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.

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.