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The Mortgage Bankers Association (MBA) has released its year-end ranking of commercial and multifamily mortgage servicers’ volumes as of Dec. 31, 2014. At the top of the list of firms is Wells Fargo with $474.4 billion in U.S. master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $396.8 billion, Berkadia Commercial Mortgage LLC with $236.3 billion, KeyBank National Association with $174.4 billion, and GEMSA Loan Services LP with $101.3 billion.
Wells Fargo, PNC/Midland, KeyBank and Berkadia are the largest master and primary servicers of commercial/multifamily loans in U.S. commercial mortgage-backed securities (CMBS), collateralized debt obligations (CDO) and other asset-backed securities (ABS); Prudential Asset Resources, PNC/Midland, GEMSA, and MetLife are the largest servicers for life companies; PNC/Midland, Wells Fargo, Walker & Dunlop LLC, and Berkeley Point Capital LLC are the largest Fannie Mae servicers; Wells Fargo, PNC/Midland, KeyBank National Association, and GEMSA are the largest Freddie Mac servicers.
PNC/Midland ranks as the top master and primary servicer of commercial bank and savings institution loans; of loans for the credit companies, pension funds, real estate investment trusts (REITs), and investment funds; and of loans for FHA and Ginnie Mae. Wells Fargo is the top servicer for loans held in warehouse facilities. Berkadia is 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. The tabulations can and do double-count across servicers loans for which multiple servicers each fulfill a role.
Specific breakouts in the MBA survey include:
►Total U.S. Master and Primary Servicing Volume
►U.S. Commercial Mortgage-backed Securities, Collateralized Debt Obligations and Other Asset-Backed Securities 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 Servicing Volume
►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 LLC, PNC/Midland, C-III Asset Management, CWCapital Asset Management LLC, and Prudential. LNR Partners is the largest special servicer for CMBS loans.
The MBA survey also collected servicing volumes for loans on commercial/multifamily properties located outside the United States. Situs Asset Management LLC ranks as the largest master and primary servicer of non-U.S. commercial/multifamily mortgages, followed by GEMSA.