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An offering of Fannie Mae and Freddie Mac mortgage servicing rights (MSR) linked to a loan pool valued at nearly $2.2 billion is now being marketed by the Prestwick Mortgage Group on behalf of an undisclosed independent mortgage banker, according to a bid document obtained by HousingWire.
The offering is yet another sign that the MSR market is continuing to heat up as the final quarter of the year unfolds. Bids for the $2.2 billion MSR package are due by Oct. 26, documents show. George Christo, executive vice president of Virginia-based Prestwick, declined to comment on the offering or to disclose the identity of the seller.
The MSR offering involves a loan pool of 4,201 Fannie Mae loans with an unpaid principal balance of $1.15 billion and 3,661 Freddie Mac loans with a total unpaid principal balance of slightly more than $1 billion. All 7,862 of the loans in the MSR loan pool are fixed rate with a weighted average interest rate of 3.001% and an average loan balance of $275,146, according to the bid documents.
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The post Rising rates, tax questions driving MSR sales surge appeared first on HousingWire.
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