$713M in GSE, Ginnie Mae servicing rights up for bid

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Incenter Mortgage Advisors is putting up for bid a $712.8 million package of government-sponsored enterprise and Ginnie Mae mortgage servicing rights concentrated in the Southeast.

While California often dominates larger MSR packages, the largest percentage of loans in this portfolio are concentrated in Tennessee (28.1%), followed by Georgia (22.3%), Kentucky (10.5%), North Carolina (6.6%) and Florida, a state hit hard by Hurricane Irma (5.1%).

More than half the portfolio has higher loan-to-value ratios above 90%, and the delinquency rate approaches 6%.

Almost 3.5% of the portfolio is more than 30 days delinquent, about 1% is more than 60 days delinquent and nearly 1.5% is 90 or more days delinquent. Foreclosures and bankruptcies represent just over 1.3% of the portfolio. The loans have 20 months of seasoning on average.

Government loans make up more than 60% of the portfolio and Fannie Mae mortgages represent 38% of the loans. The rest of the loans are Freddie Mac mortgages.

Retail originations make up almost 42% of the portfolio. Nearly 40% of the loans were originated through the wholesale channel and 19% of the mortgages are correspondent originations. Dovenmuehle subservices all the mortgages using the Black Knight servicing system.

The loans primarily have fixed-rate terms ranging from 10 to 40 years and a small percentage are hybrid seven- or 10-year adjustable-rate mortgages.

Written bids must be sent to IMA by 2 p.m. Eastern on March 8. The seller prefers not to separate the government and agency portfolios but will consider separate bids for them.

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MSR GSEs Subservicing Servicing systems Delinquencies IMA Black Knight Tennessee Georgia