Open Bidding on Nearly $1.3 Billion MSR Portfolio

MountainView Servicing Group has opened bidding on the mortgage servicing rights of over a billion dollars of Fannie Mae guaranteed loans.

The seller is an undisclosed independent mortgage bank.

Bidding on the Fannie Mae MSR portfolio with total unpaid principal balance of roughly $1.3 billion will close on January 28 at 5 p.m. Eastern Standard Time.

The portfolio consists of securitized Fannie Mae loans, of which almost 95% are 30-year and 15-year fixed rate products, according to Troy Rusniak, VP of marketing at MountainView Capital Group.

The average loan size is about $185,000.

Key portfolio features include interest rates significantly below current market rates, at 3.93% to 4.11% on the 30-year fixed-rate loans, and average 12-month escrow of 0.89%.

All loans are first lien mortgages originated on a retail basis with a weighted average original FICO score of 741 and have loan-to-value ratios of 81%.

Geographically the portfolio is concentrated in Mid-Atlantic states, Rusniak says, with roughly 18% of all assets located in Maryland, 12% in Virginia, over 6% in New York and 5.5% in Texas.  

MountainView Servicing Group so far has offered advisory services for over 100 MSR transactions, which represent approximately 80% of the deals brought to market, including over 1,000 MSR portfolio valuations in 2013.

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