Bank of America is in the market with a $2 billion package of mortgage servicing rights tied to loans that reside in private-label securitizations, according to bidders and investors briefed on the package.

Originally, the portfolio was $20 billion in size but the bank scaled it back because of concerns over potential buybacks.

The offering’s code name is “Puma,” said one official. A BofA spokesman did not answer media inquires about the deal.

BofA has been a regular seller of legacy servicing rights for well over a year now. Its strategy is to be in the market monthly with new deals.

Its auction efforts have been stymied somewhat by loan buyback concerns, and reps and warranties, but it plans to be a net seller for quite some time, according to MSR advisors who spoke under the condition their names not be published.

Phoenix Capital of Denver is one of BofA’s MSR advisors.

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