The Prestwick Mortgage Group will auction off a $13 million portfolio of bulk Freddie Mac residential servicing rights owned by a national bank.
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The MSRs have a weighted average coupon of 6.2% -- but with an average loan balance of $61,234. The product was originated in Virginia.
The Alexandria-based Prestwick declined to identify the seller.
Currently, several bulk portfolios are in the market, including a $5.5 billion package of GNMA MSRs from Interactive Mortgage Advisors, Denver.
