2 Servicing Portfolios Come to Market

The Prestwick Mortgage Group, Alexandria, Va., is brokering the sale of servicing rights on two bulk portfolios totaling $99 million of Fannie Mae loans.The first portfolio involves $59 million of home loans, mostly from Massachusetts, with a weighted average note rate of 5.888%, a weighted average servicing fee of 0.2634%, and an average loan balance of $148,058. All the loans are fixed-rate, and the portfolio has 38 months of weighted average seasoning. Bids are due Wednesday, Nov. 8 at 5 p.m. EST. The second portfolio totals $40 million of loans from Georgia, Florida, California, and 30 other states. The weighted average note rate is 6.597%, the weighted average servicing fee is 0.3710%, and the average loan balance is $90,784, with 55 months of weighted average seasoning. Twenty-seven loans are in foreclosure or bankruptcy, and the overall delinquency percentage is 16.82%. Bids are due Wednesday, Nov. 15 at 5 p.m. EST.