ALEXANDRIA, Va. - Prestwick Mortgage Group, a servicing brokerage, said it is representing a midwestern bank that wants to sell the servicing rights on its future production of Fannie Mae, Freddie Mac, and Ginnie Mae loans.
The bank is looking for a "flow" buyer of servicing rights on $120 million to $180 million of Fannie and Freddie loans and $75 million to $100 million of Ginnie loans that it expects to originate in the next 12 months. It will entertain bids for either or both.
Most of the loans would be secured by single-family homes in Missouri and Kansas. All would be originated through the bank's retail channel. Bids are due Thursday.