Headlands Mortgage, Larkspur, Calif., will auction a large package of servicing rights on an unusual type of loan-jumbo mortgages with prepayment penalties.

The package will be sold on a "flow" basis, meaning the servicing rights will be transferred to the buyer as the loans are originated. The total size of the portfolio could be $600 million to $1 billion, depending upon how much Headlands originates.

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