Ginnie Servicing Portfolio For Sale

May 13, 2004, 2:00 p.m. EDT 1 Min Read

The Prestwick Mortgage Group, Alexandria, Va., is brokering the sale of servicing rights on a $37 million portfolio of Ginnie Mae loans.The portfolio has a 6.749% weighted average note rate and a 44-basis-point average servicing fee. The average loan balance is $105,437 and the weighted average seasoning is 29 months. The delinquency rate is 12.39%. States with the highest concentration of loans are Georgia, Michigan, Texas, and Tennessee. Bids are due May 25.

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