An unnamed seller is offering a $2.2 billion Ginnie Mae servicing portfolio to the national market, according to
Written bids are due April 3 at noon on the East Coast.
The portfolio includes 11,400 loans with a weighted average interest rate of 3.76% overall and a weighted average interest rate of 3.91% on the 30-year fixed-rate product.
According to MountainView, the portfolio also has all-in delinquencies of 7.12%, an average loan size of $189,507, and national geography, with the largest concentrations in Texas (13.2%), California (9.7%) and Georgia (6.8%).
“This geographically diverse Ginnie Mae servicing portfolio is being offered with VA loss exposure protection,” said MountainView managing director Derek Katz, the lead advisor to the seller, in a press release. “This protection, along with slower-than-average expected speeds related to the concentration of VA and FHA refinances, makes the portfolio appealing to a buyer.”
The seller strongly prefers an all-in bid and a sale date no later than May 31, but is flexible with the timing of the servicing transfer, according to the company.
