Prestwick Mortgage Group, a brokerage of mortgage servicing rights, is offering a rare opportunity to buy up to $40 million a month in Government National Mortgage Association-related rights through a "flow" offering.
The name of the seller was not disclosed, though Prestwick describes its client as a "well-capitalized" mortgage banker in the Middle Atlantic states.
Flow servicing offerings have been few and far between the past few years. Prestwick, of Alexandria, Va., is marketing the sale as a servicing deal in the range of $240 million to $480 million. (Those MSR figures are annualized based on a flow of $20 million to $40 million a month in receivables.)
Under a flow arrangement, a seller upstreams MSRs to a buyer, usually on a monthly basis. The bid deadline on the Prestwick offering is late May.
