$3B in Fannie Mae and Ginnie Mae servicing rights going up for bid
MountainView Financial Solutions is brokering a more than $3 billion package of Fannie Mae and government mortgage servicing rights originated primarily through third-party origination channels.
The Fannie Mae portfolio has a geographic concentration of loans in Tennessee, rather than the more typical California concentration such as is found in the larger Ginnie Mae portfolio.
More than 28% of the Fannie Mae MSRs are concentrated in Tennessee, followed by Alabama (more than 13%). The California concentration in the government portfolio is more than 12%, followed by New York (more than 6%).
The government loans were originated between 2012 and 2016, with the bulk of the production dating back to 2014 and 2015. The Fannie Mae loans were originated between 2011 and 2017. Most of the Fannie loans were originated between 2012 and 2014.
The Fannie portfolio has a weighted average interest rate of 3.88%, a weighted average original credit score of 758, a weighted average original loan-to-value ratio of 77% and just over 1% of the loans are delinquent or in foreclosure.
The Ginnie portfolio has a weighted average interest rate of 3.81%, a weighted average credit score of 700, an original weighted average LTV of more than 97% and more than 6% of the loans are delinquent or in foreclosure.
The majority of payment problems in both portfolios are 30-day delinquencies.
The unnamed seller MountainView represents is offering full representations and warranties, and prefers an all-in bid as well as a sale date on or before Oct. 31. Written bids are due at 5 p.m. Eastern on Aug. 23.