Wachovia, Midland/PNC, Capmark and Wells Fargo Top Mid-Year RankingsMortgagePress.comMBA, loan servicers, ranking, master and primary servicing
The Mortgage Bankers Association (MBA) recently released its
mid-year ranking of commercial and multifamily loan servicers as of
the end of June 30, 2008. On top of the list of firms is Wachovia
Securities with $434.3 billion in U.S. master and primary
servicing, followed by Midland Loan Services/PNC Real Estate
Finance with $273.8 billion, Capmark Financial Group, Inc. with
$258.3 billion and Wells Fargo Bank with $179.5 billion.
Specific breakouts in the report 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. Life Company Servicing Volume;
•Fannie Mae and Freddie Mac Servicing Volume;
•Federal Housing Administration (FHA) Servicing Volume;
•U.S. Commercial Banks and Savings Institution Volume;
•U.S. Credit Company, Pension Funds, REITs, and Investment
Funds Volume;
•U.S. Warehouse Volume;
•U.S. Other Investor Volume;
•U.S. CMBS Named Special Servicing Volume;
•Total Non-U.S. Master and Primary Servicing Volume;
To view the report, click
here.
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,
MBA tabulations that combine different roles do not double-count
loans for which a single servicer performs multiple roles.
Wachovia, Midland/PNC, Capmark, and Wells Fargo are servicers of
commercial/multifamily loans in U.S. CMBS, CDO and other ABS. GEMSA
Loan Services, Prudential Asset Resources, Midland Loan
Services/PNC Real Estate Finance and NorthMarq Capital are
servicers for life companies. Midland/PNC, Wachovia, Deutsche Bank,
and Capmark are Fannie Mae/Freddie Mac servicers.
Wachovia ranks in the report 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; Capmark the top FHA and Ginnie Mae servicer; Wachovia the
top for warehouse loans; and Capmark the top 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, Centerline Servicing Inc. and
Midland/PNC. 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 Midland Loan
Services/PNC Real Estate Finance.
For more information, visit www.mortgagebanker.org.
