The Prestwick Mortgage Group is offering a $172 million package of mortgage servicing rights tied to Fannie Mae loans originated in New Jersey.
The MSRs have a combined delinquency rate of less than 1% and most of the loans were originated through retail branches. The underlying notes have an average weighted seasoning of 21 months.
The identity of the seller was not disclosed. Initials bids on the package are due May 24.
Servicing advisors continue to believe that MSRs are being underpriced in the secondary market and that now is a great opportunity to buy.
Recently, MountainView Servicing Group tried to auction off a $262 million bulk package of Fannie MSRs, but the seller did not like the offers. The company is now in the process of re-bidding the pool.