Phoenix Capital, Denver, is in the market with a $1.12 billion bulk portfolio of mortgage servicing rights backed by Fannie Mae and Freddie Mac loans.
According to the offering circular, California dominates the receivables at 23% of the total. Texas is a distant second at 9%. The average loan balance is $263,000 and delinquencies are almost nonexistent.
The firm offloading the portfolio is described as an “experienced seller” but no name was provided by Phoenix, which is brokering the deal.
In general, the bulk MSR auction market has been exceedingly slow the past six weeks but with rates rising a bit, more auctions are in the works.
© Copyright 2024 Inside Mortgage Finance Publications
Design, CMS, Hosting & Web Development :: ePublishing