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incenterms.com

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Investments

3

Portfolio Exits

1

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.

Incenter Headquarter Location

30 7th Street East Suite 2350

Saint Paul, Minnesota, 55101,

United States

651-412-2020

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Latest Incenter News

Incenter taking bids on $6B in Ginnie Mae servicing with EBO component

Sep 30, 2021

1 Min Read REGISTER NOW Incenter Mortgage Advisors is offering a $6.1 billion portfolio of mortgage servicing rights from securitizations insured by government agency Ginnie Mae on behalf of an unnamed seller. More than 19% of the loans involved, which average around four years of seasoning, have been removed from securitized pools because they are delinquent or in forbearance. Delinquency rates, including forbearance, break down into the following buckets: 90-plus days, 14.57%; 30-59 days, 3.81%; and 60-89 days, 1.07% Some investors have shown interest in investing in the secondary market for mortgages in forbearance with the aim of potentially profiting if the borrower gets back on track with payments and the loan reperforms. Overall, the number of mortgages that are delinquent or in forbearance, but not in foreclosure, has dropped dramatically from its peak during the pandemic last year, which bodes well for loan recovery rates. The government insured or guaranteed loans that are in Ginnie securities tend to have relatively higher levels of forbearance . Although forbearance rates in this sector inched up slightly in the latest week, they’ve also generally trended lower since peaking last year. The largest state concentration within the Ginnie MSRs being sold is in Florida at 9.8% of loans by count or 9.4% of the current balance. Three other states have concentrations that exceed 5%: California, Texas and New York. Weighted averages for the fixed rate portfolio are 3.74% (coupon), 95.9% (loan-to-value ratio) and 679.7 (credit score). The average loan size is $175,178. Written bids are due on Oct. 5 at 12 p.m. Mountain time. Other portfolios going up for bid next week in a market with increasing sales activity include nearly $3.9 billion of rights on 10- and 15-year loans from government-sponsored enterprises Fannie Mae and Freddie Mac that IMA is offering on behalf of an unnamed seller. That package has a delinquency rate of 0.23% and an average 20 months of seasoning. Weighted averages are 2.62% (coupon), 57.8% (LTV), and 798.8 (credit score). The average loan size is $179,862. The retail origination share is 59%. The largest state concentrations by balance and count, respectively, are California (17.1%, 13.4%) and Texas (9.5, 11%). No other state concentration exceeds 5%. Written bids are due at 3 p.m. Mountain time on Oct. 5.

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

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

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

6

Date

5/25/2021

Exit

Acquired

Companies

Valuation

Acquirer

Sources

6

Incenter Acquisitions

4 Acquisitions

Incenter acquired 4 companies. Their latest acquisition was Agents National Title Insurance Company on October 05, 2017.

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

10/5/2017

Acquired

1

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

10/5/2017

6/7/2017

11/28/2016

2/10/2016

Investment Stage

Companies

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Valuation

Total Funding

$99M

$99M

$99M

Note

Acquired

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Sources

1

10

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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