An unnamed independent mortgage bank is selling a $5 billion Fannie Mae bulk servicing rights package with just over a half-percent delinquency rate, according to
The MSRs have 16 months of seasoning, an “extremely low” note rate, a 764 weighted average Fair Isaac & Co. credit score. The delinquency rate includes foreclosures. The deal has a fairly wide geographic dispersion in which the greatest state exposure is below 10%.
Prospective purchasers must be approved Fannie Mae servicers or have a structure in place with one who can take ownership and service on their behalf
Written bids are due by noon Mountain time/2 p.m. Eastern on Dec. 5.
