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Prestwick’s Open Bidding on Mixed MSR Portfolio About to Close

JAN 9, 2014 12:48pm ET

The Prestwick Mortgage Group is acting as exclusive broker for the sale of servicing rights on government-sponsored and private mortgage loans, says George Christo Jr., an EVP with the company.

Properties included in the portfolio are located in the Midwest, with approximately 44% of the loans on properties in Michigan and 18% in Indiana, according to Christo.

The bidding deadline, which was initially announced on Dec. 30, 2013, is set for Jan. 16 at 5:00 PM EST.

Loan features based on data as of Nov. 30, 2013 show on average these mortgages have an unpaid principal balance of $146,542, a 4.074% weighted average note rate, a 0.2542% weighted average net service fee, a low delinquency ratio of roughly 4%, including foreclosures, and weighted average FICO scores of 748.6.

Prestwick, Alexandria, Va., provides detailed loan level files “including tabs for a variety of stratifications” that are part of the offering, he says.