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.