GSE and Ginnie Mae Servicing Rights Hit the Market
A whopping $712.8 million in GSE and Ginnie Mae servicing rights is being put up for bid by Incenter Mortgage Advisors, according to a recent report. The majority of these rights come from the Southeast region of the U.S.
"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%)," according to National Mortgage News.
"More than half the portfolio has higher loan-to-value ratios above 90%, and the delinquency rate approaches 6%."
The report states that the majority of loans in the portfolio are government loads, coming in second is Fannie Mae with 38% of the loans and the remainder of the loans belong to Freddie Mac mortgages.
To learn more about the portfolio and servicing rights up for sale, click on the image above.