Wachovia Tops Ranking Of Commercial/Multifamily Servicing Volumes

Wachovia Securities scored the top position in the Mortgage Bankers Association's (MBA) annual ranking of commercial and multifamily loan servicers. As of the end of 2008, Wachovia had $412.9 billion in U.S. master and primary servicing. It was followed by PNC Real Estate/Midland Loan Services with $310.3 billion, Capmark Finance Inc. with $260.9 billion and Wells Fargo with $182.6 billion.

A primary servicer is generally responsible for collecting loan payments from borrowers, performing property inspections and other property-related activities. A master servicer typically serves in a fiduciary capacity and is generally responsible for collecting cash and data from primary servicers and then providing that cash and data, through trustees, to investors.

Wachovia, PNC/Midland, Capmark and Wells Fargo are the largest master and primary servicers of commercial/multifamily loans in U.S. commercial mortgage-backed securities, collateralized debt obligations and other asset-backed securities; GEMSA Loan Services, PNC/Midland, Prudential Asset Resources and Northwestern Mutual are the largest servicers for life companies; PNC/Midland, Wachovia, Capmark and Deutsche Bank are the largest Fannie Mae/Freddie Mac servicers.

Wachovia ranks as the top master and primary servicer of commercial bank and savings institution loans; GEMSA is the top credit company, pension funds, real estate investment trusts and investment funds servicer; PNC/Midland is the top Federal Housing Administration and Ginnie Mae servicer; Wachovia is the top servicer for mortgages in warehouse facilities; and Capmark is 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. The leading named special servicers were LNR Partners, CWCapital & CWCapital Asset Management, Centerline Servicing Inc. and PNC/Midland.

The MBA survey also collected servicing volumes for loans on commercial/multifamily properties located outside the United States. Capmark ranks as the largest master and primary servicer of non-U.S. commercial/multifamily mortgages, followed by Hatfield Philips International, Deutsche Bank and GEMSA Loan Services.

SOURCE: Mortgage Bankers Association

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