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