Incenter has put a $7.61 billion offering of Fannie Mae and Freddie Mac
The national portfolio of mortgage servicing rights has the following weighted averages: coupon, 3.51%; loan-to-value ratio, 75.3%, and credit score, 757. The average loan size is $245,120 and the portfolio has 38.3 months of seasoning. Just 0.8% are delinquent and only by 30 days.
The offering comes amid
"We're seeing volumes of several hundred billions [of dollars] a quarter still trading," Ken Adler, head of mortgage servicing rights at Annaly Capital Management, said in a recent earnings call.
California accounts for the largest concentration (10.4% based on count and 12.2% based on balance), followed by Texas (9.5%, 9.2%, respectively), Florida (5.7%, 5.4%), New Jersey (5.4%, 5%) and Colorado, (4%, 4.3%).
The loans associated with the servicing reside on a Black Knight system and electronic data transfers are available. Loan files are images, and 0.56% of the portfolio comes from mortgages originated as electronic notes.
All loans have life-of-loan flood determinations and tracking from either CoreLogic or ServiceLink. They also have lifetime transferable tax contracts. CoreLogic Realty Tax Service, which was formerly known as First American, handles these.
All bids must be emailed to Incenter by 2 p.m. Mountain time on May 16. The purchaser must complete due diligence and agree to a bulk sale date on June 30, with a mutually agreed upon Transfer Date on or after July 3.
