Fannie Mae MSR Seller Promises Diversification

Mortgage & Real Estate

An unnamed independent mortgage bank is selling a $5 billion Fannie Mae bulk servicing rights package with just over a half-percent delinquency rate, according to Interactive Mortgage Advisors.

The MSRs have 16 months of seasoning, an extremely low note rate, a 764 weighted average Fair Isaac Co. credit score. The delinquency rate includes foreclosures. The deal has a fairly wide geographic dispersion in which the greatest state exposure is below 10%.

Cenlar is currently subservicing the MSRs. IMA vouches for the sellers strong financials and solid reputation.

Prospective purchasers must be approved Fannie Mae servicers or have a structure in place with one who can take ownership and service on their behalf

Written bids are due by noon Mountain time/2 p.m. Eastern on Dec. 5.

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