Phoenix Capital is offering an $816 million package of Fannie Mae servicing rights owned by a West Coast mortgage company called Just Mortgage.

According to the offering circular on the deal, the package is "100% new, fixed rate production" with a weighted average age of less than one month, as of Oct. 31.

The coupon on the portfolio is 4.8%, with a servicing fee of 25 basis points.

Phoenix president Brett Schaffer could not be reached for comment about the auction. The bid deadline is Dec. 9 and Just Mortgage, a wholesale lender, would like to close the deal by yearend.

Roughly 85% of the loans in the package were produced through mortgage brokers. Phoenix Capital is based in Denver.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.