Situs subsidiary MountainView Financial Solutions is brokering a $3.6 billion nonrecourse package of Fannie Mae mortgage servicing rights with a high refinance loan concentration.
The package has full representations and warranties from the unnamed seller, a 3.74% weighted-average interest rate and a $239,450 average loan balance, according to MountainView.
The offering also has a weighted average original loan-to-value ratio of 71%, an original weighted-average credit score of 750, a weighted average remaining term of more than 24 years and a 0.61% 30-day delinquency rate. There are no longer-term delinquencies, foreclosures or bankruptcies.
Rate-and-term refinance loans represent 42% of the principal balance and cash-out refinance loans represent 22%. The balance consists primarily of purchase loan product, with the exception of one construction-to-perm loan.
California loans account for almost one-third of the pool. Other top states are New Jersey, which has just over a 6% concentration; New York, 6%; and Pennsylvania, 5%.
The loans are predominantly owner-occupied, first-lien, 30-year, fixed-rate mortgages on single-family properties, but condominium townhomes account for 19% of the principal and condominiums account for 12%.
Retail originations account for almost 40% of the principal, more than 36% of the MSRs were acquired in a servicing acquisition and 23% were originated through the wholesale channel. The balance comes from the correspondent channel.
The seller prefers an all-in bid with a July 31 sale date but will consider other offers, and is flexible in regard to the transfer date or dates. Written bids are due by 5 p.m. Eastern time on June 7.