Through the end of 2014, the unpaid principal balance for this loan portfolio is a little less than $190,000. All loans, except for one, are fixed rate and first liens which are due on the first of the month with interest collected in arrears.
Other characteristics for the portfolio is a 3.895% weighted average note rate, a .88% delinquency ratio with no delinquencies over 30 days and no foreclosures, and a 748.86 weighted average FICO.
None of the loans are E-mortgages, Prestwick says, while approximately 90% are registered with MERS.
The unnamed seller is an independent mortgage banker, Prestwick notes, that has done many loan servicing transfers in the past. The seller prefers a sale date before this April, but is flexible on a transfer date to the extent that its subservicer can accommodate a servicing transfer.
The loans, in which approximately 98% are retail originations, are subserviced for the seller on the LPS servicing system.
Furthermore, the seller’s database shows that there are no bankruptcies in the portfolio, which contains 68 Texas Home Equity/Cash-out Loans.
Prospective buyers interested in acquiring this servicing offerings need to submit written bids by fax or email no later than Jan. 30 at 5 p.m. EST.