The $2-billion-plus deal has a 75%-plus Washington State concentration. The loans are primarily fixed rate and 86% are 30-year mortgages. The mortgages have a weighted average original credit score of 765, a weighted average original loan-to-value ratio of 76% and a weighted average interest rate of 3.69%.
This portfolio also has an average loan size of $265,833 and is 100% first lien. The unnamed mortgage bank offering the portfolio is retail-only and has a high net worth, according to Matt Maurer, managing director, MountainView Servicing Group and lead advisor on the sale.
Bids for this portfolio are due Feb. 6 at 3:00 p.m. Eastern Standard Time.
The seller of the $504 million Fannie Mae portfolio would prefer to sell with limited representations and warranties because it is leaving mortgage banking.
Bids for this portfolio are due Feb. 4 at 5:00 p.m. EST.