The Prestwick Mortgage Group is selling a $406 million package of GNMA mortgage servicing rights for an undisclosed mortgage banking firm.
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According to the offering circular, the portfolio has a 12.6% delinquency rate and is top heavy in product from Florida, California, and Indiana.
However, in total 22 states are represented in the offering.
The MSRs have a weighted average note rate of 5.247% and a servicing fee of 34 basis points. The bid deadline is November 17.
Prestwick is based in Alexandria, Va.
