With $473.8 billion in U.S. master and primary servicing volume, Wells Fargo/Wachovia topped the Mortgage Bankers Association's (MBA) 2009 year-end ranking of commercial and multifamily mortgage servicers. Wells Fargo was followed by PNC Real Estate/Midland Loan Services, with $322.9 billion; Berkadia Commercial Mortgage, with $217.9 billion; Bank of America Merrill Lynch, with $131.7 billion; KeyBank Real Estate Capital, with $128.5 billion; and GEMSA Loan Services LP, with $102.3 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. Unless otherwise noted, the MBA's tabulations that combine different roles do not double-count loans for which a single servicer performs multiple roles.
Wells Fargo/Wachovia Bank, PNC/Midland, Berkadia and Bank of America Merrill Lynch are the largest master and primary servicers of commercial/multifamily loans in U.S. commercial mortgage-backed securities (CMBS), collateralized debt obligations and other asset-backed securities; GEMSA Loan Services, PNC/Midland, Prudential Asset Resources, Northmarq Capital and Northwestern Mutual are the largest servicers for life companies; PNC/Midland, Wells Fargo/Wachovia Bank, Deutsche Bank and Berkadia are the largest Fannie Mae/Freddie Mac servicers.
TriMont Real Estate Advisors ranks as the top master and primary servicer of commercial bank and savings institution loans; GEMSA the top credit company, pension funds, real estate investment trust and investment funds servicer; PNC/Midland the top Federal Housing Administration and Ginnie Mae servicer; Wells Fargo/Wachovia the top for mortgages in warehouse facilities; and Berkadia the top for other investor-type loans.
The 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 Inc., CWCapital LLC & CWCapital Asset Management, Centerline and PNC Real Estate.
The MBA survey also collected servicing volumes for loans on commercial/multifamily properties located outside the U.S. Hatfield Philips International ranks as the largest master and primary servicer of non-U.S. commercial/multifamily mortgages, followed by Deutsche Bank and GEMSA.
SOURCE: Mortgage Bankers Association