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Corporation
incenterms.com

Investments

3

Portfolio Exits

1

Partners & Customers

3

About Incenter

Incenter is a provider of capital markets and fulfillment services for mortgage lenders and specialty finance companies. The company supports businesses with a full suite of flexible and responsive capital solutions, secondary markets advisory, and fulfillment services.

Headquarters Location

30 7th Street East Suite 2350

Saint Paul, Minnesota, 55101,

United States

651-412-2020

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Latest Incenter News

$10B mortgage servicing rights deal may be start of new wave of sales

Jan 18, 2023

2 Min Read REGISTER NOW An agency servicing portfolio that Incenter has up for bid marks the first public deal above $10 billion in 2023, and there may be more where that came from. Moreover, transactions in the $100 billion range were rumored to be potentially brewing with megabank Wells Fargo's recent announcement it'll be reducing its portfolio. Wells at deadline, was said to be mulling the idea of floating two $100 billion-plus packages: one of conventional mortgage servicing rights and another of Ginnie Mae MSRs. Rumors of the potential sales were first reported in HousingWire. While such large sales could be economical from an operational perspective and could minimize long-term impact to the market from Wells' portfolio reduction , analysts at Keefe, Bruyette & Woods said the fact that such big offerings may only be attractive to a limited group of investors could argue against that approach. "It is also possible that Wells breaks up the packages into smaller ones, which may make participation from public companies more likely," Bose George, Michael Smyth, Alexander Bond and Thomas McJoynt-Griffith said in a report issued Wednesday. Selling a large deal could be particularly difficult in the thinner Ginnie Mae market, in which the underlying government-backed loans tend to have more delinquencies and compliance sensitivities. "From the perspective of the regulators, there would likely be a lot of emphasis on the buyer's operations, capital levels, and track record. Overall, we think that a sale of this size could warrant scrutiny from regulators," the KBW analysts said. Even before Wells announced it would be downsizing its portfolio, stakeholders generally expected that the mortgage servicing rights market would be more heavily weighted toward sellers this year. In addition to the $10.17 billion agency transaction floated by Incenter, other portfolios in the market recently have included a mixed $1.29 billion package of MSRs put up for bid by the Mortgage Industry Advisory Corp. That portfolio's composition is Ginnie Mae (39.84%), Fannie Mae (36.98%) and Freddie Mac (23.18%). it's being sold by an unnamed mortgage company with a California concentration. Weighted averages for that portfolio are: loan age, 2 months; interest rate, 5.96%;FICO score, 732; servicing fee, 0.33% and delinquency rate, 0.99%. Delinquencies are primarily 30-day lates, with a few loans in arrears by 60 days. One loan is in the 120 day/foreclosure bucket. The average loan balance is $330,065. The estimated 12-month escrow balance for the portfolio is $9.77 million. The $10 billion-plus portfolio, which is on offer from an unnamed "well-capitalized" mortgage bank, has the following weighted averages: loan age, 20.2 months; interest rate, 2.90%; loan-to-value ratio, 71.5%; and Fair Isaac & Co. credit score, 763. The average loan size is $301,188. The portfolio's current escrow balance is $48.46 million. Its estimated 12-month escrow balance as a percentage of principal is 0.79%. The bid deadline for the $10 billion-plus portfolio is 2 p.m. Mountain time on Jan. 25. The $1 billion-plus portfolio has a bid deadline on Jan. 23 at 5 p.m.

Incenter Investments

3 Investments

Incenter has made 3 investments. Their latest investment was in Ideal Agent as part of their Series A on August 8, 2021.

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Incenter Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

8/27/2021

Series A

Ideal Agent

Yes

Incenter, and Undisclosed Investors

1

9/4/2018

Series A

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$99M

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10

3/24/2017

Series B

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$99M

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10

Date

8/27/2021

9/4/2018

3/24/2017

Round

Series A

Series A

Series B

Company

Ideal Agent

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Amount

$99M

$99M

New?

Yes

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Co-Investors

Incenter, and Undisclosed Investors

Sources

1

10

10

Incenter Portfolio Exits

1 Portfolio Exit

Incenter has 1 portfolio exit. Their latest portfolio exit was Cloudvirga on May 25, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

5/25/2021

Acquired

$99M

6

Date

5/25/2021

Exit

Acquired

Companies

Valuation

$99M

Acquirer

Sources

6

Incenter Acquisitions

5 Acquisitions

Incenter acquired 5 companies. Their latest acquisition was EdgeMAC on March 09, 2022.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

3/9/2022

$99M

Acquired

2

10/5/2017

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$99M

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10

6/7/2017

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$99M

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10

11/28/2016

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$99M

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10

2/10/2016

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$99M

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10

Date

3/9/2022

10/5/2017

6/7/2017

11/28/2016

2/10/2016

Investment Stage

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

Note

Acquired

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Sources

2

10

10

10

10

Incenter Partners & Customers

3 Partners and customers

Incenter has 3 strategic partners and customers. Incenter recently partnered with National Association of Minority Mortgage Bankers of America on February 2, 2022.

Date

Type

Business Partner

Country

News Snippet

Sources

2/7/2022

Partner

United States

Incenter LLC Partners with The National Association of Minority Mortgage Bankers of America (NAMMBA).

Incenter LLC today announced a partnership with The National Association of Minority Mortgage Bankers of America -- supporting its comprehensive programs to bring more women and minorities into the mortgage industry .

2

1/28/2022

Partner

United States

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10

12/16/2021

Partner

United States

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10

Date

2/7/2022

1/28/2022

12/16/2021

Type

Partner

Partner

Partner

Business Partner

Country

United States

United States

United States

News Snippet

Incenter LLC Partners with The National Association of Minority Mortgage Bankers of America (NAMMBA).

Incenter LLC today announced a partnership with The National Association of Minority Mortgage Bankers of America -- supporting its comprehensive programs to bring more women and minorities into the mortgage industry .

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Sources

2

10

10

Incenter Team

1 Team Member

Incenter has 1 team member, including former Managing Director, Al Qureshi.

Name

Work History

Title

Status

Al Qureshi

Managing Director

Former

Name

Al Qureshi

Work History

Title

Managing Director

Status

Former

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