Wachovia, PNC/Midland, Capmark and Wells Fargo lead national rankings of commercial/multifamily servicing volumesMortgagePress.comWachovia, PNC/Midland, Capmark, Wells Fargo, servicing volumes, Mortgage Bankers Association
The Mortgage Bankers Association has released its annual ranking
of commercial and multifamily loan servicers as of the end of 2008
during MBA's Commercial Real Estate (CREF) Convention. On top of
the list of firms is Wachovia Securities with $412.9 billion in
U.S. master and primary servicing, 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.
Specific breakouts included in the report:
• 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
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, PNC/Midland, Capmark, and Wells Fargo are the largest
master and primary servicers of commercial/multifamily loans in
U.S. CMBS, CDO and other ABS; 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 the top credit
company, pension funds, REITs, and investment funds servicer;
PNC/Midland the top FHA and Ginnie Mae servicer; Wachovia the top
for mortgages in warehouse facilities; 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 & 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.
For more information, visit www.mortgagebankers.org.
