with no foreclosures.

The average weighted FICO score is 766.2, with a weighted average note rate of 3.659%.

None of the loans are in the Home Affordable Modification Program or e-mortgages, Prestwick mentioned, but all are registered with MERS. Furthermore, the sellerís database shows that there are no bankruptcies in the portfolio.

The seller, who services all of the loans in-house on the FICS servicing system, prefers to close the sale of this portfolio before the end of this year. Written bids are required via facsimile or email no later than Oct. 3 by 5:00 p.m. EDT.