The Prestwick Group is offering investors an opportunity to purchase up to $40 million a month in GNMA-related servicing rights through a “flow” offering.
Processing Content
The name of the seller was not disclosed, though the advisory firm describes its client as a “well capitalized” mortgage banker in the mid-Atlantic.
Flow servicing offerings have been few and far between the past few years. The Alexandria, Va.-based Prestwick is marketing the sale as a servicing deal in the range of $240 million to $480 million. (Those MSR figures are annualized based on a flow of $20 million to $40 million a month in receivables.)
Under a flow arrangement, a seller upstreams MSRs to a buyer, usually on a monthly basis. The bid deadline on the deal is late May.
