$2.8 billion in Fannie Mae, Freddie Mac mortgage servicing rights up for sale

Loans carry high FICO scores and low delinquencies

Housing Wire - Ben Lane - August 24, 2016

Mortgage servicers looking to get their hands on some Fannie Mae and Freddie Mac mortgage servicing rights have that opportunity, as $2.8 billion in Fannie and Freddie MSRs just hit the market.

According to MountainView Servicing Group, which is acting as the exclusive sale advisor, the portfolio features the mortgage servicing rights on 12,713 loans with an average loan size of $223,765.

According to MountainView, the underlying pool of loans is 100% fixed-rate 1st lien product and contains 72% purchase mortgages. All of the loans are retail production, and the loans carry a weighted average original FICO score of 739 and weighted average original loan-to-value ratio of 81%.

Overall, the loans carry a weighted average interest rate of 4.26%, and the 30-year fixed-rate loans carry an average interest rate of 4.32%.

The loans also carry low delinquencies, with on 59 delinquent loans among the 12,713 loans in the pool.

The top states in the portfolio are Utah (20.1%), Arizona (19.6%), California (14.2%), and Colorado (10$).

Bids on the portfolio are due on August 30.