The Mortgage Bankers Association (MBA) released its year-end ranking of commercial and multifamily mortgage servicers as of the end of Dec. 31, 2010. On top of the list of firms is Wells Fargo with $451.1 billion in U.S. master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $337.4 billion, Berkadia Commercial Mortgage with $194.9 billion, Bank of America Merrill Lynch with $126.6 billion, and KeyBank Real Estate Capital with $118.9 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. Commercial Banks and Savings Institution Volume
►U.S. Credit Company, Pension Funds, REITs, and Investment Funds Volume
►Fannie Mae and Freddie Mac Servicing Volume
►Federal Housing Administration (FHA) Servicing Volume
►U.S. Life Company Servicing 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 is typically 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.
Wells Fargo, PNC/Midland, Berkadia, Bank of America Merrill Lynch and KeyBank are the largest master and primary servicers of commercial/multifamily loans in U.S. CMBS, CDO and other ABS; PNC/Midland, GEMSA Loan Services, Prudential Asset Resources, Northwestern Mutual, and Northmarq Capital are the largest servicers for life companies; PNC/Midland, Wells Fargo, Berkadia, Deutsche Bank Commercial Real Estate and Prudential Asset Resources are the largest Fannie Mae/Freddie Mac servicers.
PNC/Midland 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; Wells Fargo the top for mortgages in warehouse facilities; and Berkadia 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, Inc., CWCapital LLC & CWCapital Asset Management, C-III Asset Management LLC, PNC/Midland, and Berkadia.
The MBA survey also collected servicing volumes for loans on commercial/multifamily properties located outside the United States. Hatfield Philips International, an LNR Property Company, ranks as the largest master and primary servicer of non-U.S. commercial/multifamily mortgages, followed by Deutsche Bank, PNC/Midland, GEMSA, and Manulife Financial/John Hancock.
To view the report, click here.
For more information, visit www.mortgagebankers.org.