Top commercial servicers

Posted on August 28th, 2009 in All Articles.

The Mortgage Bankers Association (MBA) recently released its midyear rankings of commercial and multifamily mortgage servicers. The top spot on the list is held by Wells Fargo/Wachovia Bank with $476.3 billion in master and primary servicing.

PNC Real Estate/Midland Loan Services is No. 2, with $308.5 billion, followed by Capmark Finance Inc. with $248.7 billion, KeyBank Real Estate Capital with $133.1 billion, Bank of America with $132.2 billion, and GEMSA Loan Services LP with $104.8 billion.

The largest master and primary servicers of commercial/multifamily loans in commercial mortgage-backed securities (CMBS) and collateralized debt obligations (CDOs) are Wells Fargo/Wachovia Bank, PNC/Midland, Capmark, and Bank of America.

PNC/Midland, Wells Fargo/Wachovia Bank, Deutsche Bank, and Capmark are the largest Fannie Mae and Freddie Mac servicers. GEMSA Loan Services, Prudential Asset Resources, PNC/Midland, and Northwestern Mutual are the largest servicers for life companies.

Ranked as the top master and primary servicer of commercial bank and savings institution loans is JP Morgan Chase Bank. Other rankings include GEMSA as the top servicer for credit companies, pension funds, REITs, and investment funds; PNC/Midland the top FHA and Ginnie Mae servicer; Wells Fargo/Wachovia the top for mortgages in warehouse facilities; and Capmark the leading servicer for other investor-type loans.

MBA also asked firms to provide information about CMBS loans on which they are the “named special servicer,” that is, where the firm stands ready to service the loan should special problems develop, such as delinquency. Among the leading special servicers were LNR Partners, Inc.; CWCapital LLC & CWCapital Asset Management; Centerline Servicing Inc.; and PNC Real Estate.

The MBA survey also collected servicing volumes for loans on commercial/multifamily properties located outside the United States. Hatfield Phillips International is ranked as the largest master and primary servicer of non-U.S. commercial/multifamily mortgages, followed by Deutshe Bank and Capmark.