MountainView Announces $2.1 Billion in MSR Portfolios

MountainView Announces $2.1 Billion in MSR Portfolios

09/18/2013 BY: HUGH MOORE

MountainView Servicing Group announced Wednesday the offer of two MSR portfolios with combined unpaid principal balances of $2.1 billion. One is a $635 million Fannie Mae A/A portfolio that will bid on September 19. The other contains Ginnie Mae MSR’s worth approximately $1 billion and approximately $500 million in MSRs from Fannie Mae. Bids for either segment are due September 24.

The top states represented in the first portfolio are Florida (21.3 percent), New Jersey (16.2 percent), Massachusettes (13.3 percent), and Rhode Island (12.7 percent). The average loan size is $213,000. The top states in the second portfolio are Texas (32.2 percent), Ohio (18.8 percent), Colorado (8.5 percent), and Oklahoma (7.8 percent). The average loan size of the second portfolio is $160,064.

“Since the beginning of August, MountainView Servicing Group brought eight MSR packages of FNMA, FHLMC, and/or GNMA servicing totaling $5.3 billion in UPB to market,” said Matt Mauer, servicing director at MountainView. “In all eight cases, the sellers received bids above their booked value and MountainView’s assessed fair value. In some cases, winning bidders noted that they bought the portfolios to a modeled yield around seven percent. And we had six different buyers win at least one of those eight MSR portfolios. Of note, the larger the portfolio, the stronger the relative price, and most buyers are still discounting above 100 percent HARP servicing – however, there are buyers out there willing to pay strong levels for high LTV HARP servicing, given their stellar performance.”

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