Prestwick Group Trades $25 Million Florida Portfolio

Prestwick Group, Alexandria, Va., said it has sold a $25 million package of Freddie Mac servicing rights which include Florida loans. "The deal was just completed," said company EVP George Christo. The firm declined to name both the buyer and seller. Delinquencies on the package are less than 4%. Prestwick has a $9 million package of Michigan servicing rights out for bid. In one other servicing note, last week was the bid deadline on a $1.04 billion package of GNMA servicing rights offered by MIAC, New York. The advisory firm did not return telephone calls about the transaction. Mr. Christo said there is a growing interest among smaller GNMA lenders about getting involved in servicing the loans they originate instead of selling them servicing-released.