Incenter brokering $9.6 billion in agency MSRs

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Incenter Mortgage Advisors is brokering on behalf of an unnamed mortgage banker an almost $10 billion mortgage servicing rights package that includes $870 million in loans with hurricane exposure.

The bid deadline for emailed offers is noon Eastern on Oct. 11.

A total of 5,097 of the 39,852 performing loans in the package are located in federal disaster areas affected by Hurricanes Harvey and Irma, according to Incenter's offering document.

Cenlar, which is subservicing the package, is working with IMA and the seller to provide more details on the extent to which the collateral properties sustained damage by the bid deadline.

MSR buyers since the storms have been commonly asking for representations and warranties as to the condition of properties in disaster areas to address potential risk from storm exposures in the Southeast and Texas.

The greatest concentration is in California where there are 10,520 loans with a more than $3.4 billion current balance. The next largest concentration is in Florida, which was the state hit hardest by Hurricane Irma. Almost 4,000 loans with a current balance of more than $709 million are in Florida.

The state with the 12th largest concentration of loans in the portfolio is Texas, where Hurricane Harvey occurred. The current balance of loans in Texas is more than $271.8 million and there are 1,764 loans located in that state.

Information on the loans in the bulk MSR package Incenter is brokering resides on the widely used Black Knight system and electronic data files are available.

The weighted average age of the loans is 15.4 months, the weighted average rate is 3.9% and the weighted average loan balance is $241,688. The weighted average credit score is 756 and the weighted average loan-to-value ratio is 74.5%.

There are 23,535 Fannie Mae loans in the portfolio with a total $5.9 million principal balance and 16,327 Freddie Mac mortgages with a $3.7 million total principal balance.

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MSR Subservicing Disaster recovery Hurricane Irma Hurricane Harvey GSEs Fannie Mae Freddie Mac Florida Texas California