A $402 million Fannie Mae mortgage servicing loan portfolio is up for sale with Prestwick Mortgage Group acting as the exclusive broker.
The unnamed seller—which the Alexandria, Va.-based broker said is an experienced residential mortgage lender and servicer—is interested in selling a flow of approximately $30 million to $40 million per month of Fannie Mae servicing with similar geographic and product characteristics at market rates.
The loans are on properties located in 31 states, as well as Washington, D.C. Approximately 43% of the loans are on properties located on the East Coast ranging from New Jersey to North Carolina, while 21.75% of the loans are in California.
Additionally, the delinquency ratio for the portfolio is 0.31%, where all the late payment loans are 30-days. However, none of the loans are in foreclosure.
Other portfolio highlights include a 3.545% weighted average note rate and a 0.251% weighted average net service fee. The portfolio also carries a weighted average FICO of 768.79.
Prestwick said all loans are due on the first of the month with interest collected in arrears. Approximately 97% of the loans are on owner-occupied residences.
The seller said 238 loans, with an unpaid principal balance of more than $55 million, were originated through HARP. The seller also stated that no loans are part of HAMP and all of the loans are registered with MERS.
The deadline to submit a bid is Aug. 14 by 5 p.m.
