San Diego, CA – February 4, 2013 – (RealEstateRama) — The Mortgage Bankers Association (MBA) today released its year-end ranking of commercial and multifamily mortgage servicers as of the end of December 31, 2012. At the top of the list of firms is Wells Fargo with $429.1 billion in U.S. master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $337.6 billion, Berkadia Commercial Mortgage LLC with $197.3 billion, Bank of America Merrill Lynch with $112.5 billion, and KeyBank Real Estate Capital with $101.2 billion.
Wells Fargo, PNC/Midland, Berkadia, Bank of America Merrill Lynch and KeyBank are the largest master and primary servicers of commercial/multifamily loans in U.S. CMBS, CDO and other ABS issues; PNC/Midland, MetLife, Prudential Asset Resources, GEMSA Loan Services, L.P., and Northwestern Mutual are the largest servicers for life companies; PNC/Midland, Wells Fargo, Walker & Dunlop, LLC., Berkeley Point Capital, LLC, and Berkadia are the largest Fannie Mae/Freddie Mac servicers.
PNC/Midland ranks as the top master and primary servicer of commercial bank and savings institution loans; GEMSA the top credit company, pension funds, REITs, and investment funds servicer; PNC/Midland the top FHA and Ginnie Mae servicer; Wells Fargo the top for loans held in warehouse facilities; and Berkadia the top for other investor type loans.
A primary servicer is generally responsible for collecting loan payments from borrowers, performing property inspections and other property-related activities. A master servicer is typically responsible for collecting cash and data from primary servicers and then providing that cash and data, through trustees, to investors. Unless otherwise noted, MBA tabulations that combine different roles do not double-count loans for which a single servicer performs multiple roles.
Specific breakouts include:
• Total U.S. Master and Primary Servicing Volume
• U.S. Commercial Mortgage-backed Securities (CMBS), Collateralized Debt Obligations (CDOs) and Other Asset-Backed Securities (ABS) Master and Primary Servicing Volume
• U.S. Commercial Banks and Savings Institution Volume
• U.S. Credit Company, Pension Funds, REITs, and Investment Funds Volume
• Fannie Mae and Freddie Mac Servicing Volume
• Federal Housing Administration (FHA) Servicing Volume
• U.S. Life Company Servicing Volume
• U.S. Warehouse Volume
• U.S. Other Investor Volume
• U.S. CMBS Named Special Servicing Volume
• U.S. Named Special Servicing Volumes Across All Investor Groups
• Total Non-U.S. Master and Primary Servicing Volume
MBA also asked firms to provide information about 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. The largest named special servicers were CWCapital Asset Management LLC, LNR Partners, Inc., and C-III Asset Management LLC. LNR Partners is the largest special servicer for CMBS loans.
The MBA survey also collected servicing volumes for loans on commercial/multifamily properties located outside the United States. Situs ranks as the largest master and primary servicer of non-U.S. commercial/multifamily mortgages, followed by Hatfield Philips International, an LNR Property Company, GEMSA, PNC/Midland, and Manulife Financial/John Hancock.
To view the entire report, click here.
The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 280,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation’s residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA’s Web site: www.mortgagebankers.org.
Matthew Robinson (202) 557-2727