Prestwick Mortgage Group of Virginia is selling a $197 million package of residential servicing rights tied to Georgia loans guaranteed by Fannie Mae and Freddie Mac.
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The pool of receivables has an average note rate of just over 5%, and a delinquency rate — including foreclosures — of 5.99%.
The bid deadline is late September. Prestwick did not identify the seller except to say the firm is an "experienced" residential lender/servicer.
The bulk market for servicing rights has suffered over the past three years along with the housing and mortgage downturn.
Servicing advisors report that very small deals are still getting done as well as large ones but only if the government is involved in the latter.
