The Mortgage Bankers Association (MBA) has released its mid-year ranking of commercial and multifamily mortgage servicing volume as of June 30, 2015. At the top of the list of firms is Wells Fargo Bank with $484.2 billion in U.S. master and primary servicing, followed by PNC Real Estate/Midland Loan Services with $465.8 billion, Berkadia Commercial Mortgage LLC with $230.4 billion, KeyBank with $189.9 billion, and GEMSA Loan Services with $98.9 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); PNC/Midland, Prudential Asset Resources, GEMSA, and MetLife are the largest servicers for life companies; PNC/Midland, Wells Fargo, Walker & Dunlop and Berkeley Point Capital LLC are the largest Fannie Mae servicers; Wells Fargo, PNC/Midland, KeyBank, 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 servicer’s loans for which multiple servicers each fulfill a role.
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 PNC/Midland, LNR Partners LLC, CWCapital Asset Management LLC, and C-III Asset Management. 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 ranked as the largest master and primary servicer of non-U.S. commercial/multifamily mortgages, followed by LNR Partners.