Prestwick Mortgage Group is auctioning off a $228 million portfolio of bulk Government National Mortgage Association servicing rights for an undisclosed seller. Prestwick would not disclose details but the client is believed to be a nonbank. The delinquency rate on the portfolio is 3.97%, including foreclosures. The bid deadline is February 4. Prestwick is based in Alexandria, Va. Over the past quarter, the value of servicing rights has increased somewhat thanks to rising mortgage rates.
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