of Prestwick Mortgage GroupAn advisory and brokerage firm based in Alexandria, Virginia fannie mae When freddie mac loan.
Prestwick’s offering follows a separate bundled offering recently announced by New York-based Prestwick. Mortgage Industry Advisory Group (MIAC) Includes MSR offerings in the Fannie Mae Loan package.
The majority of the 2,544 loans in the Prestwick MSR offering were made in Connecticut, Massachusetts, Maine, New York, and Rhode Island, listing Prestwick as the exclusive broker and closing in September, according to the offering documents. It indicates that the 8th is the deadline for bidding. Seller is identified only as an “Independent Mortgage Banker”.
By volume, Prestwick’s open loan includes $365.2 million from Fannie Mae. Freddie Mac’s loan amounted to $233.1 million, according to the offering documents.
Another MSR bulk offer recently announced by MIAC includes a package of 1,503 Fannie Mae loans worth $225 million. The deadline for bidding on that package is his August 23rd, with a sale date negotiable. The seller was identified as “a Kansas-focused mortgage origination company.”
The majority of the Fannie Mae loans offered by MIAC originated in Kansas, Missouri and Oklahoma.
The weighted average interest rate for loans in the MSR package sold by Prestwick is 3.75%, and the average loan balance for mortgages in the MSR pool is $235,166. The MIAC offering has a weighted average interest rate of 3.422% and an average loan balance of $149,656.
Prestwick’s offerings have an average net service fee (part of overall interest) of 0.2504%. 0.302% for MIAC trades.
As mortgage interest rates rise, federal reserve Accelerating interest rate increases continue to add to the mix — lower refinancing activity slows down loan prepayments on low-interest loans. This amplifies the value of the MSR as it extends the payout period of the MSR.
These dynamics triggered several major MSR bulk offerings in the first half of the year. housing wire previously reported.