The Prestwick Mortgage Group is selling a $406 million package of Ginnie Mae mortgage servicing rights for an undisclosed mortgage banking firm.
According to the offering circular, the portfolio has a 12.6% delinquency rate and is top heavy in product from Florida, California, and Indiana.
However, in total 22 states are represented in the offering.
The MSRs have a weighted average note rate of 5.247% and a servicing fee of 34 basis points. The bid deadline is Nov. 17.
Prestwick is based in Alexandria, Va.
