The Mortgage Bankers Association (MBA) has released its mid-year ranking of commercial and multi-family mortgage servicers as of June 30, 2012. At the top of the list of firms is Wells Fargo with $430.5 billion in U.S. master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $357 billion, Berkadia Commercial Mortgage LLC with $206.6 billion, Bank of America Merrill Lynch with $110.1 billion, and KeyBank Real Estate Capital with $100.1 billion.
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; MetLife, PNC/Midland, GEMSA Loan Services LP, Prudential Asset Resources, and Northwestern Mutual are the largest servicers for life companies; and PNC/Midland, Wells Fargo, Berkadia, Berkeley Point Capital, LLC, and GEMSA Loan Services 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 loans held in warehouse facilities; and Berkadia the top for other investor type loans.
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.
Specific breakouts 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
►U.S. Named Special Servicing Volumes Across All Investor Groups
►Total Non-U.S. Master and Primary Servicing Volume
MBA also asked firms to provide information about 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 largest named special servicers were LNR Partners Inc., CWCapital LLC & CWCapital Asset Management and C-III Asset Management LLC.
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 GEMSA, PNC/Midland, Manulife Financial/John Hancock, and Situs.
