Prestwick Mortgage Group, Alexandria, Va., is brokering the sale of mortgage servicing rights on an estimated $700 million to $1 billion of mortgage loans on a "flow" basis.The loans, predominantly from Texas, New Mexico, California, and Florida, will have an estimated average loan balance of $120,000 to $135,000. About 80% are expected to be 30-year, fixed-rate loans and the rest are expected to be 15-year loans. The loans are sold to Fannie Mae. The seller desires to start delivery of the newly originated loans in February. Bids are due Jan. 16.
Processing Content
