MountainView is brokering a nonrecourse $3.5 billion package of mortgage servicing rights on behalf of an unnamed seller.
The offering contains servicing rights on loans from Fannie Mae and Freddie Mac that have a variety of remittance cycles.
The seller is “well capitalized” and offering the package with full representations and warrants, according to MountainView.
Adjustable-rate mortgages make up a small percentage of the portfolio, which has an average loan size of $261,919. More than 75% of the mortgages are located in California.
The weighted average interest rate for the whole package is 4.04% and the weighted average interest rate for the fixed-rate component is 4.13%. The weighted average original FICO credit score for the portfolio is 755 and the weighted average original loan-to-value ratio is 71%.
The package has a weighted average loan age of 22 months. Most of the loans were originated in 2015 or 2016.
Delinquencies and foreclosures are as follows: 30 days delinquent, 1.07%; 60 days delinquent, 0.25%; 90 days delinquent or more, 0.16%; foreclosures, 0.12%; and delinquent bankruptcies, 0.05%.
Based on principal balance, single-family loans represent 72% of the portfolio and the rest of the package consists of loans on row houses, condominiums, two- to four-family homes, manufactured housing and planned-unit developments. More than half the mortgages are purchase loans.
The deadline for written bids on the offering is 5 p.m. Eastern on Jan. 11. The seller will consider all offers but prefers an all-in bid. The sale and transfer dates are flexible.